Power Transmission Component Market worth over $106 Bn by 2030

Power Transmission Component Market size is set to surpass USD 106 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the implementation of government policies supported by grid modernization and the use of advanced technologies. The rising demand for smart solutions including artificial intelligence along with an ongoing shift toward digitalization will drive the industry scenario. Growing investments by public and private funding institutions across the region along with regulatory measures that cater to smart grid networks will positively sway the business outlook.
 

The COVID- 19 pandemic has constrained the overall industry activities in terms of distribution channels, labor deficiencies, disruptions in the manufacturing process, and closure of international borders. The lifting of protocols by governing authorities for global movement coupled with the introduction of various vaccination activities has strengthened the resumption of industry operations. Moreover, the increasing need for transmission line during the pandemic across marine, power plants, oil & gas, and aviation facilities has augmented the industry dynamics.
 

The circuit breaker segment is projected to register a 3.5% growth rate by 2030. This growth is credited to the adoption of circuit protection and control equipment. The growing demand for modular packaged substations coupled with increasing peak load consumption has compelled manufacturers to concentrate on product enhancement. In addition, ineffective grid infrastructure along with frequent power fluctuations will escalate the product deployment.
 

Browse key industry insights spread across 455 pages with 418 market data tables & 31 figures & charts from the report, “Power Transmission Component Market Size By Component (Transformer, Circuit Breaker, Isolator, Insulator, Arrestor, Transmission Line, Transmission Tower), 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), By Current Level (HVAC, HVDC), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-transmission-components-market
 

Surging demand for reliable & efficient transmission line will augment the product demand

Asia Pacific power transmission component market is anticipated to reach USD 45 billion by 2030. Favorable regulatory reforms on energy efficiency along with power shortages and frequent outages across developing regions are some of the key attributes, which will enhance the demand for electric networks across the region. Additionally, subsidized power supply in remote locations and villages coupled with the regulatory inclination toward capacity addition to thrust electricity supply networks will facilitate product penetration. Government is focusing on various subsidies plans for electricity access by major rural areas will positively influence the industry outlook.
 

The > 440 kV to 660 kV power component segment is predicted to observe substantial gains during the forecast period on account of refurbishment and substitution of conventionally designed structures coupled with the capability of these components to be utilized across urban locations. The rising electricity demand has compelled manufacturers and installers to deploy advanced electric grid networks. Furthermore, long product life, reliability & resistivity against harsh environments have inclined utilities toward product installation.
 

Key players operating across the market including IMEFY GROUP, ARTECHE, Raychem RPG Private Limited, Hyosung Heavy Industries, WEG, Elsewedy Electric, KEC International, Larsen & Toubro Limited, Hyundai Electric & Energy Systems, Eaton, Bharat Heavy Electricals Limited, Sterlite Power, ZTT, Mitsubishi Electric Corporation, Schneider Electric, General Electric, CG Power & Industrial Solutions, Siemens Energy, Hitachi Energy, and Toshiba Energy Systems & Solutions Corporation.