Consistently Increasing Energy Demand Encourages Adoption of Power Transmission Components
The relentlessly increasing demand for energy has been the primary growth driver for the global power transmission components market, observes Transparency Market Research. The hurdles faced by service providers in power transmission over long distances is yet another factor propelling the adoption of these components in the recent past. Thus, in an effort to cut down the energy losses through effective transmission of energy and reducing the carbon footprint is anticipated to increase the deployment of sophisticated transmission components in the coming years. With these unwavering market drivers, the global power transmission components market is expected to be worth US$102,574.8 mn by 2023 as compared to US$64,155.6 mn in 2015, expanding at CAGR of 6.0% between 2014 and 2023.
It is a well-known fact that modern power transmission components are designed to render long-term savings by providing uninterrupted power supply. With this backing, governments across the globe are incentivizing installations of new-age power transmission components to achieve significant energy savings. This move comes as world leaders are devising ways to achieve economic growth through sustainable means. Furthermore, the need to upgrade the old power plant infrastructure also has a positive impact on the market. However, the high cost of initial investment is discouraging power plants from investing in these components.
Government Initiatives to Reduce Carbon Footprint in North America Prove Favorable for Demand
Geographically, the power transmission components market has a presence across regions of Asia Pacific, Europe, North America, the Middle East and Africa, and South and Central America. As of 2014, North America held a leading share of 26.50% and is expected to equate to 25.57% by 2023. Despite the minor drop in percentage, this regional market will excel due to increasing investments in upgrading existing power transmission components. The initiatives by governments to curb the carbon emission and negate the carbon footprint is also expected to boost the power transmission components market in North America. Efforts in regions such as Asia Pacific to upgrade their facilities to smart grid infrastructure will also propel the adoption of new transmission components in the region.
Switchgears and Circuit Breakers Segment Expected to Exhibit Strong Growth
Switchgears and circuit breakers are critical components of power transmission as they are installed to minimize the loss of electricity during transmission. They are important in limiting electric failures and ensuring seamless current flow through the circuit. Owing to these reasons the advanced switchgears and circuit breakers that deliver high voltage will be used extensively in power grids in the near future. During the forecast period of 2014 and 2023, the switchgears and circuit breakers segment will continue to surge at a CAGR of 5.6%.
Transformers also hold a promise of a steady growth rate due to an exponentially increasing demand for energy due to industrialization. The rapidly growing population will also make a significant contribution to energy demand, thereby driving the transformers segment at a 5.5% CAGR between 2014 and 2023.
Some of the key companies operating in the global power transmission components market are Emerson Electric Company, ABB Group, Eaton Corporation Plc, Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation, Siemens AG, and Schneider Electric SE. The market is witnessing a high degree of competition due to the presence of a large number of players. To keep the edge over others, players are striving for rigorous forward integration and product innovation that will ensure additional energy savings in the near future.
Power Transmission Components Market: Snapshot
Power transmission components are devices that are used in electrical power transmission systems. They are used in every step of the way, right from the power generation site like power plants, all the way to electrical substations, from where the electricity is distributed to single units, households, and commercial facilities. Products in global power transmission components market are designed with the purpose of achieving higher long time savings by providing uninterrupted electrical power supply. Rapid urbanization along with enhancements and improvements in a diverse range of industry verticals is triggering the growth of the thriving global power transmission components market. High utilization of electrical power has been a serious concern for various governments around the world in recent times. There had been a steady demand for ways or methods to check the usage of power in units and infrastructure facilities. This has led to the increased demand in the global power transmission components market. Another factors influencing the growth of the market are increasing need as well as population demand for reducing the amount of carbon discharges and maintaining non-hazardous levels of greenhouse gases to eliminate the greenhouse effect. These demands stem from a crucial need of the time for optimizing and enhancing the electrical power utilization.
Products in the global power transmission components market are used to provide consumers with a continuous electrical power supply on a long term basis without any disruptions or inordinate power fluctuations. Products or components produced by the players in global power transmission components market include switchgears, transformers, power converters, capacitors, circuit breakers, insulators, and relays, among others. These products can be utilized for the transmission of either of the two types of electrical current, namely, high voltage direct current or HVDC and high voltage alternating current or HVAC. Products in global power transmission components market can also be classified as segments based on the voltage range. These segments include 132 Kv, 220 Kv, 440 Kv, 660 Kv, and more than 762 Kv. Commercialization of services across industries is also a motivating factor for the future development of global power transmission components market.
