Power transmission
is among the most important public service tasks in any country. In
today’s world, electricity is a vital need for all parts of a
country, be it rural or urban. As a result, the demand for powertransmission components has not fallen in the last few years at all.
Apart from the sheer volume of the demand for power transmission
components, technological innovation in power transmission components
has led to the development of high efficient components that help cut
down on overall expenditure and carbon footprint of the power
transmission process. This has led to rising demand from the global
power transmission components market.
According to a
recent report released by leading company, Transparency Market
Research, the global power transmission components market will
exhibit a sturdy 6% CAGR from 2015 to 2023. The market, worth US$60.5
bn in 2014, is expected to rise to a valuation of US$102.6 bn by
2023.
Switchgears and
Circuit Breakers Lead Global Market for Power Transmission Components
The global power
transmission components market is segmented according to component
type into transformers, switchgears and circuit breakers, insulators
and capacitors, and others. Of these, the demand for switchgears and
circuit breakers leads the global power transmission components
market. Switchgears and circuit breakers, which isolate various types
of electric equipment to protect them in case of any fluctuations in
power supply, are high in demand due to the rising influence of smart
grids. These grids aim to eliminate power fluctuations by monitoring
and computing power imbalances. Thus, switchgears and circuit
breakers are expected to be the dominant segment in the forecast
period as well.
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According to current
type, high voltage alternating current transmission components lead
the global power transmission components market. Alternating current
is used to transport power to large-scale residential as well as
commercial projects, due to the convenience of AC in long-distance
power transmission. Due to this, HVAC transmission components are
expected to remain dominant in the global power transmission
components market; the segment held 91.2% of the global market in
2014.
Rising Demand
from Emerging Countries Drives Global Power Transmission Components
Market
The demand patterns
in various regional segments of the global power transmission
components market showed distinct differences in 2014. Asia Pacific
emerged as the largest regional segment with a 34% share in the
market. The dominance of the regional segment is due to the rapid
industrial growth of countries such as India and China. Along with
rising industrialization, the growing population of the region is
also an important factor propelling the Asia Pacific power
transmission components. The demand to increase the availability of
electric power to the populace is leading to rapid growth in the
number of power plants, which forms the basis of the demand for power
transmission components. Demand from APAC giants is expected to be
dominated by components that ensure clean and efficient
transportation of power as well as components that are compatible
with renewable energy.
In North America,
the second largest regional segment of the global power transmission
components market, the demand for power transmission components
mainly comprises upgrades on existing old power generation
infrastructure. Consistent demand from both these regional segments,
as well as other emerging regions such as Latin America and the
Middle East, is expected to propel the global power transmission
components market in the coming years.
About
Us
Transparency
Market Research (TMR) is a market intelligence company, providing
global business information reports and services. Our exclusive blend
of quantitative forecasting and trends analysis provides
forward-looking insight for thousands of decision makers. TMR's
experienced team of Analysts, Researchers, and Consultants, use
proprietary data sources and various tools and techniques to gather
and analyze information.
Our
data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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