Press release
Whats driving the Power Transmission Components Market trends? Key players are ABB, Toshiba, EATON, Siemens, Crompton Greaves, General Electric, Hitachi
Power Transmission Components Market
The size of Power Transmission Components Market was registered at USD 60 billion in the year 2016 and is anticipated to cross USD 100 billion by 2024. Between the period 2017-2024, the Power Transmission Components Market is expected to register a CAGR of 6%.
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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. 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.
In recent times, APAC belt has shown considerable momentum in sustainable grid infrastructure development, which is likely to provide a significant impetus to the regional power transmission component market. As per estimates, APAC power transmission component industry size is forecast to witness a CAGR of 7% over 2017-2024. The continent's exceptional growth in power transmission component market is primarily hinged by China and India, catalogued as two of the most progressive nations of the belt.
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Power Transmission Components Market Growth Drivers:
o North America and Europe
o Stringent energy efficiency reforms
o Expansion of smart grid networks
o Refurbishment & retrofitting of existing grid infrastructure
o Asia Pacific
o Rising peak load demand
o Expansion of micro-grid networks
o Grid stability & security of supply concerns
o Middle East Africa and Latin America
o Increasing electricity demand
o Integration of a sustainable electrical network
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. 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.
Some of the notable companies operating in Power Transmission Components Market are ABB, Toshiba, EATON, Siemens, Crompton Greaves, General Electric, Hitachi, Schneider Electric, Mitsubishi, Hyundai, BHEL, Emerson, ZTT, Larson &Toubro, Tebian Electric Apparatus Stock, APAR Industries, Sterlite, KEC International, SAE, Aster
Table of content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Power Transmission Component Industry Insights
Chapter 4. Power Transmission Component Market, By Component
Chapter 5. Power Transmission Component Market, By Voltage level
Chapter 6. Power Transmission Component Market, By Current level
Chapter 7. Power Transmission Component Market, By Region
Chapter 8. Company Profiles
Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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