Power Transmission Component Market Size

Power Transmission Component Market Size

Power Transmission Component Market size exceeded USD 34.4 billion in 2023 and is projected to expand at over 7.1% CAGR from 2024 to 2032. Ongoing enhancements pertaining to the expansion of effective grid infrastructure in line with the rapidly changing climate scenario will drive the market growth.

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Ongoing refurbishment of damaged power supply equipment along with the deployment of advanced transformers & transmission towers will sway the industry scenario. The growing demand for distributed energy technologies coupled with rising integration of renewable energy resources will influence the business outlook. Growing establishment of long HV cables to reduce the line disruption along with robust development of efficient interstate power transmission networks will augment the market landscape.

The COVID- 19 pandemic has majorly impacted power transmission component market operations due to less manufacturing operations and labor shortages. Regulatory authorities have imposed lockdowns in their respective nations and social distancing measures to limit the impact of the virus. As a result, industries have witnessed a compatible decrease in their product portfolio demand. However, the commencement of several effective drives of vaccination by respective authorities to decrease the impact has led the business operations back to normalcy. In addition, the demand for transmission components will surge steadily in near future on account of the growing electricity demand across the world.