Power Transmission and Components Market Segment Forecasts up to 2023
Power transmission aids in smooth electricity transmission, and distribution services. These services are offered to residential, commercial and industrial end users. Power generation utilities produce electricity, which is sold to power transmission utilities for further downstream distribution. Power transmission companies generate revenue by selling procured electricity to end users. Electricity is transmitted through transmission lines in high-voltage direct current (HVDC) or high-voltage alternating current (HVAC). Power transmission system includes transmission lines, transformer stations, and distribution substations that deliver the electricity to the end users. The power transmission components include power conductors, capacitors, power convertors, switchgears, voltage regulators, clutches, chains, sprockets, and couplings.
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The power transmission and components market is matured in developed countries that has been one of the major reasons for a slow paced market growth in such countries. Europe and North America hold substantial market share of global power transmission and components market. Asia Pacific and Latin America are developing markets for power transmission and components. The market for power transmission and components is lucrative in developing countries such as China and India.
The global power transmission and components market is segmented on the basis of type of current, components type and geography. Power is transmitted through transmission lines in two types of current including high-voltage alternating current (HVAC) and high-voltage direct current (HVDC). HVAC is widely used as power generation utilities provide it in AC form directly from generator turbines. HVDC has some advantages over HVAC such as power flow control, transient stability improvement, power oscillation damping, voltage stability and control. Various kinds of transmission components include power convertors, power conductors, capacitors, switchgears, voltage regulators, clutches, chains, sprockets, and couplings. Convertors are used to convert AC current to DC current and vice-versa. Power conductors and capacitors are utilized to transmit electricity efficiently and as per specified requirements. Switchgears perform the function of switching and transferring current between different transmission lines. Voltage regulators normalize the voltage across the transmission lines and substations. Clutches, chains, sprockets, and couplings are used for mechanical functions in the power transmission systems. North America and Europe have a huge chunk of the global power transmission and components market share. The U.S, U.K, France, Germany, Canada and Italy are some of the key power transmission and components markets.
Asia Pacific, Middle East and Latin America have substantial markets for power transmission and components. Countries such as China, Brazil, Argentina, Saudi Arabia, Iran, Japan, South Korea and India are major markets for power transmission and components. Asia Pacific is the fastest growing market and holds a huge potential market for power transmission and components through countries such as China and India.
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Power transmission and components market is primarily driven by increased demand for electricity across the globe, which is mainly fuelled by industrialization. Increasing population, industrial activities and modernization have raised the overall demand for electricity. Introduction of smart grid has further boosted the power transmission and components market. New technological advancements such as wireless power transmission are expected to further augment the demand for power transmission and components. However, high infrastructure costs involved in power transmission setups may hinder the growth of power transmission and components market. The shifted focus towards renewable energy, grid interconnections, economic development and industrial development are likely to drive the demand for power transmission and components across the globe.
Some of the key players in the power transmission and components market include Alstom, General Cable, SKF Group, Unitech Power Transmission Ltd.,ABB Ltd., Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric, Siemens AG and The Timken Company.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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