Power Transmission Component Market to hit USD 106 Bn by 2030, Says Global Market Insights Inc
Key power transmission component market participants include Toshiba Energy Systems & Solutions Corporation, Siemens Energy, Hitachi Energy, General Electric, CG Power & Industrial Solutions, Schneider Electric, ZTT, Mitsubishi Electric Corporation, Sterlite Power among others.
SELBYVILLE, Del., June 28, 2022 /PRNewswire/ -- Power Transmission Component Market is set to surpass USD 106 billion by 2030 according to latest research study by Global Market Insights Inc. The industry to foresee growth on account of high-end product flexibility and integration of smart & advanced monitoring systems. A paradigm shift toward the integration of IT technologies along with surging deployment of smart grid networks will energize the market dynamic. Rising concerns to supervise the intermittency generated by the accrued use of solar power across regions will positively influence the business outlook. Ongoing expansion of grid infrastructures and the installation of high-voltage lines & towers will augment the industry landscape.
> 765 kV transmission components segment is anticipated to grow at 4.8% CAGR between 2022 and 2030. These voltage ranges have gained significant proliferation due to the expansion in the ultra-high-tension matrix to sustain accrued losses from a long-route electrical supply. Limited usage of conductor materials, low sagging, and sustainable long-range electrical transmission are the prime factors considered to validate the product demand.
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The incorporation of renewable energy networks has compelled utilities and installers to focus on restructuring the existing electrical framework. Conventional systems are being developed and enhanced, depending on the resonating frequencies and bandwidth to sustain the unpredictability in the renewable networks.
Arresters are core components across electrical supply networks owing to the rising demand for control units and circuit protection. Protection of transmission networks from lighting and surges has been the prime functional applicability sustained by these products. Continuous rise in demand for streamlined flow of power will continue to foster the market landscape.
Middle East & Africa power transmission component market is projected to grow at a rate of 4.5% through 2030. Increasing investments to deploy sustainable power supply network in conjunction with favorable government norms related to electrification of rural areas will strengthen the industry growth. Additionally, rapid grid extension at the national borders in line with the shifting inclination toward trans-border electricity trade to attain electricity access in peri-urban will sway the product deployment.
Some of the considerable findings of the power transmission component market report include:
- Large-scale renewable integration together with favorable reforms favored by the upgrading of existing grid networks to support the emerging electricity demand will comprehensively enhance product penetration.
- Key participants operating in the power transmission component market include Siemens Energy, General Electric, Mitsubishi Electric Corporation, Larsen & Toubro Limited, and Hitachi Energy.
- The rapid expansion of sustainable networks to provide areas with limited grid access coupled with rising investments from public and private institutions will escalate renewable deployment.
- A favorable regulatory inclination toward the establishment of a green energy corridor adhered by the enactment of a renewable supportive policy framework will support the industry scenario.
- Increasing disposable income and higher electricity consumption will further drive the product adoption.
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Partial Table of Contents (ToC) of the report
Chapter 2 Executive Summary
2.1 Power transmission component industry 3600 synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Component trends
2.1.3 Voltage level trends
2.1.4 Current level trends
2.1.5 Regional trends
Chapter 3 Power Transmission Component Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America and Europe
3.5.1.1.1 Expansion of smart grid networks
3.5.1.1.2 Refurbishment & retrofit of existing grid infrastructure
3.5.1.1.3 Large-scale renewable integration
3.5.1.2 Asia Pacific
3.5.1.2.1 Rising peak load demand
3.5.1.2.2 Expansion of micro-grid networks
3.5.1.2.3 Grid stability & security of supply concerns
3.5.1.3 Middle East, Africa, and Latin America
3.5.1.3.1 Increasing electricity demand
3.5.1.3.2 Integration of a sustainable electrical network
3.5.2 Industry pitfalls & challenges
3.5.2.1 High capital investments and associated replacement & maintenance costs
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/power-transmission-components-market
About Global Market Insights Inc.
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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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