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Power transmission components market market to see USD 35 billion worth by 2024 illuminated by new report

Power Transmission Components Market size is set to exceed USD 35 billion by 2024, according to a new research report.

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Rising investment towards expansion of existing grid infrastructure coupled with growing electricity demand from rural areas will stimulate the power transmission components market share over the forecast period. In 2015, the National Energy Administration of China had released the transmission grid construction and reform plan with the aim to invest USD 280 billion towards the upgradation of UHV, HV and MV transmission lines.

Increasing adoption of renewable energy including solar, wind, biomass and small hydro will increase the demand for small grid networks, which will drive the positively power transmission components market. Countries including the U.S., UK, China, and India are making significant investments towards the development of microgrid structure to supply electricity across remote areas.

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Power transmission components market size from transmission towers segment is set to witness strong growth by 2024. Deployment of multi circuit tower structures by various developed countries including the U.S.

and UK to carry long distances overhead lines will favor the business growth. Transformer is predicted to surpass USD 2 billion by 2024.

Growing concern towards the upgradation of aging infrastructure will positively impact the business growth.

HVDC is anticipated to reach over USD 7 billion by 2024. Growing investments towards the development of long distance EHV and UHV network because safe and reliable electricity will positively drive the power transmission components market share.

However, high initial cost may hamper the industry growth.

U.S. power transmission component market share is predicted to grow over 4% over the forecast timeframe. Government measures towards reduction of T&D losses along with energy conservation will further complement the industry outlook.

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For Europe, France power transmission components market size for 2015 was valued over USD 700 million. Growing measures to reduce the frequent blackouts owing to grid failures will stimulate the business growth.

In 2016, Government of France announced to build 150-mile undersea transmission network with the aim to provide reliable electricity supply.

China power transmission components market size is anticipated to witness a substantial growth of over 8% over the forecast period. Government of China is inherently working with the private players to enhance the capability of existing grid infrastructure to cater the growing electricity demand.

India is predicted to exceed USD 4 billion by 2024. Government of India has introduced numerous initiatives to integrate the state and central grid to achieve single tariff structure.

Ongoing program including rural electrification will further complement the business landscape.

Brazil power transmission components market size was valued over USD 1 billion in 2015.In 2016, Brazils non-state-owned company CPFL Energia signed USD 13 billion strategic alliance with the State Grid Corp. of China.

Key industry player includes Eaton, General Electric Company, Hitachi, ABB, Mitsubishi Electric Corporation, Siemens AG, Schneider Electric, Emerson, Tebian Electric Apparatus Stock, and Toshiba.

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