Power transmission component refers to the products that are used in systems with moving parts from a power generating site such as a power plant to an electrical substation. These are designed to render long-term savings by providing uninterrupted power supply. The power transmission component market would experience growth attributed to the ongoing refurbishment and retrofitting of existing grid infrastructure across the globe. Rise in investments coupled with favorable political support toward the expansion of cross border electric networks would further boost the product demand.
COVID-19 Impact analysis
- As a result of the global economic slowdown caused by the pandemic, the supply chain got disrupted due to which specialized equipment market got a diverse affect, due to which there is huge decline in the power transmission component market.
- During the time of lockdown in major parts of the world, the manufacturing units went down as the workers were not available for the work due to the fear of getting infected which led to the shortage of the inventories.
- After COVID-19 spike’s downfall increase consumption of electricity in various sector drive the growth of the power transmission component market.
Top Impacting Factors
- The continuous expansion of additional and ultra-high network infrastructure to reduce accumulated line losses will increase the market share of energy transmission components. Efficient asynchronous connection, lower loss, low short-circuit current and higher controllability create huge potential for future energy transmission components. The combination of favorable policy measures and the government's measures to limit carbon dioxide emissions will promote the development of transmission networks. Despite the significant increase in power generation capacity, countries around the world are still vulnerable to energy shortages. Sustainable technology will drive the growth of the world market.
- In recent years, with the expansion of EHV networks, the market for transmission components has grown significantly to prevent cumulative losses through remote power supplies.
- In July 2021, ABB today announced that it has signed a definitive agreement to sell its mechanical power transmission (Dodge) business to RBC Bearings Incorporated for US$2.9 billion in cash.
Key Benefits of the Report
- This study presents the analytical depiction of the Power Transmission Component industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Power Transmission Component market share.
- The current market is quantitatively analyzed to highlight the Power Transmission Component market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Power Transmission Component market analysis based on competitive intensity and how the competition will take shape in coming years
Power Transmission Component Market Report Highlights
By Voltage Level
By Current level
Key Market Players
ABB, Emerson, Eaton, Sterlite, Hitachi, Toshiba, Crompton Greaves, Schneider, General Electric, Siemens