Transmission Components Market: Competitive Analysis, Growth Strategies & Forecast 2022 to 2032
The global transmission components market is estimated to grow at a CAGR of 5.3% during the forecast period from 2022 to 2032. The market is projected to reach a valuation of US$ 80,279.2 Million by the end of 2032 from US$ 47,966.7 Million in 2022. Development of advanced electrical line infrastructure in emerging countries is anticipated to propel the global transmission components market during the forecast period.
Electricity transmission and distribution networks, as well as electrification projects, are being supported by various governments due to the rising global electricity demand and growing emphasis on expanding the installed capacity of renewable energy sources. Due to these plans and investments, as well as investments made to replace aging electric infrastructure in various regions, there will likely be an increasing demand for transmission components.
Growing requirements for protective devices to limit the voltage load on an equipment and increasing development of new power grids to reduce energy losses are bolstering the demand for transmission components. Increasing demand for electricity from industrial, commercial, and residential sectors, as well as growth in the production of electricity from renewable sources is anticipated to enhance the electric infrastructure all over the globe.
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This is further expected to increase the demand for transmission components in the next ten years. Increasing government expenditure to supply electricity to rural areas, as well as growing emphasis on commercial facilities operating in harsh weather conditions with high lightning strikes, will drive the demand for residential and commercial transmission components forward.
Key Takeaways from Transmission Components Market Study
By product type, the switches segment is expected to witness a CAGR of 6.1% in the global transmission components market during 2022 to 2032. North America is expected to account for more than 20% of the global transmission components market share during the period of 2022 and 2032. Germany is projected to account for nearly 19.7% of the Europe transmission components market share by the end of 2022. By product type, the anchoring and foundation segment is likely to witness steady growth at a CAGR of 6.1% from 2022 to 2032. From 2017 to 2021, the global transmission components market exhibited growth at a 2.4% CAGR.
“Demand for electrical equipment has increased in recent years due to the rising need for electricity, which is considered to be a prevalent source of energy. As investments are made for developing electrical infrastructures like heavy current overhead power lines, the demand for transmission components is anticipated to grow,” says a lead analyst at Future Market Insights.
Why is the Demand for Transmission Components Growing Exponentially?
Increasing demand for transmission components from a wide range of end-use industries for usage in substations, transmission lines, and other electrical networks is estimated to bode well for the global market in the next ten years. Expansion of electricity production capacities is also projected to positively affect the global transmission components market.
In the evaluation period, the market is expected to be boosted by the increasing number of electrification projects in China and India, as well as network expansion projects to support renewable energy integration in the United States, Europe, and other areas of the globe. Demand for electricity is expected to rise further during the forecast period owing to increasing need from end users, as well as growing electrification of transportation and adoption of electric vehicles.
Competitive Landscape: Transmission Components Market
Some of the leading companies present in the global transmission components market are Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, and Mitsubishi Electric among others.
Manufacturers of transmission components are investing a significant amount of money on product development to bolster their presence in the industry. Key players are further investing in the development of new software technology to enhance the performance of transmission components.
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Transmission Components Market Outlook by Category
By Product Type:
Anchoring and Foundation Arresters Bushing Connectors Insulators Enclosures Utility Measurement Systems Grounding and Bonding Switches Fuses
By Region:
North America Latin America Europe East Asia South Asia & Pacific Middle East & Africa