Consistently Increasing Energy Demand Encourages Adoption of Power Transmission Components
The relentlessly increasing demand for energy has been the primary growth driver for the global power transmission components market, observes Transparency Market Research. The hurdles faced by service providers in power transmission over long distances is yet another factor propelling the adoption of these components in the recent past. Thus, in an effort to cut down the energy losses through effective transmission of energy and reducing the carbon footprint is anticipated to increase the deployment of sophisticated transmission components in the coming years. With these unwavering market drivers, the global power transmission components market is expected to be worth US$102,574.8 mn by 2023 as compared to US$64,155.6 mn in 2015, expanding at CAGR of 6.0% between 2014 and 2023.
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It is a well-known fact that modern power transmission components are designed to render long-term savings by providing uninterrupted power supply. With this backing, governments across the globe are incentivizing installations of new-age power transmission components to achieve significant energy savings. This move comes as world leaders are devising ways to achieve economic growth through sustainable means. Furthermore, the need to upgrade the old power plant infrastructure also has a positive impact on the market. However, the high cost of initial investment is discouraging power plants from investing in these components.
Government Initiatives to Reduce Carbon Footprint in North America Prove Favorable for Demand
Geographically, the power transmission components market has a presence across regions of Asia Pacific, Europe, North America, the Middle East and Africa, and South and Central America. As of 2014, North America held a leading share of 26.50% and is expected to equate to 25.57% by 2023. Despite the minor drop in percentage, this regional market will excel due to increasing investments in upgrading existing power transmission components. The initiatives by governments to curb the carbon emission and negate the carbon footprint is also expected to boost the power transmission components market in North America. Efforts in regions such as Asia Pacific to upgrade their facilities to smart grid infrastructure will also propel the adoption of new transmission components in the region.
Switchgears and Circuit Breakers Segment Expected to Exhibit Strong Growth
Switchgears and circuit breakers are critical components of power transmission as they are installed to minimize the loss of electricity during transmission. They are important in limiting electric failures and ensuring seamless current flow through the circuit. Owing to these reasons the advanced switchgears and circuit breakers that deliver high voltage will be used extensively in power grids in the near future. During the forecast period of 2014 and 2023, the switchgears and circuit breakers segment will continue to surge at a CAGR of 5.6%.
Transformers also hold a promise of a steady growth rate due to an exponentially increasing demand for energy due to industrialization. The rapidly growing population will also make a significant contribution to energy demand, thereby driving the transformers segment at a 5.5% CAGR between 2014 and 2023.
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Some of the key companies operating in the global power transmission components market are Emerson Electric Company, ABB Group, Eaton Corporation Plc, Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation, Siemens AG, and Schneider Electric SE. The market is witnessing a high degree of competition due to the presence of a large number of players. To keep the edge over others, players are striving for rigorous forward integration and product innovation that will ensure additional energy savings in the near future.