Power Transmission Component Market Trends

Global Power Transmission Component Market Overview:

Power Transmission Component Market Size was valued at USD 74.6 Billion in 2023. The Power Transmission Component Market industry is projected to grow from USD 79.45 Billion in 2024 to USD 123.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.67% during the forecast period (2024–2032). The increasing demand for renewable energy sources and the need for grid upgrading to increase the reliability and efficiency of electricity transmission systems are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power Transmission Component Market Trends

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  Rising need for renewable energy sources propels market growth.

  
  

The market CAGR for power transmission component is expanding rapidly as demand for renewable energy sources rises. Wind, solar, and hydroelectric power all require modern power transmission components to transport generated energy to the grid. Transformers, switchgear, and cables are examples of these components. The growing worry about environmental degradation produced by traditional energy sources such as coal and oil has shifted attention to renewable energy sources. Various policies and incentives are being implemented by governments around the world to encourage the use of renewable energy sources. As a result, there has been a considerable growth in the installation of renewable energy systems, which has increased demand for power transmission components.

Furthermore, rising electricity consumption in developing countries is propelling the power transmission component market forward. These countries' expanding populations and rapid industrialisation have resulted in an increase in power consumption, necessitating the use of modern power transmission components.

The proliferation of smart grid networks is also driving considerable growth in the power transmission component market. Smart grids are modern power networks that use advanced communication and information technology to increase electricity transmission and distribution efficiency, reliability, and sustainability. Transformers, switchgear, and control systems, among other modern power transmission components, are required for these networks.

The growing demand for dependable and efficient power supply is driving the expansion of smart grid networks. Governments throughout the world are investing extensively in smart grid infrastructure development to increase the quality and reliability of power supply. As a result, demand for power transmission components has increased significantly. In addition, the growing use of renewable energy sources is fueling the expansion of smart grid networks. Renewable energy sources such as wind and solar power are intermittent, and their integration into the grid necessitates modern power transmission components capable of managing power supply changes.

The power transmission component market is also expanding rapidly as the demand for electric vehicles grows. Advanced power transmission components, such as batteries, motors, and power electronics, are required for electric cars.

For instance, the Indian government has set a target of 30% electric vehicle usage by 2030. This has resulted in a huge increase in demand for power transmission components in the country. Similarly, the Chinese government has set a target of 20% electric car penetration by 2025. This has resulted in a considerable increase in the production and sales of electric vehicles in the country, which has increased demand for power transmission components.

Power Transmission Component Market Segment Insights:

Power Transmission Component By Component Insights

The Power Transmission Component Market segmentation, based on Component includes transformer, insulator, arrestor, transmission line, circuit breaker, isolator, transmission tower, and others. In 2022, the transformer category had the highest growth rate in the power transmission component market. This growth can be attributed to technological advances and capital-intensive standards. Grid sustainability and reliability, as well as the expansion of microgrid networks, have resulted in the deployment of effective conductor technologies to improve and maintain network parity, accelerating the business environment. Major functional factors driving technology adoption include high mechanical strength, flux leakage, and iron losses. Because of increased energy consumption in grid-disconnected regions and manufacturing centres, the transmission line segment will exhibit the highest CAGR increase during the projection period.

Power Transmission Component Voltage Level Insights

The Power Transmission Component Market segmentation, based on Voltage Level, includes > 132 kV to ≤ 220 kV, > 220 kV to ≤ 440 kV, > 440 kV to ≤ 660 kV, > 660 kV to ≤ 765 kV, and > 765 kV. The > 132 kV to 220 kV category held the most market share in 2022 and is expected to grow at the highest CAGR throughout the forecast period. The increased usage of renewable energy in the residential sector, as well as the rapid expansion of microgrid networks, will have an impact on industrial growth. The rising need for a small transmission component for interior applications, as well as the development of high-capacity products, will drive market growth.  Residential growth and increasing urbanization will hasten product implementation.

Power Transmission Component Current Level Insights

The Power Transmission Component Market segmentation, based on Current Level, includes HVAC and HVDC. The HVAC category maintained a greater market share in 2022 and is predicted to grow at the fastest CAGR until 2030 due to its easier integration across transmission infrastructures than HVDC lines. Furthermore, the ease of power transmission and lower terminal prices will speed the deployment of HVAC components. HVAC product deployment will be aided by the modernization and refurbishing of old grid infrastructures, as well as favourable legislative revisions on expanding present networks.