Section 1 Preface
Section 2 Executive Summary
Section 3 Industry Analysis
Section 4 Power Transmission Components Market – Component Segment, by Revenue, 2014 – 2023 (US$ Mn)
Section 5 Global Power Transmission Components Market – By Current, by Revenue, 2014 – 2023 (US$ Mn)
Section 6 Global Power Transmission Components Market – Regional Analysis, by Revenue, 2014 – 2023 (US$ Mn)
Section 8 Company Profiles
List of Tables
Table 1. Global Power Transmission Components Market: Snapshot
Table 2. Global Power Transmission Components Market, Estimates and Forecast, By Component, 2014–2023 (US$ Mn)
Table 3. Global Power Transmission Components Market, Estimates and Forecast, by Current Type, 2014–2023 (US$ Mn)
Table 4. China Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 5. India Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 6. Rest of Asia Pacific Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 7. U.S. Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 8. Canada Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 9. Mexico Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 10. CIS Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 11. Germany Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 12. U.K. Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 13. Rest of Europe Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 14. Kingdom of Saudi Arabia Power Transmission Components Market, By Component, 2014–2023 (US$ Mn)
Table 15. South Africa Power Transmission Components Market, By Component, 2014–2023 (US$ Mn)
Table 16. Rest of MEA Power Transmission Components Market, By Component, 2014–2023 (US$ Mn)
Table 17. Brazil Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 18. Argentina Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
Table 19. Rest of SCA Power Transmission Components Market, By Components, 2014–2023 (US$ Mn)
List of Figures
Figure 1. Global Power Transmission Components Market, Estimates and Forecast, by Revenue, 2014–2023 (USS Mn)
Figure 2. Global Power Transmission Components Market, %Market Share, By Component, by Region, 2014
Figure 3. Total World Energy Consumption, by Source, 2014
Figure 4. World Carbon Emissions Sector Wise, 2014
Figure 5. Global T & D Capital Expenditure (US$ Bn) , 2014-2023
Figure 6. Market Attractiveness Analysis of Power Transmission Components Market, 2014
Figure 7. Global Power Transmission Components, Company Market Share (%) (2014)
Figure 8. Global Power Transmission Components Market Value, By Component, 2014 and 2023
Figure 9. Global Power Transmission Components Market, Estimates and Forecast, By Switchgears and Circuit Breakers, 2014–2023 (US$ Mn)
Figure 10. Global Power Transmission Components Market, Estimates and Forecast, By Transformers, 2014–2023 (US$ Mn)
Figure 11. Global Power Transmission Components Market, Estimates and Forecast, By Insulators and Capacitors, 2014–2023 (US$ Mn)
Figure 12. Global Power Transmission Components Market, Estimates and Forecast, By Other Components, 2014–2023 (US$ Mn)
Figure 13. Global Power Transmission Components Market Value, by Current Type, 2014 and 2023
Figure 14. Global Power Transmission Components Market, Estimates and Forecast, by HVAC Current, 2014–2023 (US$ Mn)
Figure 15. Global Power Transmission Components Market, Estimates and Forecast, by HVDC Current, 2014–2023 (US$ Mn)
Figure 16. Global Power Transmission Components Market Share, by Region, 2014 and 2023
Figure 17. Asia Pacific Power Transmission Components Market Share, by Country, 2014 and 2023
Figure 18. Power Transmission Components Market – Asia Pacific, By Current, 2014–2023 (US$ Mn)
Figure 19. Power Transmission Components Market – Asia Pacific, By Components, 2014–2023 (US$ Mn)
Figure 20. North America Power Transmission Components Market Share, by Country, 2014 and 2023
Figure 21. Power Transmission Components Market – North America, By Current, 2014–2023 (US$ Mn)
Figure 22. Power Transmission Components Market – North America, By Components, 2014–2023 (US$ Mn)
Figure 23. Europe Power Transmission Components Market Share, by Country, 2014 and 2023
Figure 24. Power Transmission Components Market – Europe, By Current, 2014–2023 (US$ Mn)
Figure 25. Power Transmission Components Market – Europe, By Components, 2014–2023 (US$ Mn)
Figure 26. MEA Power Transmission Components Market Volume Share, by Country, 2014 and 2023
Figure 27. Power Transmission Components Market – Middle East and Africa, By Current, 2014–2023 (US$ Mn)
Figure 28. Power Transmission Components Market – Middle East and Africa, By Component, 2014–2023 (US$ Mn)
Figure 29. SCA Power Transmission Components Market Share, by Country, 2014 and 2023
Figure 30. Power Transmission Components Market – South and Central America, By Current, 2014–2023 (US$ Mn)
Figure 31. Power Transmission Components Market – South and Central America, By Components, 2014–2023 (US$ Mn)
Figure 32. ABB Group, Revenue by Business Segment, 2014
Figure 33. ABB Group, Revenue by Region, 2014
Figure 34. Eaton Corporation Plc, Revenue by Business Segment, 2014
Figure 35. Eaton Corporation Plc, Revenue by Region, 2014
Figure 36. Emerson Electric Company, Revenue by Business Segment, 2014
Figure 37. Emerson Electric Company, Revenue by Region, 2014
Figure 38. General Electric , Revenue by Business Segment, 2014
Figure 39. General Electric, Revenue by Region, 2014
Figure 40. Hitachi, Ltd., Revenue by Business Segment, 2014
Figure 41. Hitachi, Ltd., Revenue by Region, 2014
Figure 42. Mitsubishi Electric Corporation, Revenue by Business Segment, 2014
Figure 43. Mitsubishi Electric Corporation, Revenue by Region, 2014
Figure 44. Schneider Electric SE, Revenue by Business Segment, 2014
Figure 45. Schneider Electric SE, Revenue by Region, 2014
Figure 46. Siemens AG, Revenue by Business Segment, 2014
Figure 47. Siemens AG, Revenue by Region, 2014
Figure 48. Toshiba Corporation, Revenue by Business Segment, 2014
Figure 49. Toshiba Corporation, Revenue by Region, 2014
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