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Power Transmission Component Market Size

Report ID: GMI1151
Published Date: Dec 2024
Report Format: PDF

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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.

Power Transmission Component Market

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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 Report Attributes
Report Attribute	Details
Base Year:	2024
Power Transmission Component Market Size in 2024:	USD 82.1 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	3.9%
2025 – 2034 Value Projection:	USD 122.3 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Component, Voltage Level, Current Level
Growth Drivers:	Rising demand for electricity Growing renewable energy integration
Pitfalls & Challenges:	Low dependency on imports

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for power transmission component was reached USD 82.1 billion in 2024 and is estimated to grow at a 3.9% CAGR from 2025 to 2034, driven by increasing global energy demand, grid modernization, and renewable energy integration.

The transmission line segment is projected to exceed USD 39.4 billion by 2034, due to the rising demand for reliable, space-efficient, and safe power transmission solutions in industrial sectors.

The > 220 kV to ≤ 440 kV voltage level segment in the power transmission component market is expected to achieve a CAGR of over 3.7% through 2034, led by the demand for high-capacity, efficient power transmission systems in heavy industrial and utility applications.

The U.S. power transmission component market is set to surpass USD 13.3 billion by 2034, propelled by the modernization of aging power infrastructure and the rising demand for reliable and efficient energy transmission systems.

The industry features key players such as 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, and START Electrical.