Figure1: Power Transmission Component Market, by Current Level, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Power Transmission Component Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Power Transmission Component Market area will dominate this market, due to rising demand for renewable energy, aging power infrastructure, and the need for grid modernisation are all factors to consider. The size of the market, however, varies based on the specific component under consideration, as well as the time period and source of data.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Power Transmission Component Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Power Transmission Component Market accounts for the second-largest market share because of strict energy efficiency rules and the growing amount of renewable electricity. Further, the German Power Transmission Component Market held the largest market share, and the UK Power Transmission Component Market was the fastest growing market in the European region

The Asia-Pacific Power Transmission Component Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising electrical demand, increased development, and the need for grid upgrade. Moreover, China’s Power Transmission Component Market held the largest market share, and the Indian Power Transmission Component Market was the fastest growing market in the Asia-Pacific region.

Power Transmission Component Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Power Transmission Component Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Power Transmission Component industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Power Transmission Component industry to benefit clients and increase the market sector. In recent years, the Power Transmission Component industry has offered some of the most significant advantages to medicine. Major players in the Electric Power Transmission Component Market, including Toshiba Energy Systems & Solutions Corporation, Mitsubishi Electric Corporation, Sterlite Power, Hitachi Energy, General Electric, Siemens Energy and others, are attempting to increase market demand by investing in research and development operations.

Mitsubishi Electric Corporation, founded on January 15, 1921, is a Japanese multinational electronics and electrical equipment manufacturer based in Tokyo, Japan. It is one of Mitsubishi's primary businesses. MELCO was created as a spin-off from Mitsubishi Heavy Industries, then Mitsubishi Shipbuilding, after the latter divested a marine electric motor business in Kobe, Nagasaki. It has since expanded to become a significant electronics corporation. In 2020, Mitsubishi Electric Corporation has unveiled its new high-voltage direct current (HVDC) transmission system. The technology is intended to improve the efficiency and dependability of long-distance power transmission.

Hitachi, Ltd. is a Japanese multinational firm based in Chiyoda, Tokyo, Japan. It is the parent firm of the Hitachi Group , and was once a part of the Nissan zaibatsu, DKB Group, and Fuyo Group of enterprises before DKB and Fuji Bank (the core Fuyo Group entity) combined to establish the Mizuho Financial Group. As of 2020, Hitachi's business ranges from IT to infrastructure, including AI, the Internet of Things, and big data. In 2021, Hitachi has introduced a new high-voltage direct current (HVDC) transformer. The transformer is intended to improve the efficiency and dependability of long-distance power transmission.

Key Companies in the Power Transmission Component market include

• Toshiba Energy Systems & Solutions Corporation


• Mitsubishi Electric Corporation


• Sterlite Power


• Hitachi Energy


• General Electric


• Siemens Energy

Power Transmission Component Industry Developments

September 2020,ABB has introduced new high-voltage hybrid switchgear for offshore wind farms. The switchgear is intended to improve power transmission reliability and efficiency from offshore wind farms to the onshore grid.

May 2019,Siemens has introduced new gas-insulated switchgear for high-voltage power transmission. The switchgear is intended to lower the footprint of power transmission networks while increasing their reliability.

August 2019,General Electric (GE) has introduced a new digital substation system for power transmission. By providing real-time monitoring and control, the solution is intended to increase the efficiency and reliability of power transmission networks.

Power Transmission Component Market Segmentation:

Power Transmission Component Market By Component Outlook

• Transformer


• Insulator


• Arrestor


• Transmission Line


• Circuit Breaker


• Isolator


• Transmission Tower


• Others

Power Transmission Component Market By Voltage Level Outlook

• > 132 kV to ≤ 220 kV


• > 220 kV to ≤ 440 kV


• > 440 kV to ≤ 660 kV


• > 660 kV to ≤ 765 kV


• > 765 kV

Power Transmission Component Market By Current Level Outlook

• HVAC


• HVDC

Power Transmission Component Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America