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The market for power transmission components was worth 70.11 billion US dollars in 2023. With a predicted CAGR (compound annual growth rate) of 8.50% from 2024 to 2031, the power transmission component market is expected to expand from 74.26 billion USD in 2024 to 123.25 billion USD by 2031. Market expansion is being fueled by factors such as the rising demand for renewable energy sources and the necessity to upgrade grid infrastructure in order to improve the efficiency and reliability of power transmission networks.
From a power plant or other source of electrical generation to an electrical substation, systems with moving elements are known as power transmission components. By ensuring a constant flow of electricity, these are crafted to produce savings in the long run. Worldwide, power grids are undergoing continuous repair and retrofitting, which is driving demand for power transmission components. Product demand would be further boosted by an increase in investments and positive governmental support for the construction of cross-border electric networks.
The market share of energy transmission components will expand due to the continual deployment of extra and ultra-high network infrastructure aimed at reducing accumulated line losses. Future energy transmission components have a lot of promise because to their efficient asynchronous connection, reduced loss, low short-circuit current, and increased controllability. Government efforts to reduce carbon dioxide emissions, along with supportive legislative measures, will spur the construction of transmission networks. Worldwide, nations continue to face the risk of energy shortages, even though power producing capacity has increased significantly. International trade will expand due to sustainable technology. To avoid cumulative losses caused by distant power sources, the transmission component market has increased substantially in recent years due to the proliferation of EHV networks.
The use of modern transformers and transmission towers, as well as the continuing restoration of older, broken power supply infrastructure, will alter the current state of the market. A number of factors, including the increasing use of renewable energy sources and the need for distributed energy technologies, will impact the future of the company. Market conditions will be enhanced by the strong development of efficient interstate power transmission networks and the increasing installation of long HV cables to minimize line disruption.
As a result of fewer manufacturing facilities and workforce difficulties, the power transmission component industry has been greatly affected by the COVID-19 epidemic. Governments around the world have instituted lockdowns and other social isolation policies in an effort to contain the infection. Industries have seen a corresponding decline in demand for their product portfolios because of this. But now that the relevant authorities have launched many successful immunization efforts to mitigate the damage, business activities are back to normal. Furthermore, due to the increasing demand for energy globally, the need for transmission components is expected to climb substantially in the near future.
With the increasing need for renewable energy sources, the power transmission component market is growing at a rapid pace. In order to connect renewable energy sources like wind, solar, and hydropower to the grid, new power transmission components are necessary. Some examples of these parts are cables, transformers, and switchgear. More and more people are concerned about the environmental damage that conventional energy sources like coal and oil do, so they are turning to renewable energy. Governments worldwide are enacting a range of regulations and incentives to promote the utilization of renewable energy sources. Consequently, power transmission components have become more in demand due to the surge in renewable energy system installations.
The market for power transmission components is also growing at a rapid pace, driven by increasing electricity demand in developing nations. Modern power transmission components are required due to the increased power demand caused by these countries' rapidly industrializing economies and growing populations. The power transmission component market is experiencing substantial expansion due to the widespread use of smart grid networks. Smart grids are cutting-edge power networks that improve the efficiency, dependability, and sustainability of power transmission and distribution by utilizing advanced communication and information technologies. Modern power transmission components such as transformers, switchgear, and control systems are necessary for these networks.
The construction of smart grid networks is being propelled by the increasing demand for a reliable and efficient electricity supply. The development of smart grid infrastructure is receiving substantial funding from governments worldwide, with the goal of improving the reliability and quality of power delivery. Power transmission components have thus seen a meteoric rise in demand. Another factor driving smart grid network expansion is the increasing reliance on renewable energy sources. The grid integration of intermittent renewable energy sources like wind and solar power requires state-of-the-art power transmission components that can handle power supply fluctuations.
Report Coverage
Global Power Transmission Components research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Power Transmission Components report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Power Transmission Components competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Power Transmission Components market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Power Transmission Components market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Power Transmission Components market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Hitachi Energy, General Electric, Siemens Energy
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Power Transmission Components market based on the below-mentioned segments:
Global Power Transmission Components Market, By Component
Transformer
Circuit Breaker
Isolator
Insulator
Arrestor
Others
Global Power Transmission Components market, By Voltage Level
132 kV
220 kV
440 kV
660 kV
≥ 765 kV
Global Power Transmission Components Market, By Current level
HVAC
HVDC
Global Power Transmission Components market, Regional Analysis
From a power plant or other source of electrical generation to an electrical substation, systems with moving elements are known as power transmission components. By ensuring a constant flow of electricity, these are crafted to produce savings in the long run. Worldwide, power grids are undergoing continuous repair and retrofitting, which is driving demand for power transmission components. Product demand would be further boosted by an increase in investments and positive governmental support for the construction of cross-border electric networks.
