The Transmission Components Market is valued at around USD 47,9667.7 million in 2022 and is expected to reach USD 80,279.2 million by 2030, registering a CAGR of 5.3% over the forecast period.
The market will expand as a result of ongoing improvements relating to the building of efficient grid infrastructure in accordance with the scenario of the rapidly changing environment.
Increasing energy demand, quick industrialisation, and bettering urban infrastructure are all thought to be important contributors to the market’s fast growth. In addition, it is predicted that demand for transmission components will rise over the next 10 years as a result of the expanding investment in smart cities in developing nations.
Increased investment in energy infrastructure, such as distribution and transmission lines for the transmission of electricity, is primarily driving the market for transmission components.
Because of the emergence of megacities and global industrialization, the demand for energy is expanding quickly on a global scale. Due to the expanding demand for electricity, which is regarded as a common source of energy, the demand for electrical equipment has increased recently. Demand for transmission parts is expected to increase as investments are made in creating electrical infrastructures such heavy current overhead power lines.
Furthermore, it is projected that continued expenditures in grid infrastructure enhancement projects will increase sales of transmission components. Along with the growth of sustainable power networks, it is projected that demand for transmission-related components will rise.
The elements of a power transmission system are referred to as the transmission path that moves electricity from the source to the load. The four most important parts are the engine, the driveshaft, the differential, and the transmission. These components work together to transform engine power into motion that can move a car or truck.
Covid-19 Impact on Transmission Components Market
Due to fewer production activities and a manpower constraint, the COVID-19 pandemic has significantly affected the power transmission component market’s operations. To lessen the impact of the virus, regulatory authorities have enacted social isolation policies and lockdowns in their various countries. As a result, industries have seen a corresponding decline in the demand for their product portfolio. However, the start of many successful vaccination efforts by the relevant authorities to lessen the effects has led to the return of normal business operations. Additionally, as a result of the increasing global demand for power, the demand for transmission components will increase substantially in the near future.
The Transmission Components Market – Market Trends
• The market for power transmission components will expand dramatically as current grid infrastructure continues to be repaired and updated around the world. Rising investments and a positive political outlook for the expansion of cross-border electric networks will increase product demand even more.
• Additionally, a favourable business environment has been produced by rising commercialization and urban migration throughout developing countries like India, China, and Brazil. Positive policy changes and sectoral reforms that facilitate the integration of energy-efficient components would hasten industry growth.
• Despite significant advances in generation capacity, electricity shortages persist in many nations around the world. As transmission and AT&C losses mount, utilities experience a general lack of energy and revenue realisation.
The Transmission Components Market – Segmentation
The Transmission Components Market fragrance concentrates market has been sub-classified into component, voltage level, current level, end-user.
On the basis of component, the Transmission Components Market is bifurcated into:
• Transformer
• Circuit breaker
• Isolator
• Arrestor
• Transmission line
• Transmission tower
• Others
On the basis of end-user, the market is segmented into:
• 132 KV
• 220 Kv
• 440 Kv
• 660 KV
• >765 kV
• Others
On the basis of current level, the market is segmented into:
• HVAC
• HVDC
• Others
On the basis of end-user, the market is segmented into:
• Industrial
• Commercial
• Others
The Transmission Components Market – Key Market players
Global key players of Transmission Components Market include Emerson Electric Company, ABB Group, Eaton Corporation Plc, Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation, Siemens AG, and Schneider Electric SE, and others.
