Power Transmission Component Market Size - By Component, By Voltage Level, By Current Level Analysis, Share, & Forecast, 2025 - 2034

Power Transmission Component Market Size

The global power transmission component market was valued at USD 82.1 billion in 2024 and is estimated to grow at a CAGR of 3.9% from 2025 to 2034, due the increasing global energy demand, grid modernization, and the integration of renewable energy sources. As urbanization and industrialization accelerate, particularly in emerging economies, the need for reliable electricity transmission infrastructure is expanding. Governments and utilities are investing in upgrading aging grid networks to enhance efficiency, reduce losses, and improve resilience. The rise of renewable energy sources such as wind and solar requires advanced transmission solutions to transport power from remote generation sites to consumption centers.
 

Additionally, innovations in technologies like high-voltage direct current (HVDC) systems and flexible AC transmission systems (FACTS) are boosting the capacity and reliability of transmission networks. Supportive regulatory policies promoting clean energy and electrification, including electric vehicles, further drive market growth.
 

Power Transmission Component Market Trends

Grid modernization is a central trend, as governments and utilities invest heavily in updating outdated power transmission systems. Smart grids, equipped with advanced digital technologies, are being deployed to enhance grid management, optimize energy flow, and improve system reliability. These grids integrate smart meters, sensors, and automation to provide real-time data, enabling better demand response and reducing energy losses. The push for smarter grids is essential for accommodating the growing demand for electricity and the integration of renewable energy sources.
 

The rise of renewable energy, especially solar and wind, is significantly impacting the power transmission sector. Renewable energy generation is often located in remote areas, requiring substantial infrastructure to transport power over long distances to urban consumption centers. As a result, power transmission systems are evolving to support high-capacity, long-distance transmission through technologies like High Voltage Direct Current (HVDC) and Flexible AC Transmission Systems (FACTS). These solutions enable more efficient and stable power transfer, reducing transmission losses.
 

Power Transmission Component Market Analysis

Based on component, the transmission line segments will cross USD 39.4 billion by 2034 since the increasing demand for reliable, space-efficient, and safe power transmission solutions in industrial sectors. Gas-insulated switchgear (GIS) is favored for its compact design, high reliability, and ability to operate under harsh conditions, making it an ideal choice for industries with limited space or in areas requiring enhanced safety measures. Moreover, the rise in industrial automation and the integration of renewable energy sources are accelerating the deployment of advanced transmission lines within GIS systems.
 

Based on voltage level, the > 220 kV to ≤ 440 kV segment in the power transmission component market is expected to achieve a CAGR of over 3.7% through 2034, since the growing demand for high-capacity, efficient power transmission systems in heavy industrial and utility applications. This voltage range is critical for industries requiring high energy loads, such as oil and gas, mining, and large-scale manufacturing, where reliable and uninterrupted power supply is essential. The segment's growth is further fueled by ongoing investments in upgrading aging infrastructure, particularly in developed regions, and the rapid expansion of industrialization in emerging economies.
 

The U.S. power transmission component market is set to surpass USD 13.3 billion by 2034, driven by the modernization of aging power infrastructure and the rising demand for reliable and efficient energy transmission systems. The growing adoption of renewable energy sources, such as solar and wind, is also contributing to the increased need for advanced switchgear that can manage fluctuating power loads and ensure grid stability. Additionally, the U.S. industrial sector's push toward automation and digitalization is accelerating the demand for smart gas-insulated switchgear equipped with IoT sensors and real-time monitoring capabilities.
 

Countries like China, India, and Southeast Asian nations are witnessing rapid industrial expansion and urban development. The rise in manufacturing, heavy industries, and large-scale infrastructure projects increases the demand for reliable power transmission systems, positioning gas-insulated switchgear as an essential component.
 

Power Transmission Component Market Share

Companies like ABB and General Electric (GE) hold a significant revenue share in the power transmission component industry due to their technological leadership, extensive product portfolios, and global reach. Both ABB and GE have decades of experience in developing advanced power transmission technologies. Their commitment to innovation has led to the creation of cutting-edge solutions, such as digital switchgear, smart transformers, and automated circuit breakers, which enhance grid reliability and efficiency.
 

Power Transmission Component Market Companies

Major players operating in the power transmission component industry are:

• ABB
• Eaton
• Fuji Electric
• General Electric
• Hitachi Energy
• Hubbell
• Hyosung Heavy Industries
• Hyundai Electric
• L&T Electrical
• Lucy Group
• Mitsubishi Electric
• Norelco
• Powell Industries
• Rittal
• Schneider Electric
• Siemens
• START Electrical
   

Power Transmission Component Industry News

• In November 2024, Mitsubishi revealed an USD 86 million investment in the U.S. for advanced switchgear production and power electronics, spurred by growing demand for transmission and transmission grid products. This investment forms part of MELCO’s broader strategy to expand its energy systems production capabilities both in Japan and globally.
   

The power transmission component market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2021 to 2034, for the following segments:

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Market, By Component

• Transformer
• Circuit Breaker
• Isolator
• Insulator
• Arrestor
• Transmission Line
• Transmission Tower
• Other

Market, By Voltage Level

• > 132 kV to ≤ 220 kV
• > 220 kV to ≤ 440 kV
• > 440 kV to ≤ 660 kV
• > 660 kV to ≤ 765 kV
• > 765 kV

Market, By Current Level

• HVAC
• HVDC

The above information has been provided for the following countries across the region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina