power transmission components market size in China to grow over 8% from 2016 to 2024
The report “Power Transmission Components Market Size By Product (Transformers, Circuit Breakers, Isolators, Insulators, Arrestors, Transmission Lines, Transmission Towers), By Voltage Level (132 kV, 220 kV, 440 kV, 660 kV, 765 kV 2024” by Global Market Insights, Inc. says Power Transmission Components Market size is poised to cross USD 35 billion by 2024.
Rising investment towards expansion of existing grid infrastructure coupled with growing electricity demand from rural areas will stimulate the power transmission components market share over the forecast period. In 2015, the National Energy Administration of China had released the transmission grid construction and reform plan with the aim to invest USD 280 billion towards the upgradation of UHV, HV and MV transmission lines.
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Increasing adoption of renewable energy including solar, wind, biomass and small hydro will increase the demand for small grid networks, which will drive the positively power transmission components market. Countries including the U.S., UK, China, and India are making significant investments towards the development of microgrid structure to supply electricity across remote areas.
Power transmission components market size from transmission towers segment is set to witness strong growth by 2024. Deployment of multi circuit tower structures by various developed countries including the U.S. and UK to carry long distances overhead lines will favor the business growth. Transformer is predicted to surpass USD 2 billion by 2024. Growing concern towards the upgradation of aging infrastructure will positively impact the business growth.
HVDC is anticipate to reach over USD 7 billion by 2024. Growing investments towards the development of long distance EHV and UHV network on account of safe and reliable electricity will positively drive the power transmission components market share. However, high initial cost may hamper the industry growth.
Browse key industry insights spread across 145 pages with 244 market data tables s non-state-owned company CPFL Energia signed USD 13 billion strategic alliance with the State Grid Corp. of China.
Key industry player includes Eaton, General Electric Company, Hitachi, ABB, Mitsubishi Electric Corporation, Siemens AG, Schneider Electric, skuter listrik Emerson, Tebian Electric Apparatus Stock, and Toshiba.
Power transmission components market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2013 to 2024, for the following segments:
Global Power Transmission Components, By Product
Transformers
Circuit Breakers
Isolators
Insulators
Arrestors
Transmission lines
Transmission towers
Global Power Transmission Components, By Current Level
HVAC
HVDC
Global Power Transmission Components, By Voltage Level
132 kV
220 kV
440 kV
660 kV
765 kV & Above
The above information is provided on a regional and country basis for the following:
North America
US
Canada
Mexico
Europe
UK
France
Germany
Russia
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