Power Transmission Component Market is set to witness growth over 6% by 2024

The power transmission component market will gain appreciable proliferation subject to the ongoing refurbishment and retrofitting of existing grid infrastructure across the globe. Rising investments coupled with favourable political outlook toward the expansion of cross border electric networks will further boost the product demand. In addition, rapid commercialization and urban migration across developing economies have further instituted a favourable business scenario.

Favourable policy interventions along with supportive sectoral reforms supporting the integration of energy efficient components will escalate the industry growth. Despite the significant growth in generation capacity, nations across the globe are still prone to the power deficit situation.

Accumulating transmission and AT&C losses result in an overall deprivation in terms of energy & revenue realization for the utilities. Henceforth, regulatory inclination along with positive consumer outlook towards the adoption of sustainable technologies will stimulate the global market growth.

Transformer in 2016 accounted for over 20% of the global market share. Sustainable mechanical strength, low flux leakage coupled with reduced iron losses have been few imperative parameters which will drive the industry growth. Furthermore, capital intensive specifications along with ongoing technological enhancements have further added to the product penetration.

Request for Sample Copy of this research report @ https://www.gminsights.com/request-sample/detail/1151

132 kV power transmission component market is estimated to gain over 7% by 2024. Ongoing commercial establishments and urbanization coupled with ongoing expansion of high tension grid networks will positively influence the product demand. Rampant industrial expansion owing to the adoption of bulk manufacturing practices by large industry participants will fuel the business growth. In addition, ongoing expansion of utility-based grid infrastructure to sustain the rising electricity demand will stimulate the product adoption.

≥ 765 kV power transmission component market in the recent years have attained significant escalation pertaining to the expansion of ultra-high-tension networks to sustain losses accrued from the long-route electrical supply. Favourable regulatory and consumer inclination towards the adoption of HVDC networks to sustain the cross-border electricity demand will drive the industry growth.

The U.S. power transmission component market in 2016 was valued over USD 5 Billion. The nation subject to the ongoing retrofitting and revamping of the existing electric grid has infused a favourable business outlook. Integration of an effective grid support mechanism coupled with rapid technological advancements will positively impact the business growth. Rising infrastructural investments along with an increasing energy consumption will further complement the industrial outlook.

The Europe power transmission component market will witness comprehensive escalation owing to stringent energy efficiency concord along with growing renewable electricity share. Regulators have been effectively channelizing investments to reinforce its electricity generation, transmission and distribution networks. Regional framework to fortify the support for EU’s policy intent include, streamlining of investments toward a stable and adaptable grid to sustain rising energy demand & renewable integration, including the incentivizing of consumer goods & energy efficient equipment.

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

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
Web: https://www.gminsights.com
Blog: https://gminsights.wordpress.com
Explore Our Blog @ http://algosonline.com/news

This release was published on openPR.