Global power transmission component market to cross the coveted 100-billion-dollar frontier by 2024

Uninterrupted & sustainable power, as on today, has an influential impact on the economic growth of a nation. Power transmission component market, in this regard, has witnessed massive expansion over the recent years, primarily driven by the demand to achieve grid security and smart grid infrastructure. In order to ensure uninterrupted electricity supply, regional governments have introduced supportive policy interventions that have played a crucial role in uplifting the overall power transmission component industry trends. In terms of revenue generation, global power transmission component market size was pegged at USD 60 billion in 2016 and is further expected to chart out a lucrative growth graph in the ensuing years. This billion-dollar industry primarily generates its revenue from the demand of power transmission components that are massively deployed in refurbishment and retrofitting projects of existing and new grid infrastructure across the globe.

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China power transmission component market is set to exceed USD 30 Billion by 2024. Favorable regulatory reforms pertaining to the integration of a sustainable electric network along with ongoing expansion of cross-border interconnections will positively influence the industry growth. Rapid industrial expansion to fortify volume manufacturing by industry players coupled with inclination towards the assimilation of renewable energy infrastructure will further stimulate the product demand.

Power transmission component market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:
Power Transmission Component Market, By Component
• Transformer
• Circuit Breaker
• Isolator
• Insulator
• Arrester
• Transmission line
• Transmission tower
• Others

Speaking of governmental refurbishment initiatives, it would be important to take note of one of the ambitious smart grid infrastructure initiatives that is currently underway in the US and China. Smart grids in these regions are seen as an effective way to increase efficiency of the electric network, reduce energy consumption, and better accomplish electricity generation from renewable sources. On these grounds, the US Department of Energy, in 2016, announced an investment of USD 3.3 billion in deploying smart grid technology to harness more flexible, resilient, reliable, secure, and efficient electrical power.

Reports also reveal that the DOE invested an additional amount of USD 685 million in smart grid regional and energy storage demonstration projects, which resulted into significant power transmission component market demand. According to industry analysts, U.S. power transmission component market has been characterized as a favorable business sphere, having attained a valuation of over USD 5 billion in 2016.

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Delving deeper into the regional landscape of power transmission component industry, Korea, India, and Japan have also witnessed significant and long-term governmental initiatives where the deployment of smart meters and renewable energy power generation are the defining foundations of the energy domain. India’s recently established National Smart Grid Mission has outlined a deployment schedule of smart grids for the next ten years, in which the total investment was estimated to be raised around USD 44.9 billion for smart grid infrastructure deployment.

According to industry experts, India is undergoing rapid transformation to develop its power sector and is therefore seen as one of the largest potential smart grid market for domestic as well as international vendors. Reports cite that, the initiatives taken by the NSGM will significantly propel the regional power transmission component industry share, as they broadly cover the deployment of smart grids, AMI, monitoring and control of distribution transformers, sub-station renovation and modernization, and distributed generation in terms of solar PV.

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South Africa power transmission component market is anticipated to grow owing to the increasing demand for reliable and continuous electricity along with rapid micro-grid expansion. Rising infrastructural investments from international entities including the African Development Bank (ADB) and International Finance Corporation across the region will further complement the business outlook. In 2017, ADB announced investments over USD 10 billion to realize the accruing energy demand across Africa.

Notable participants in the power transmission component market include, ABB, EATON, Toshiba, Siemens, ZTT, General Electric, KEC International, Hitachi, Schneider, Crompton Greaves, Hyundai, Mitsubishi, BHEL, L&T, Emerson, Tebian Electric Apparatus Stock, Aster, Apar, SAE, and Sterlite.

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