Global Power Transmission Component Market Size, Trends & Growth Opportunity, By Product & Service, By Component, By End User, By Region and Forecast till 2027.
Global Power Transmission Component Market
Global Power Transmission Component Market was valued at USD 71 billion in 2021 and is estimated to reach USD 115.07 billion by 2027 at over 4.2% CAGR from 2022 to 2027.
Power Transmission Component is defined as” the components that gives an overview of various components that help to transmit energy by the mechanical system”. Power transmission component aims at conveyance and reception of power high enough to enable the operation of other electrical devices. Many systems use gear trains, belt drive system, chain drive system or a combination of these to transfer energy from power source to a point of use.
Market Drivers
Ongoing modifications in power transmission components results in expansion of effective grid infrastructure in line with the rapidly changing climate scenario will drive the market growth. The rising demand for distributed energy technologies twinned with rising integration of renewable energy resources will credit the business outlook. Increasing establishment of HV cables to decrease the line disruption along with robust development of efficient interstate power transmission network will augment the market landscape.
Market Restraints
Continue refurbishment of damaged power supply equipment along with deployment of advanced transformer and transmission towers will influence the industry scenario. The COVID-19 pandemic has majorly impacted power transmission component market operations because of less manufacturing operations and labor shortages. Regulatory authorities have ordered lockdowns in their respective nations and social distancing measures to hamper the impact of the virus. Outcome of this is that, the industries have witnessed a compatible decline in their product portfolio demand.
Market Segmentation
Power transmission component market is segmented into component, voltage level and current level. By component market is segmented into transformer, circuit breaker, isolator, insulator arrester, transmission line, transmission towers, others.
Regional Analysis
Power transmission component Market is segmented into five regions such as North America, Europe, Asia Pacific, Latin America, and MEA. Europe power transmission component market accounted 40% revenue share in 2021.
Key Players
Key companies across the power transmission component market include Toshiba Energy Systems & Solutions Corporation, Siemens Energy, Hitachi Energy, General Electric, CG Power & Industrial Solutions, Schneider Electric, ZTT, Mitsubishi Electric Corporation, Sterlite Power, Eaton, Bharat Heavy Electricals Limited, Hyundai Electric & Energy Systems, KEC International, Larsen & Toubro Limited, Elsewedy Electric, Hyosung Heavy Industries, WEG, Raychem RPG Private, IMEFY GROUP and ARTECHE.
Market Taxonomy
By Components
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