Global Market Insights has made available a new market research report analysing global power transmission components market in the forecast period 2016-2024.
According to the report, increasing demand for safe and reliable power coupled with rising urban population will drive the global power transmission components market size. Additionally, rising investment towards enhancement of bulk transmission capability of grid infrastructure will further stimulate the power transmission components market growth.
Rising investment in the upgrade of aging networks is driving the product demand in the transformers industry, while growing concern about the safety and reliability of grid infrastructure will boost the demand for circuit breakers and isolators.
HVDC power transmission components market share is predicted to grow over 8% during the period. Countries such as the U.S., China, UK and Brazil are investing aggressively towards the development of UHVDC structures, further boosting the industry growth.
By region, the U.S. power transmission components market share is expected to witness a growth of over 4% by 2024. In Europe, UK power transmission components market share is anticipated to grow over 5% from 2016 to 2024. China market size is set to exceed $9 billion by 2024.
Global industry players include Siemens AG, Hitachi, Schneider Electric, Eaton, Emerson, General Electric Company, Mitsubishi Electric Corporation, Tebian Electric Apparatus Stock, Toshiba, and ABB.
Source: Global Market Insights