Home > Energy & Power > Electrical Equipment > Electrical Infrastructure > Power Transmission Component Market

Power Transmission Component Market Trends

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

Download Free Sample

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Grid modernization is a central trend, as governments and utilities invest heavily in updating outdated power transmission systems.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.

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.