Press release
Power Transmission Components Market Will Hit Big Revenues In Future With Top Key Players: ABB, Toshiba, EATON, Siemens, Crompton Greaves
Power Transmission Components Market
The size of Power Transmission Components Market was registered at USD 60 billion in the year 2016 and is set to witness growth over 6% by 2024, Between the period 2017 -2024, the Power Transmission Components Market is expected to register a CAGR of 6%.Europe is claimed to be one of the pioneers of power transmission component market, given the strong pipeline of power grid modernization projects in sync with the stringent energy efficiency standards of the regional government. EU regulators have been quite effectively channelizing investments to reinforce the regional power transmission network.
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Say for instance, recently, the European Union allocates EUR9.9 million grant for the extension of Georgian Transmission Network. As per reliable sources, the main aim of the program which is co-financed by German government owned KfW Development bank and EBRD (European Bank for Reconstruction and Development), is to provide grid infrastructure for integrating hydropower plants, enhancing transmission capabilities including improvement of energy supply of the country, and promoting cross border trade. These kinds of transboundary projects involving an astoundingly mammoth investment would upscale the demand for advanced grid equipment, which inevitably projects the immense growth prospect of Europe power transmission component market.
Western European belt has been also making extensive investments in massive power grid modernization projects to underpin its position as one of the forerunners in renewable energy development. These smart grid infrastructure projects involve large scale smart metering deployment which are already underway or would require upcoming investments in advanced transmission components for distribution automation, thereby propelling the regional power transmission component industry.
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As it is being reported, Western Europe is slated to invest over USD 133 billion in smart grid infrastructural activities by 2027. With a strong pipeline of ambitious smart grid initiatives that are expected to come onboard down the line, it is undeniable that Europe would prove to be one of the major growth grounds for power transmission component market.
With appreciable number of nations making profound investments in sustainable grid infrastructure, it is no more a presumption that power transmission component industry share would witness a marked rise. In tandem, favorable regulatory policy interventions supporting the integration of energy efficient components in power grid network would further open up new growth avenues for the business space. Despite the massive developments in power generation stations, statistics claim, still there are some outlandish areas prone to power deficit situations.
Partial Table of Contents (ToC) of the report:
Chapter 4. Power Transmission Component Market, By Component
4.1. Power transmission component market share by component, 2016 & 2024
4.2. Transformer
4.2.1. Market estimates and forecast, 2013 - 2024
4.3. Circuit Breaker
4.3.1. Market estimates and forecast, 2013 - 2024
4.4. Isolator
4.4.1. Market estimates and forecast, 2013 - 2024
4.5. Insulator
4.5.1. Market estimates and forecast, 2013 - 2024
4.6. Arrestor
4.6.1. Market estimates and forecast, 2013 - 2024
4.7. Transmission Line
4.7.1. Market estimates and forecast, 2013 - 2024
4.8. Transmission Tower
4.8.1. Market estimates and forecast, 2013 - 2024
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/power-transmission-components-market
Against the grim situation, power transmission component market players are highly banking on research activities to come up with economical yet energy efficient components, which in all likelihood would enhance the product spectrum of power transmission component industry, which is forecast to surpass the USD 100 billion benchmark by 2024.
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