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Power Transmission Components Market Size & Share | Industry Trends Report, 2023
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"The paradigm shift within the power industry from generating energy using conventional resources to focusing on using renewables for a sustainable development yet another cue for key players in the take," reports the lead author of this research report. Mitsubishi Electric Corporation, for instance, is making a dedicated effort to manufacture and promote power transmission components that will benefit the environment by reducing electricity losses. Such independent power generation methods and efforts to use resources in an optimum way will prove to be a successful strategy for companies.
New Power Transmission Components Make Smaller Carbon Footprint Achievable
The demand for transmission infrastructure has leaped tremendously as the energy crisis across the globe has deepened. This has coaxed economies to grow through sustainable solutions, which has provided an impetus to the power transmission components market. The biggest advantage of installing the modern power transmission components is that they allow power transmission at higher capacities, thereby offering a seamless electric supply. The adoption of power transmission components is also receiving a stimulus from various government institutions that are offering incentives to power generation plants for using the sophisticated components that promise energy-efficient solutions and lesser carbon footprint.
The need to modernize existing infrastructure to cater to the power demands of the developing world is anticipated to boost the installations of power transmission components. The technological advancements in the transmission infrastructure and the related components have also created a fair amount of opportunities for this market. Collectively, these developments promise energy security through reliable energy systems minus the unwanted power cuts. The future will also witness an effective deployment of power transmission components as countries across the world are focusing on building energy efficient economies.
High Cost of Components Restricts Market Growth
The high cost of initial investment in building new transmission infrastructure is dampening the spirit of this market. The exceptionally high cost of installing components such as circuit breakers, switchgear, transformers, insulators, power convertors, and relays is forbidding the market from attaining desired profits. Poor investments and loose regulatory framework towards achieving energy efficiency in developing countries such as Africa and South and Central America are also hampering the market.
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North America Maintains Lead with Infrastructure Refresh Projects
The report states that the opportunity in the global power transmission components market will be worth US$102.57 bn by 2023 as compared to US$64.15 bn in 2015. Between the forecast period of 2014 and 2023, the global market is expected to surge at a CAGR of 6.0%. The predominant segment will be switchgear and circuit breakers, which will account for a share of 42.52% in the overall market by 2023. North America will retain its leading position as the existing components in this region require an urgent upgradation. Owing to these circumstances, the North America power transmission components market will acquire a share of 25.57% by the end of 2023.
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