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Power Transmission Component Market Size

Report ID: GMI1151
Published Date: Jun 2022
Report Format: PDF

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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.

Power Transmission Component Market Overview

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Power Transmission Component Market Size in 2023:	USD 34.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 64.6 Billion
Historical Data for:	2019 to 2023
No. of Pages:	455
Tables, Charts & Figures:	449
Segments covered:	Component, Voltage Level, Current Level
Growth Drivers:	North America & Europe Expansion of smart grid networks Refurbishment & retrofit of existing grid infrastructure Large-scale renewable integration Asia Pacific Rising peak load demand Expansion of micro grid networks Grid stability & security of supply concerns Middle East, Africa & Latin America Increasing electricity demand Integration of a sustainable electrical network
Pitfalls & Challenges:	High capital investment and associated replacement & maintenance costs

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Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of power transmission component was worth USD 34.4 billion in 2023 and is poised to record a growth rate of over 7.1% through 2032, owing to rising indoor and outdoor applications for ensuring effective conductivity.

The > 132 kV to ? 220 kV voltage segment exceeded USD 11 billion in 2021 due to the rising adoption of renewable sources in the residential sector coupled with the strong expansion of micro-grid networks.

The transformers segment is expected to record close to USD 27 billion by 2030 impelled by the rise in technological advancements and capital-intensive specifications.

Europe accounted for close to 40% of the market share in 2021 driven by the provision of favorable government policies for adopting energy-efficient and the higher adoption of advanced technologies and the integration of renewable energy sources.