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 & above), By Current Level (HVDC, HVAC), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Germany, Russia, China, India, Japan, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Peru), Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: February 2017 | 145 Pages | Report ID: GMI1151 Report Format: PDF

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Summary Table of Contents Industry Coverage Methodology

Industry Trends

Power Transmission Components Market size was over USD 20 billion in 2015 and is predicted to grow at over 6% by 2024.

Europe Power Transmission Components Market size, by voltage, 2013 - 2024 (USD Bn)
UK Power Transmission Components Market size, by voltage, 2013 - 2024 (USD Bn)

Increasing demand for safe and reliable power coupled with rising urban population will drive the global power transmission components market size. Utilities are working aggressively towards development of new and improved transmission network to meet the growing electricity demand. State Grid Corporation of China signed a USD 4.5 billion agreement with CPFL Energia SA to enhance and restructure Brazil’s existing transmission grid infrastructure.

Rising investment towards enhancement of bulk transmission capability of grid infrastructure will stimulate the power transmission components market growth. The U.S. is planning to invest USD 10 billion towards the development new transmission projects in 2017, significantly reducing the curtailment rate of western transmission network. In 2015, The Government of India launched ‘One Nation One Grid’ plan making significant investments for regional grid integration.

Increasing adoption of sustainable energy sources over conventional fuels will lead to development of small grid infrastructure which will positively influence the global power transmission components market demand. Implementation of smart grid to enhance the grid security may favor business growth. In December 2014, National Welfare Fund (NWF) has partially funded Russia’s transmission utility JSC Russian Grids for the expansion of its smart grid network across the region. High initial investment coupled with lack of financial funding by private investors may hamper industry growth.

Power Transmission Components Market, By Product

Power transmission components market size from transmission towers was valued over USD 8 billion in 2015. Developed economies including the UK and the U.S. are implementing multi circuit tower structures for carrying long distances overhead lines to meet the growing electricity demand.

Global market share from transmission lines is set to witness substantial growth over 6% during the forecast timeframe. Growing focus towards the expansion of existing grid infrastructure may further complement the business growth. Power Grid Corporation of India is targeting to increase inter regional power transfer capacity to 72 GW by 2017 up from over 46 GW in 2015.

Transformers industry revenue is predicted to exceed USD 2 billion by 2024. Rising investment towards upgradation of aging networks retrofitting is anticipated to accelerate the product demand. Growing concern towards safety and reliability for grid infrastructure will boost demand for circuit breakers and isolators.

Power Transmission Components Market, By Voltage Level

Power transmission components market share from 132 kV voltage will grow over 5% by 2024. Increasing investments towards development of extra high voltage transmission network will positively influence 220 kV and 440 kV components demand which cumulatively contribute over 45% of industry revenue in 2015. Ultra-high voltage lines including 660 kV and above are set to exceed USD 9 billion by 2024. Growing concern towards transmission losses associated with long distance electricity transfer will positively impact the industry growth.

Power Transmission Components Market, By Current Level

Global power transmission components market size from HVAC systems is set to exceed USD 30 billion by 2024, owing to large concentration of conventional grid infrastructure. HVAC systems are preferred across numerous utilities subject to high adaptability.

HVDC power transmission components market share is predicted to grow over 8% over forecast timeframe. In 2017, the Government of the U.S. awarded USD 100 million contract for refurbishment of existing Pacific Intertie HVDC link which is operational since 1970.  Countries including China, UK and Brazil are also investing aggressively towards the development UHVDC structures, further augmenting industry growth.

Power Transmission Components Market, By Region

The U.S. power transmission components market share is expected to witness growth over 4% by 2024. Favorable government initiatives to curb transmission and distribution losses will propel the business growth. For Europe, UK power transmission components market share is anticipated to grow over 5% from 2016 to 2024. Integration of existing grid infrastructure with renewable energy sources is a key focus area of regulators.

China market size is set to exceed USD 9 billion by 2024. The Government of China is substantially investing to upgrade existing grid infrastructure and subsequently develop new lines to cater to growing energy demand. In 2015, the country announced an investment of USD 315 billion to improve efficiency of existing power grid infrastructure.

India was valued at over USD 2 billion in 2015. Government of India has launched “One Nation-One Grid-One Price” program in 2016, to interlink all state and national grids for achieving single tariff structure throughout the country. Rising income and growing population has led the Saudi Arabian government to increase transmission network by 40% in the previous decade.

Competitive Market Share

Global industry players include Siemens AG, Hitachi., Schneider Electric, Eaton, Emerson, General Electric Company, Mitsubishi Electric Corporation, Tebian Electric Apparatus Stock, Toshiba, and ABB. The industry is highly fragmented in nature and key industry participants are collaborating with local equipment manufacturers to increase local presence and enhance customer portfolio. Pricing policy plays a vital role in influencing business dynamic.

In 2015, GE completed the acquisition of Alstom’s power and grid businesses which has significantly expanded the business presence. The USD 13.32 Bn acquisition has enhanced GE’s consumer portfolio across 20 countries including the U.S., Western Europe, India, China, Brazil, and Japan.

Power Transmission Components Industry Background

Power transmission components have been designed to provide uninterrupted power supply at an affordable cost. Key components include insulators, relays, switchgear, circuit breakers, power converters, capacitors, and transformers. Growing adoption of smart grid infrastructure coupled with development of numerous green corridor projects will positively influence market demand.

What Information does this report contain?

What was the historic market data from 2013 to 2015, what is the industry growth forecast from 2016 to 2024?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2024?
What are the technology & innovation trends, how will they evolve by 2024?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?

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