Power Transmission Components Market: Strong consumer demand for uninterrupted power supply will drive the industry over 2016-2024
The transition from traditional power grids to smart grids has fueled Global Power Transmission Components Market drastically in recent years. With the introduction of novel approaches in electric power transfer, the consumer demand for uninterrupted power supply is surging. Electric utility companies across the globe are also investing heavily to address the growing electricity demand. According to Global Market Insights, Inc.,” Power transmission components market having accounted for a revenue over USD 20 billion in 2015, is forecast to grow lucratively at a CAGR of more than 6% over the period 2016-2024.”
Europe Power Transmission Components Market size, by voltage, 2013 – 2024 (USD Bn)
Considering the feasibility, economic factors, and redundancy, market players are focusing on bulk power transmission, which in turn is stimulating the power transmission components industry dynamics. Transmitting bulk power at high voltage level increases the efficiency, as the transmission line resistive losses decreases at high voltages. This has led to an increase in demand for 220 kV and 440 kV power transmission grid components, which cumulatively accounted for 45% of the total volume in 2015.Ultra-high voltage transmission lines, which include voltage level above 660 kV, is also projected to cross over USD 9 billion by 2024.
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Furthermore, major countries (China, UK, U.S, India) implementing microgrid infrastructure to ensure grid security will cater the overall power transmission components market growth.
Three phase high voltage alternating current systems are preferred across numerous sectors due to the abundance of conventional grid infrastructure adoptability and cost effectivity. HVAC power transmission components industry is expected to record a revenue of USD 30 billion over the coming seven years.
HVDC network is adopted for power transmission over very long distances, owing to its high efficiency. In 2017, the U.S. government granted USD 100 million contracts for the renewal of an existing Pacific Intertie HVDC link, which is active since 1970. It is anticipated that HVDC power transmission components industry will grow significantly at an annual rate of 8% over 2016-2024.
Transformer, transmission lines, isolators, relays, circuit breakers, arresters, and transmission towers are the basic components used for power transmission.
The continuous effort by leading companies toward expansion of existing operational power lines is complementing the power transmission components industry growth. For instance, Powergrid Corp. aims to increase inter-regional power transmission capacity up to 72 GW by 2017.
Power transmission components market share from transmission lines is projected to grow substantially at a CAGR of more than 6% over 2016-2024.
Transformers are an integral part of power transmission networks, as they step up the transmitting voltage to reduce the line loss. It is estimated that transformer market revenue contribution toward the overall power transmission components market will cross over USD 2 billion by 2024.
Growing approach towards pragmatic and reliable protection schemes to provide undisturbed power supply will drive the power transmission components market for relays, circuit breakers, lightening arresters, and isolators.
Based on global trends, U.S. power transmission components industry is slated to witness noticeable growth curve at a CAGR 4% over 2016-2024. Several initiatives by the U.S. government toward limiting the transmission losses will propel power transmission components market to prosper in this region.
Europe power transmission components industry is driven by a strong urge for integrated grid network by utilizing renewable energy. With UK being a key revenue contributor, Europe power transmission components market is expected to grow lucratively with an annual growth rate of more than 5% over 2016-2024.
Asia Pacific, with China and India as chief contributors, is also expected to be one of the major revenue generating regions. This robust growth can be attributed to the growing government inclination toward enhancing the existing power lines to meet the surging electricity demand. For instance, the Indian government has recently launched a program named “One Nation-One Grid-One Price” to interweave all the state and central power grid to achieve single tariff system. China power transmission components network will also record a revenue of USD 9 billion by 2024.
The market is fragmented with some of the prominent players being General Electric Company, ABB, Eaton, Siemens, and Emerson. The increasing preference for renewable energy sources over conventional sources fueled by the growing environment concerns is also expected to stimulate the power transmission components industry outlook.
Author Name :Satarupa De