Transparency Market Research has released a new market report titled “Global Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023”. According to this report, the global power transmission components market was valued at US$ 60,493.2 Mn in 2014 and is projected to reach US$ 102,574.8 Mn by 2023, at a CAGR of 6% from 2015 to 2023.
Transmission infrastructure in emerging markets is witnessing an influx of investments for development in order to support the growing demand for power and economic growth. Rising demand for renewable energy and its subsequent development have emerged as a major catalyst driving the global power transmission components market. This is due to the fact that numerous renewable power generation plants are stationed at remote locations and require setting-up of new transmission infrastructure. It is anticipated that during the forecast period, the market would be supported by favorable industrial growth in emerging nations. This is likely to boost the number of power plants, which is the major prerequisite for the growth of power transmission components market.
The power transmission components market has been segmented into five regions: Asia Pacific, North America, Europe, Middle East and Africa, and South and Central America. In 2014, Asia Pacific held the largest share of 34% of the global power transmission components market.Regulatory mandates to reduce carbon footprint across the globe are a major driver for the growth of power transmission components market. North America held the second-largest share in the power transmission components market in 2014. The market in South and Central America has exhibited slow growth in the past, but it anticipated that environmental regulatory norms would drive market growth this region in the near future.
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Demand for power transmission components is expected to increase gradually in the future as these components offer energy savings which contribute to revenue growth. The power transmission components market has been segmented as follows:
Power Transmission Components Market: By Components Type
- Switchgears & Circuit Breakers
- Transformers
- Capacitors & Insulators
- Others (Power Convertors, Relays etc.)
Power Transmission Components Market: By Current Type
- HVAC (High Voltage Alternating Current)
- HVDC (High Voltage Direct Current)
Power Transmission Components Market: By Region
Asia Pacific
- China
- India
- Rest of Asia Pacific
North America
- U.S.
- Canada
- Mexico
Europe
- CIS
- Germany
- U.K.
- Rest of Europe
Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- Rest of Middle East and Africa
South and Central America
- Brazil
- Argentina
- Rest of South and Central America
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