The global transmission components market is set to be valued at USD 47,966.7 Million in 2022. The market is projected to grow at a CAGR of 5.3% from 2022 to 2032. It is anticipated to reach a valuation of USD 80,279.2 Million by the end of 2032.
Rapid industrialization, rising energy demand, and improving urban infrastructure are all considered to be major factors contributing to such high growth in the market. Additionally, demand for transmission components is anticipated to increase in the next ten years due to the growing investment in smart cities in developing economies.
According to a recent report by FMI, North America is anticipated to continue to be the most lucrative transmission components market, making up around 1/4th of global sales by 2022. By product type, the junction fuses category is set to experience strong growth between 2022 and 2032 in terms of volume share. The market for transmission components is mainly being driven by increased investment in energy infrastructure, such as distribution and transmission lines for electricity transmission.
The global energy demand is rapidly rising because of the development of megacities and industrialization worldwide. 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, demand for transmission components is anticipated to rise.
Governments of various emerging economies are taking steps to develop measures to ensure a reliable and continuous power supply, thereby reducing the losses that occur during power supply. In the next ten years, these measures are projected to set a trend for the global transmission components market.
Additionally, ongoing investments in grid infrastructure improvement projects are anticipated to boost sales of transmission components. Demand for transmission components is also anticipated to increase in tandem with the development of sustainable electricity networks.
In August 2022, for instance, the USA Department of Energy (DOE) declared that it has issued a new request for information (RFI) seeking input on the Grid Resilience and Innovation Partnership Program worth USD 10.5 Billion. It is looking forward to improving the reliability and resilience of America’s electric grid.
Similarly, in April 2022, First Trust, a USA-based financial services company, unveiled its Nasdaq Clean Edge Smart Grid Infrastructure fund on Deutsche Börse Xetra and the London Stock Exchange. The company is aiming to help its clients gain exposure to the clean energy segment and directly benefit from future government infrastructure investments.
| Attributes | Key Statistics |
|---|---|
| Global Transmission Components Market Estimated Size (2022E) | USD 47,966.7 Million |
| Projected Market Valuation (2032F) | USD 80,279.2 Million |
| Value CAGR (2022 to 2032) | 5.3% |
| Collective Value Share: Top 3 Countries (2022) | 36.7% |
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From 2017 to 2021, the global transmission components market exhibited growth at a 2.4% CAGR and is projected to showcase a CAGR of 5.3% in the forecast period. This increase in YOY growth in 2022 is attributed to rising energy consumption due to factors like increasing population, rapid urbanization, high industrial production, surging mining output, and progressive expansion of access to modern electricity across various geographic locations. In order to develop advanced infrastructure, each of these structures needs reliable power management facilities, which will ultimately increase the demand for transmission components.
The market for transmission components has witnessed a considerable surge in terms of demand as a result of an increasing number of rural electrification initiatives across various parts of the world. As electricity is a basic necessity in many industries, transmission components are widely utilized in electricity distribution, energy & power production, and infrastructure development projects.
Significant growth in terms of demand for electricity from various end users all over the globe, especially in developing nations along with rapid development of electrical infrastructure is expected to benefit the transmission components market in the assessment period. In contrast to the USD 47,966.7 Million recorded in 2022, the aforementioned factors are anticipated to boost the market to reach USD 80,279.2 Million by the end of 2032.
Demand for Mechanical Power Transmission Components to Surge with Development of New Power Grids
To lower overall energy losses, more innovative products should be developed and installed in transmission lines. One of the key factors influencing the demand for transmission components is the creation of new power infrastructure and the replacement of outdated power infrastructure to ensure uninterrupted and secure energy transmission from power production plants to end users. It is anticipated that there will be a considerable rise in terms of demand for transmission components as they are needed for a secure connection in commercial, residential, and industrial buildings, as well as during the transition to a new electric grid.
The development of intelligent power distribution and control networks will also increase the utilization of transmission components and propel the growth of the local economy. The market is also expected to showcase high growth due to factors like rapid expansion of the power supply networks, high investments in building new power grids, and increased transmission & distribution of power supply.
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Rising Need for Electrification in the USA to Foster Sales of Transmission Assembly Parts
According to FMI, the USA is expected to hold the largest share of the transmission components market in 2022. The country is anticipated to expand significantly in the next ten years due to a considerable increase in terms of power consumption on the back of rising population and surging industrialization in the USA During the assessment period of 2022 to 2032, the transmission components market is projected to witness tremendous growth in the country due to rising need for electrification across various parts of the USA, as well as increasing concerns regarding the reduction of power losses & electricity cost.
Growing Number of Electrification Projects to Drive the Demand for Transmission Elements in China
China is considered to be one of the most profitable markets for transmission component manufacturers and suppliers. During the forecast period of 2022 to 2032, the country is expected to generate one of the largest absolute incremental opportunities. China's dominance in the global transmission components market is being bolstered by increasing demand for electrification from the industrial, as well as residential sectors.
