According to a recent market research report published by Transparency Market Research, the global power transmission components market is estimated to expand at a CAGR of 6% during the period between 2015 and 2023. The report, titled “Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023,” projects the global power transmission components market to be worth US$102.6 bn by 2023. The overall market stood at a valuation of US$60.5 b in 2014.
Browse the full Power Transmission Components Market, by Components (Switchgears and Circuit Breakers, Transformers, Insulators and Capacitors, and Others (Power Converter, Relays, etc.)) and by Current (HVAC and HVDC) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 – 2023 report at https://www.transparencymarketresearch.com/power-transmission-components-market.html
Power transmission over long distances is one of the major challenges in the present times. The key issues associated with long distance power transmission are cost, safety, efficiency, and robustness. Power distribution companies focus on cutting down building and operating costs while transmitting power over longer distances. As higher voltages lose less energy along the trip as compared to lower voltages, AC power is the most common method of power transmission across the globe. Power transmission components reduce losses incurred due to induction while distributing power over longer distances.
The report states that the growing concerns about energy conservation have propelled the growth of the global power transmission components market. Power transmission components offer significant energy savings, reduce carbon footprints, and increase energy efficiency by 5%-10%. The rising demand for energy with focus on sustainable economic growth will further augment the growth of the market. Modern power transmission components help power distribution companies to attain long-term savings by offering reliable electric supply.
In terms of component, the report segments the global power transmission components market into capacitors and insulators, switchgears and circuit breakers, transformers, and others including relays and power convertors. Switchgears and circuit breakers dominated the overall market in 2014 and accounted for a share of over 44%.
According to current type, the report broadly categorizes the global power transmission components market into HVDC (High Voltage Direct Current) and HVAC (High Voltage Alternating Current). In 2014, HVAC current systems led the market and held 92% of the market. The increasing demand for HVAC current systems is due to the fact that HVAC systems produce electricity in the form of alternating current and electricity is majorly delivered in the alternating current form.
The report studies the global power transmission components market across five key regions: Asia Pacific, North America, Europe, the Middle East and Africa, and South and Central America. India and China are the key markets for power transmission components in Asia Pacific. Emerging economies across South and Central America hold immense growth opportunities for the market during the forecast period.
Describing the competitive hierarchy, the report profiles some of the prominent players operating in the global power transmission components market such as Eaton Corporation Plc, ABB Group, Emerson Electric Company, Hitachi, Ltd., General Electric Company, Tebian Electric Apparatus Stock Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, Schneider Electric SE, and Toshiba Corporation. Detailed information about the key players including their company overview, product portfolio, business segmentation, global presence, and recent developments has been included in the report.
Global power transmission components market has been segmented as:
Power Transmission Components Market: By Components Type
- Switchgears & Circuit Breakers
- Capacitors & Insulators
- Others (Power Convertors, & Relays etc.)
Power Transmission Components Market: By Current Type
- HVAC (High Voltage Alternating Current)
- HVDC (High Voltage Direct Current)
Power Transmission Components Market: By Region
- Asia Pacific
- North America
- Middle East and Africa
- South and Central America
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