Press release
Power Transmission Components Market size was over USD 20 billion in 2015 and is predicted to grow at over 6% by 2024
Power Transmission Components Market
Considering the feasibility, economic factors, and redundancy, market players are focusing on bulk power transmission, which in turn is stimulating the power transmission components industry dynamics. Transmitting bulk power at high voltage level increases the efficiency, as the transmission line resistive losses decreases at high voltages. This has led to an increase in demand for 220 kV and 440 kV power transmission grid components, which cumulatively accounted for 45% of the total volume in 2015.Ultra-high voltage transmission lines, which include voltage level above 660 kV, is also projected to cross over USD 9 billion by 2024.
Furthermore, major countries (China, UK, U.S, India) implementing microgrid infrastructure to ensure grid security will cater the overall power transmission components market growth.
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Three phase high voltage alternating current systems are preferred across numerous sectors due to the abundance of conventional grid infrastructure adoptability and cost effectivity. HVAC power transmission components industry is expected to record a revenue of USD 30 billion over the coming seven years.
HVDC network is adopted for power transmission over very long distances, owing to its high efficiency. In 2017, the U.S. government granted USD 100 million contracts for the renewal of an existing Pacific Intertie HVDC link, which is active since 1970. It is anticipated that HVDC power transmission components industry will grow significantly at an annual rate of 8% over 2016-2024.
Transformer, transmission lines, isolators, relays, circuit breakers, arresters, and transmission towers are the basic components used for power transmission.
The continuous effort by leading companies toward expansion of existing operational power lines is complementing the power transmission components industry growth. For instance, Powergrid Corp. aims to increase inter-regional power transmission capacity up to 72 GW by 2017.
Power transmission components market share from transmission lines is projected to grow substantially at a CAGR of more than 6% over 2016-2024.
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Europe power transmission components industry is driven by a strong urge for integrated grid network by utilizing renewable energy. With UK being a key revenue contributor, Europe power transmission components market is expected to grow lucratively with an annual growth rate of more than 5% over 2016-2024.
Asia Pacific, with China and India as chief contributors, is also expected to be one of the major revenue generating regions. This robust growth can be attributed to the growing government inclination toward enhancing the existing power lines to meet the surging electricity demand. For instance, the Indian government has recently launched a program named “One Nation-One Grid-One Price” to interweave all the state and central power grid to achieve single tariff system. China power transmission components network will also record a revenue of USD 9 billion by 2024.
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Browse Related Report:
Power Transmission Lines & Towers Market Size, By Product (High Tension (HT), Extra High Tension (EHT), Ultra High Tension (UHT)), By Voltage Level (132 kV, 220 kV, 440 kV, 660 kV, ≥ 765 kV), By Current Level (HVDC, HVAC), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Germany, Russia, China, India, Japan, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Peru), Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.gminsights.com/industry-analysis/power-transmission-lines-and-towers-market
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