The growing demand for smart grid technology and for incorporating various forms of renewable energy into the mainline grid network is likely to be the major driver for the global power transmission component market over the forecast period, according to the latest report from Market Research Future (MRFR). The global power transmission component market is expected to exhibit a stellar 6.55% CAGR over the forecast period from 2018 to 2023, according to MRFR.
The growing need to incorporate various forms of renewable energy into the mainline grid is also likely to lead to a growing demand from the global power transmission component market over the forecast period.
Competitive Analysis:
Leading players in the global power transmission component market include Hitachi, Sterlite, Toshiba, Crompton Greaves, Eaton, General Electric, Emerson, Schneider, Siemens, and ABB.
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Industry Highlights
The growing demand for smart grids is likely to be a major driver for the global power transmission component market over the forecast period, as this is likely to lead to large-scale replacement of power transmission components in a number of countries around the world. The need to retrofit the existing power transmission systems with smart grid technology is likely to lead to a growing demand from the global power transmission component market over the forecast period. Developed countries are likely to dominate the demand from the global power transmission component market in this regard, as smart grid technology is mainly being adopted in regions such as North America and Europe.
Energy generation from renewable sources has become a major agenda for countries around the world, leading to a growing demand for power transmission infrastructure to easily incorporate the standalone renewable power generation projects into the mainline grid. This is likely to remain a key driver for the global power transmission component market over the forecast period, as a number of countries are likely to invest in renewable power infrastructure in the coming years.
Segmentation:
The global power transmission component market is segmented on the basis of component, voltage, current level, and region.
By component, the global power transmission component market is segmented into transformer, circuit breaker, isolator, insulator, arrestor, transmission line, and transmission towers. The circuit breaker segment is expected to exhibit the fastest growth over the forecast period.
By voltage, the global power transmission component market is segmented into 132 kV, 220 kV, 440 kV, 660 kV, and more than 762 kV. The 132 kV segment held the largest share in the global power transmission component market in 2017.
By current level, the global power transmission component market is segmented into HV AC and HV DC.
Regional Analysis:
North America is likely to hold a dominant share in the global power transmission component market over the forecast period. The growing demand for retrofitting of power transmission infrastructure in North America in order to accommodate renewable energy sources and smart grid functionalities is likely to be a major driver for the global power transmission component market over the forecast period. North American governments such as the U.S. and Canada have been among the leading backers of renewable energy initiatives. This is likely to remain a leading driver for the global power transmission component market over the forecast period.
Europe is also likely to exhibit steady growth in the global power transmission component market over the forecast period due to the growing demand for smart grid projects in leading countries in the region.
Asia Pacific could provide major opportunities for the global power transmission component market over the forecast period due to the vast unmet needs for power transmission in the underdeveloped parts of countries such as China, India, Indonesia, Thailand, Vietnam, and other Southeast Asian countries.
Industry Updates:
In May 2019, a new law was passed in Germany to accelerate the expansion of the country’s power grid. Grid expansion has remained a major problem for the German government for a number of years, leading to increasing government participation in efforts to maximize grid outreach.
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