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Global Power Transmission Components Market Rising due to Rapid Industrialization in APAC

Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
jhon collins | 15.01.2016
 

Power transmission is among the most important public service tasks in any country. In today’s world, electricity is a vital need for all parts of a country, be it rural or urban. As a result, the demand for power transmission components has not fallen in the last few years at all. Apart from the sheer volume of the demand for power transmission components, technological innovation in power transmission components has led to the development of high efficient components that help cut down on overall expenditure and carbon footprint of the power transmission process. This has led to rising demand from the global power transmission components market.

According to a recent report released by leading company, Transparency Market Research, the global power transmission components market will exhibit a sturdy 6% CAGR from 2015 to 2023. The market, worth US$60.5 bn in 2014, is expected to rise to a valuation of US$102.6 bn by 2023.

Switchgears and Circuit Breakers Lead Global Market for Power Transmission Components

The global power transmission components market is segmented according to component type into transformers, switchgears and circuit breakers, insulators and capacitors, and others. Of these, the demand for switchgears and circuit breakers leads the global power transmission components market. Switchgears and circuit breakers, which isolate various types of electric equipment to protect them in case of any fluctuations in power supply, are high in demand due to the rising influence of smart grids. These grids aim to eliminate power fluctuations by monitoring and computing power imbalances. Thus, switchgears and circuit breakers are expected to be the dominant segment in the forecast period as well.

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According to current type, high voltage alternating current transmission components lead the global power transmission components market. Alternating current is used to transport power to large-scale residential as well as commercial projects, due to the convenience of AC in long-distance power transmission. Due to this, HVAC transmission components are expected to remain dominant in the global power transmission components market; the segment held 91.2% of the global market in 2014.

Rising Demand from Emerging Countries Drives Global Power Transmission Components Market

The demand patterns in various regional segments of the global power transmission components market showed distinct differences in 2014. Asia Pacific emerged as the largest regional segment with a 34% share in the market. The dominance of the regional segment is due to the rapid industrial growth of countries such as India and China. Along with rising industrialization, the growing population of the region is also an important factor propelling the Asia Pacific power transmission components. The demand to increase the availability of electric power to the populace is leading to rapid growth in the number of power plants, which forms the basis of the demand for power transmission components. Demand from APAC giants is expected to be dominated by components that ensure clean and efficient transportation of power as well as components that are compatible with renewable energy.

In North America, the second largest regional segment of the global power transmission components market, the demand for power transmission components mainly comprises upgrades on existing old power generation infrastructure. Consistent demand from both these regional segments, as well as other emerging regions such as Latin America and the Middle East, is expected to propel the global power transmission components market in the coming years.

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