Power Transmission Component Market - By Component (Transformer, Circuit Breaker, Isolator, Insulator, Arrestor, Transmission Line, Transmission Tower), By Voltage Level, By Current Level (HVAC, HVDC) & Forecast, 2024-2032

Power Transmission Component Market Size

Power Transmission Component Market size exceeded USD 34.4 billion in 2023 and is projected to expand at over 7.1% CAGR from 2024 to 2032. Ongoing enhancements pertaining to the expansion of effective grid infrastructure in line with the rapidly changing climate scenario will drive the market growth.
 

Ongoing refurbishment of damaged power supply equipment along with the deployment of advanced transformers & transmission towers will sway the industry scenario. The growing demand for distributed energy technologies coupled with rising integration of renewable energy resources will influence the business outlook. Growing establishment of long HV cables to reduce the line disruption along with robust development of efficient interstate power transmission networks will augment the market landscape.
 

The COVID- 19 pandemic has majorly impacted power transmission component market operations due to less manufacturing operations and labor shortages. Regulatory authorities have imposed lockdowns in their respective nations and social distancing measures to limit the impact of the virus. As a result, industries have witnessed a compatible decrease in their product portfolio demand. However, the commencement of several effective drives of vaccination by respective authorities to decrease the impact has led the business operations back to normalcy. In addition, the demand for transmission components will surge steadily in near future on account of the growing electricity demand across the world.
 

Power Transmission Component Market Analysis

The transformer component segment is anticipated to reach USD 27 billion by 2030. This growth is attributed to the increasing technological advancements and capital-intensive specifications. Grid sustainability, reliability, and expansion of microgrid networks have led to the deployment of effective conductor technologies to enhance and maintain parity across the networks will spur the business landscape. High mechanical strength, iron losses, and flux leakage are key functional parameters fueling the technological adoption.
 

The power transmission component market for transmission line segment will witness an appreciable momentum during the forecast period, owing to increasing energy demand across grid isolated regions and manufacturing hubs. The rapid expansion of cross-border interconnection networks coupled with ongoing enhancements in the deployment of smart grid infrastructures will further institute a promising business scenario.
 

> 132 kV to ≤ 220 kV power transmission component market was valued at USD 11 billion in 2021. Increasing adoption of renewable sources across the residential sector coupled with the robust expansion of micro-grid networks will influence the industry expansion. The growing necessity for a compact design transmission component for indoor applications along with the establishment of high-capacity products will propel the market growth. Ongoing residential expansion across the globe and rapid urbanization will escalate the product deployment. Furthermore, the rapid integration of sustainable power technologies in line with advanced energy generation technologies will thrust the market outlook.
 

The rising electricity demand coupled with increasing investments in the renovation and installation of grid infrastructure networks will boost the product demand. A paradigm shift toward the installation of reliable electric supply components will strengthen the power transmission component market progression. Continuous integration of renewable and sustainable resources together with the growing demand for uninterrupted electricity supply will fuel the industry outlook. Moreover, supportive government regulations on energy-efficient systems will complement the market expansion.
 

The HVAC segment in the power transmission component market is poised to grow significantly till 2030, owing to its prompt integration across transmission infrastructures compared to HVDC lines. Furthermore, the ease of voltage transformation coupled with lower terminal costs will accelerate the deployment of HVAC components. Modernization and refurbishment of traditional grid infrastructures along with favorable regulatory reforms on the expansion of existing networks will support the deployment of HVAC products across the globe.
 

Europe power transmission component market accounted 40% revenue share in 2021. Favorable government policies toward the adoption of energy-efficient and advanced technologies in conjunction with the integration of renewable energy sources will foster the market size. Additionally, conventional grid infrastructures require continuous refurbishing and maintenance to fulfil the various energy efficiency targets set by government authorities, accelerating the industry potential.
 

Ongoing upgradation of the existing grid infrastructures along with surging deployments of utility-based transmission networks will proliferate the product penetration. Stringent measures toward energy efficiency coupled with the development of smart control & monitoring technologies will stimulate the industry dynamics. Moreover, the ongoing expansion of high-tension DC networks in line with a positive outlook toward energy-efficient components to curb cumulative losses will favor the market scenario.
 

Power Transmission Component Market Share

Key companies across the power transmission component market include

• Toshiba Energy Systems & Solutions Corporation
• Siemens Energy
• Hitachi Energy
• General Electric
• CG Power & Industrial Solutions
• Schneider Electric
• ZTT
• Mitsubishi Electric Corporation
• Sterlite Power
• Eaton
• Bharat Heavy Electricals Limited
• Hyundai Electric & Energy Systems
• KEC International
• Larsen & Toubro Limited
• Elsewedy Electric
• Hyosung Heavy Industries
• WEG
• Raychem RPG Private
• IMEFY GROUP
• ARTECHE
   

The power transmission component market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2030 for the following segments:

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Market, By Component

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

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 regions and countries:

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