Albany, NY -- (SBWIRE) -- 12/20/2016 -- The global power transmission components market features a fragmented vendor landscape but a considerably high level of consolidation when it comes to the share of leading players in the global market, observes a recent report by Transparency Market Research (TMR). "The top five players in the market, namely Eaton Corporation, Siemens AG, Emerson Electric Company, ABB Group, and Mitsubishi Electric Corporation, collectively held nearly 64% of the highly competitive market in 2015. Focus on the development of green products and solutions, such as the Siemens' vegetable oil-based transformer, and acquisition of key transmission companies in developing economies have positioned these players at the top of the market," adds a TMR analyst.

TMR states that the market will exhibit a promising single-digit CAGR over the period between 2015 and 2023 and rise to a valuation of US$102.57 bn by 2023 from US$64.15 bn in 2015.

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Rising Upgradation to Smart Grid Power Transmission Networks to Make Asia Pacific a Promising Regional Market

In terms of geography, Asia Pacific will continue to account for a dominant share in the global market's revenue by 2023. Need for upgradation of outdated power transmission networks and the rising focus on switching to smart grid to sustain the demand for effective power supply from the ever-increasing population will be key to the regional market's promising growth prospects in the near future. The Asia Pacific power transmission components market will account for over 35% of the overall market by 2023.

In terms of the key components used across a typical power transmission system, the market is expected to gain a dominant share in revenue owing to the sales of switchgear and circuit breakers. It is estimated that the segment of switchgear and circuit breakers will account for over 42% of the global market by 2023.

Stringent Regulations to Cut-down Carbon Emissions Drive Demand for Modern Power Transmission Components

Amid the significant and unending rise in the global demand for energy, the focus on ways of reducing the carbon footprint of the power generation and distribution industry has also significantly increased in the past few years. From being dependent on the highly polluting fossil fuels for much of its output to losing significant amounts of energy produced from such sources on account of old and inefficient transmission infrastructure, the global power generation and distribution industry is one of the key sources of carbon emissions.

In several countries, strict norms and regulations have been imposed to reduce carbon emissions resulting from the generation, distribution, and transmission of power. In the U.S., for instance, the carbon emissions from these sources are set to be reduced by 32% by 2030. Across the European Union, countries plan to attain a 20% reduction in carbon emissions, a 20% rise in energy generation from renewable sources, and a 20% rise in energy efficiency. These factors are collectively expected to boost the demand for modern power transmission components across these regions in the next few years. In developing regions, the continuous expansion of power transmission networks will be the key driving force of the power transmission components market.

High Base and Installations Costs to Hamper Growth

The market for power transmission components is hampered, especially in developing economies, owing to the high base and installation cost required to set up new and/or advanced power transmission infrastructure. Cost of undertaking commercial power transmission operations requires prudent budgeting owing to the immense expenses incurred during operation, repair, and maintenance of transmission components. This is not economically feasible without government support and is highly dependent on subsidies or grants in many countries. These factors are expected to have a negative impact on the development of the market in the next few years.

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This review of the market is based on a recent market research report published by Transparency Market Research, titled "Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015-2023."

For the study, the global 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)

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