Rising government initiatives and increasing investments to accelerate electrification projects in an effort to offer power to every resident is a key factors behind the incremental growth rate of the China transmission components market. Installation of transmission components in the industrial and infrastructure sectors in China will provide a plethora of growth potential throughout the span of the assessment period. Urbanization has expanded over time, which has increased the demand for power and fueled the market for transmission components in the country.
Replacement of Aging Infrastructure in Germany to Fuel Sales of Transmission Substation Components
According to FMI, Germany is projected to account for nearly 19.7% of the Europe transmission components market share by the end of 2022. Increased research & development spending in the country is anticipated to support market expansion by promoting the development of renewable energy sources and updating aging infrastructure. In order to increase grid stability and resilience, as well as allow smarter power networks, the government of Germany is concentrating on upgrading and replacing conventional infrastructure.
Demand for Anchoring and Foundation Power Transmission Components to Surge by 2032
By product type, the anchoring and foundation segment is estimated to dominate the global transmission components market in the evaluation period. The dominance of the segment is expected to continue throughout the forecast period and it is likely to exhibit a CAGR of 6.1% from 2022 to 2032.
Growth of the segment is mainly attributed to increasing power generation from renewable sources, which is further pushing the need for high-tech infrastructure for electricity transmission. As anchoring and foundation components are the backbones of high-tech electricity transmission structures, it is resulting in increasing demand across the globe.
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The global transmission components market is projected to gain momentum in the evaluation period with the presence of several big, medium, and small-scale manufacturers and service providers. Established and emerging market participants are striving to generate new sources of revenue by developing long-term relationships with OEMs and small-scale transmission components manufacturers in countries such as India and the USA Leading industry players are also investing in new advanced technologies that will enable the future production of high-quality transmission components.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 47,966.7 Million |
| Projected Market Valuation (2032) | USD 80,279.2 Million |
| Value-based CAGR (2022 to 2032) | 5.3% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Million) |
| Key Market Segments Covered | Product Type and Region |
| Key Regions/Countries Covered | North America, United States of America, Canada, Latin America, Mexico, Brazil, Europe, Germany, France, Italy, Spain, United Kingdom, Russia, BENELUX, East Asia, China, Japan, South Korea, South Asia & Pacific, India, ASEAN, Oceania, Middle East & Africa, Turkey, South Africa, North Africa |
| Key Companies Profiled | Hitachi ABB Power Grids; Siemens Energy; General Electric (GE); Eaton; Hubbell; TE Connectivity; Toshiba |
| Report Coverage | Market Forecast, brand share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
The global transmission components market is expected to surpass USD 80.3 Billion by 2032.
The global transmission components market is slated to increase at a value CAGR of around 5.3% throughout 2032.
The global transmission components market witnessed a CAGR of 2.4% during the historical period of 2017 to 2021.
China, USA, and Japan are the most lucrative transmission components markets, with Europe and South East Asia projected to hold the highest share of more than 35% by 2032.
Tier-1 firms such as Siemens Energy, General Electric, Eaton, Hubble, and Schneider Electric are estimated to be the key participants in the global transmission components market.
The transmission components market is expected to increase at 5.1% CAGR through 2032 in North America.
Germany is projected to register growth at a rate of 6.6% in the transmission components market between 2022 and 2032
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Market - Pricing Analysis 6.1. Regional Pricing Analysis 6.2. Global Average Pricing Analysis Benchmark 7. Global Market Demand (in Value or Category-B in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Market Analysis 2017 to 2021 and Forecast 2021 to 2032, By Product Type 9.1. Anchoring and Foundation 9.2. Arresters 9.3. Bushing 9.4. Connectors 9.5. Insulators 9.6. Enclosures 9.7. Utility Measurement Systems 9.8. Grounding and Bonding 9.9. Switches 9.10. Fuses 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia Pacific 10.5. East Asia 10.6. Middle East & Africa 11. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 12. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. South Asia and Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Emerging Countries Market Analysis 18. Market Structure Analysis 18.1. Market Analysis by Tier of Companies (Transmission Components) 18.2. Market Share Analysis of Top Players 18.3. Market Presence Analysis 19. Competition Analysis 19.1. Hubbell 19.2. Eaton Corporation (Cooper and Crouse-Hinds) 19.3. ABB (Thomas & Betts) 19.4. MacLean Power Systems 19.5. S&C Electric 19.6. Aluma-Form 19.7. Siemens 19.8. Schneider Electric 19.9. General Electric 19.10. Generac 19.11. TE Connectivity 19.12. Taylor Power Systems 19.13. Power Systems and Controls 19.14. Emerson Electric Co 19.15. Toshiba 19.16. Mitsubishi Electric 19.17. Socomec 20. Primary Survey Analysis 21. Assumptions and Acronyms Used 22. Research Methodology
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Transmission Components Market
