Power Transmission Component Market size of over USD 60 billion for 2016, is set to witness more than 6% growth by 2024; research based on component
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- Ongoing expansion of utility-based transmission networks coupled with rising investments toward the refurbishment of the existing grid infrastructure will augment the power transmission component market. Accruing AT&C and coalited losses pertaining to the lack of effective grid infrastructure across emerging electricity markets will further complement the business outlook.
China power transmission component market is set to exceed USD 30 Billion by 2024. Favorable regulatory reforms pertaining to the integration of a sustainable electric network along with ongoing expansion of cross-border interconnections will positively influence the industry growth. Rapid industrial expansion to fortify volume manufacturing by industry players coupled with inclination towards the assimilation of renewable energy infrastructure will further stimulate the product demand.
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Stringent energy efficiency protocol along with advancing smart monitoring & control technologies will fuel the power transmission component market growth. Perpetual auxiliary capacity addition with an aim to integrate a sustainable energy mix coupled with enhancing distributed generation technologies will further complement the business outlook. Furthermore, ongoing expansion of high-tension DC electrical networks along with positive outlook towards energy efficiency to curb the accumulating losses will foster the business growth.
? 765 kV will grow on account of rapid industrialization coupled with ongoing expansion of high-tension networks to curb overall AT&C losses. Extension of utility aided grid networks along with favorable regulatory inclinations toward cross border transmission interconnection will drive the power transmission component market.
Global inclination to sustain energy conservation coupled with supportive measures to ensure security of supply will thrust the power transmission component market size. Expansion of smart-grid networks along with supportive policy interventions will further accelerate the industry growth. In 2017, Sweden, Germany, France, UK, Germany, and Italy proposed investments over USD 130 billion with an aim to enhance smart grid adoption across the nations in compliance to the smart grid agreement.
Power transmission component market is anticipated to witness growth owing to the rise in investments toward retrofitting & revamp of existing electricity infrastructure across the U.S. Expeditious amalgamation of infrastructural investments in compliance to the peninsula electrification program will positively sway the business scenario. In 2017, regulators proposed a funding over USD 100 million to reinforce the electricity infrastructure across the U.S.
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South Africa power transmission component market is anticipated to grow owing to the increasing demand for reliable and continuous electricity along with rapid micro-grid expansion. Rising infrastructural investments from international entities including the African Development Bank (ADB) and International Finance Corporation across the region will further complement the business outlook. In 2017, ADB announced investments over USD 10 billion to realize the accruing energy demand across Africa.
Notable participants in the power transmission component market include, ABB, EATON, Toshiba, Siemens, ZTT, General Electric, KEC International, Hitachi, Schneider, Crompton Greaves, Hyundai, Mitsubishi, BHEL, L&T, Emerson, Tebian Electric Apparatus Stock, Aster, Apar, SAE, and Sterlite.