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Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth Trends : 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.
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.
This review is based on Transparency Market Research’s report, titled “Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
Key Takeaways:
Global power transmission components market poised to touch US$102.57 bn by 2023
North America to account for nearly a quarter of the global market in terms of revenue by 2023
Switchgears and circuit breakers rake in sizeable share of revenues as they remain critical to power transmission
Power Transmission Components Market: By Components Type
Switchgears & Circuit Breakers
Transformers
Capacitors & Insulators
Others (Power Convertors, Relays etc.)
Power Transmission Components Market: By Current Type
HVAC (High Voltage Alternating Current)
HVDC (High Voltage Direct Current)
Power Transmission Components Market: By Region
Asia Pacific
China
India
Rest of Asia Pacific
North America
U.S.
Canada
Mexico
Europe
CIS
Germany
U.K.
Rest of Europe
Middle East and Africa
Kingdom of Saudi Arabia
South Africa
Rest of Middle East and Africa
South and Central America
Brazil
Argentina
Rest of South and Central America
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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