Press release
Top Players and Market Competition in the Transmission Systems Industry
Transmission Systems Market
Projected Market Size and Growth Trajectory of the Transmission Systems Market
The transmission systems market is forecasted to experience strong growth in the coming years, reaching a market size of $93.95 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this positive outlook include the rising adoption of smart grid technologies, increasing incorporation of renewable energy, a growing emphasis on energy efficiency, expansion of cross-border transmission infrastructure, and heightened attention to grid reliability and stability. Key trends expected to influence the market during this period involve innovations in high-voltage transmission technologies, advancements in grid management software, enhanced energy storage integration, ongoing research into superconducting transmission, and developments in high-voltage direct current (HVDC) and flexible alternating current transmission systems.
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Top Industry Players Driving the Transmission Systems Market
Several leading companies dominate the transmission systems landscape, including Huawei Technologies Co. Ltd., Hitachi Energy Ltd., General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, Siemens Energy AG, ABB Ltd., Sumitomo Electric Industries Ltd., Larsen & Toubro Limited, Toshiba Corporation plc, Eaton Corporation Plc, Prysmian S.p.A, Nexans S.A, Power Grid Corporation of India Limited, Voith GmbH & Co. KGaA, Bharat Heavy Electricals Limited, NKT A/S, HD Hyundai Electric & Energy Systems Co. Ltd., Sterlite Power Transmission Limited, Hyosung Heavy Industries Corporation, and LS Electric Co. Ltd.
In a notable development in July 2023, MiddleGround Capital LLC, a US-based private equity firm specializing in industrial and specialty distribution businesses, acquired Xtrac Ltd. Although the financial details were undisclosed, this acquisition broadened MiddleGround's portfolio with advanced manufacturing capabilities focused on high-performance transmission systems tailored for motorsport and premium automotive sectors. Xtrac Ltd., headquartered in the UK, manufactures transmission systems for internal combustion, hybrid, and electric vehicles.
Emerging Trends Steering Market Innovations in Transmission Systems
Industry leaders are increasingly prioritizing advanced features such as high efficiency and superior torque-to-weight ratios to improve energy efficiency while reducing weight. These attributes allow transmission systems to convert a greater share of input power into useful work, generating strong rotational force relative to their mass, which leads to lightweight yet powerful performance.
For example, in October 2024, Magna International Inc., a Canada-based mobility technology supplier, launched its Dual Clutch Transmission Eco (DCT Eco) for a European original equipment manufacturer (OEM). This product sports a compact and efficient design, optimized for torque-to-weight ratio, and incorporates a modular architecture that supports both purely internal combustion engine (ICE) vehicles and hybrid platforms with minimal modifications. This launch highlights a trend towards modularity, efficiency, and hybrid readiness in transmission technologies, enabling scalable, versatile, and high-performance vehicle powertrains.
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Main Categories and Subsegments in the Transmission Systems Market Report
The transmission systems market is classified into several key segments to provide a detailed understanding of its scope:
1) By Component: Transformers, Transmission Lines and Towers, Switchgear and Switchboards, Insulators and Circuit Breakers
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Off-Highway Vehicles
3) By Transmission Type: Manual Transmission, Automatic Transmission, Automated Manual Transmission (AMT), Continuously Variable Transmission (CVT), Dual-Clutch Transmission (DCT)
4) By End-Use Industry: Automotive, Industrial Machinery, Construction and Mining, Agriculture (Off-Highway), Aerospace and Marine
Further breakdown includes:
- Transformers: Power Transformers, Distribution Transformers, Instrument Transformers
- Transmission Lines and Towers: Overhead Transmission Lines, Underground Transmission Cables, Steel Lattice Towers, Tubular Steel Poles
- Switchgear and Switchboards: High Voltage Switchgear, Medium Voltage Switchgear, Low Voltage Switchgear, Control Switchboards, Power Distribution Boards
- Insulators and Circuit Breakers: Porcelain Insulators, Composite Insulators, Glass Insulators, Vacuum Circuit Breakers, Air Circuit Breakers, Oil Circuit Breakers, Gas Insulated Circuit Breakers
This detailed segmentation reflects the complexity and diversity within the transmission systems market, highlighting opportunities across multiple components, vehicle types, transmission technologies, and end-use industries.
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