The market share of energy transmission components will expand due to the continual deployment of extra and ultra-high network infrastructure aimed at reducing accumulated line losses. Future energy transmission components have a lot of promise because to their efficient asynchronous connection, reduced loss, low short-circuit current, and increased controllability. Government efforts to reduce carbon dioxide emissions, along with supportive legislative measures, will spur the construction of transmission networks. Worldwide, nations continue to face the risk of energy shortages, even though power producing capacity has increased significantly. International trade will expand due to sustainable technology. To avoid cumulative losses caused by distant power sources, the transmission component market has increased substantially in recent years due to the proliferation of EHV networks.
The use of modern transformers and transmission towers, as well as the continuing restoration of older, broken power supply infrastructure, will alter the current state of the market. A number of factors, including the increasing use of renewable energy sources and the need for distributed energy technologies, will impact the future of the company. Market conditions will be enhanced by the strong development of efficient interstate power transmission networks and the increasing installation of long HV cables to minimize line disruption.
As a result of fewer manufacturing facilities and workforce difficulties, the power transmission component industry has been greatly affected by the COVID-19 epidemic. Governments around the world have instituted lockdowns and other social isolation policies in an effort to contain the infection. Industries have seen a corresponding decline in demand for their product portfolios because of this. But now that the relevant authorities have launched many successful immunization efforts to mitigate the damage, business activities are back to normal. Furthermore, due to the increasing demand for energy globally, the need for transmission components is expected to climb substantially in the near future.
With the increasing need for renewable energy sources, the power transmission component market is growing at a rapid pace. In order to connect renewable energy sources like wind, solar, and hydropower to the grid, new power transmission components are necessary. Some examples of these parts are cables, transformers, and switchgear. More and more people are concerned about the environmental damage that conventional energy sources like coal and oil do, so they are turning to renewable energy. Governments worldwide are enacting a range of regulations and incentives to promote the utilization of renewable energy sources. Consequently, power transmission components have become more in demand due to the surge in renewable energy system installations.
The market for power transmission components is also growing at a rapid pace, driven by increasing electricity demand in developing nations. Modern power transmission components are required due to the increased power demand caused by these countries' rapidly industrializing economies and growing populations. The power transmission component market is experiencing substantial expansion due to the widespread use of smart grid networks. Smart grids are cutting-edge power networks that improve the efficiency, dependability, and sustainability of power transmission and distribution by utilizing advanced communication and information technologies. Modern power transmission components such as transformers, switchgear, and control systems are necessary for these networks.
The construction of smart grid networks is being propelled by the increasing demand for a reliable and efficient electricity supply. The development of smart grid infrastructure is receiving substantial funding from governments worldwide, with the goal of improving the reliability and quality of power delivery. Power transmission components have thus seen a meteoric rise in demand. Another factor driving smart grid network expansion is the increasing reliance on renewable energy sources. The grid integration of intermittent renewable energy sources like wind and solar power requires state-of-the-art power transmission components that can handle power supply fluctuations.
Report Coverage
Global Power Transmission Components research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Power Transmission Components report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Power Transmission Components competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Power Transmission Components market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Hitachi Energy, General Electric, Siemens Energy |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Power Transmission Components Market from 2021 to 2031.
- Market Forecast for Power Transmission Components Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Power Transmission Components competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Power Transmission Components
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Power Transmission Components market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Power Transmission Components market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Hitachi Energy, General Electric, Siemens Energy
Primary Target Market
- Market Players of Power Transmission Components
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Power Transmission Components market based on the below-mentioned segments:
Global Power Transmission Components Market, By Component
Transformer
Circuit Breaker
Isolator
Insulator
Arrestor
Others
Global Power Transmission Components market, By Voltage Level
132 kV
220 kV
440 kV
660 kV
≥ 765 kV
Global Power Transmission Components Market, By Current level
HVAC
HVDC
Global Power Transmission Components market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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