Transmission component refers to the products that are used in transmission network with moving parts from a power generating site such as a power plant to an electrical substation. Power transmission components are designed to render long-term savings by providing uninterrupted power supply. Rising investments coupled with favorable political outlook towards the expansion of cross border electric networks would further boost the product demand.

The growing demand for power transmission component market is attributed to the increasing energy demand and refurbishment of existing grid infrastructure. According to the New Energy Outlook 2018 by Bloomberg NEF, global electricity demand would reach 38,700 terawatt-hours by 2050 from 25,000 terawatt hours in 2017, owing to rising urbanization, growing population, rise in infrastructure activities, and enhanced access to electricity across the globe. This would accelerate the demand for power transmission component market. One of the major restraints for the global power transmission component market is the high cost of initial investment in transmission components.

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Key Players

The key players of the global power transmission market are ABB (Switzerland), Siemens (Germany), Schneider (France), Emerson (US), General Electric (US), Eaton (Ireland), Crompton Greaves (India), Toshiba (Japan), Sterlite (India), and Hitachi (Japan), among others.

Industry Segmentation

Based on component, the market is segmented as transformer, circuit breaker, isolator, insulator, arrestor, transmission line, transmission tower. Circuit Breaker segment is estimated to dominate the market during the forecast period s they are installed to minimize the loss of electricity during transmission. Considering the voltage, the market is segmented as 132 kV, 220 kV, 440kV, 660kV, and >764 kV. 132 kV power transmission component market is expected to be the largest during the forecast period. Ongoing commercial establishments and urbanization coupled with ongoing expansion of smart grid networks will positively influence the product demand.

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Regional Outlook

Region wise, North America held the largest market share of the global power transmission component market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in smart grids and investment in refurbishment of existing grid infrastructure.

Global power transmission component market is expected to witness substantial growth during the forecast period owing to rapid urbanization and commercialization across the developing regions which would lead to favorable growth in power transmission component market. Moreover, initiatives to reduce carbon footprint would drive the need for efficient transmission components in the coming years. For instance, the US is likely to reduce its greenhouse gas emission which would boost the demand for transmission components in power industry in North America. Also, North America holds the largest share in the power transmission component market as countries such as US and Canada are undergoing retrofitting and revamping of existing grid infrastructure.

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