Reports has added a report, titled, “Global Power Transmission Components Market 2017 Forecast to 2023.”
Power Transmission Components Market
Industry Trend Analysis
The global Power Transmission Components Market was worth USD 54.23 billion in 2014 and is expected to reach approximately USD 92.81 billion by 2023, while registering itself at a compound annual growth rate CAGR of 6.15% during the forecast period. The persistently expanding interest for energy has been the essential development driver for the worldwide power transmission components market. The obstacles encountered by service providers in power transmission over long separations are yet another factor driving the selection of these parts in the past years. In this manner, with an end goal to curb the loss of energy through powerful energy transmission and diminishing the carbon impression is expected to expand the organization of modern transmission segments in the coming years.
Component Outlook and Trend Analysis
Based on components the market is segmented into transformers, switchgears and circuit breakers, capacitors and insulators, and others. Switchgears and circuit breakers are significant components of power transmission as they are designed to reduce the loss of energy amid transmission. They are imperative in reducing electric failures and ensuring constant flow of current through the circuit. Due to these factors the enhanced switchgears and circuit breakers that render high voltage will be used majorly in power grids in the near future.
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Current Outlook and Trend Analysis
On the basis of current the market is segmented into High Voltage Alternating Current HVAC and High Voltage Direct Current HVDC . Modern power transmission segments are intended to render long haul investment funds by giving continuous power supply. With this support, governments over the globe are boosting establishments of new-age control transmission segments to accomplish critical vitality reserve funds. This move comes as world pioneers are formulating approaches to accomplish financial development through feasible means.
Regional Outlook and Trend Analysis
Geographically, the power transmission components market has a existence crosswise over districts of North America, Europe, South and Central America, the Middle East and Africa, and North America. In 2014, North America held a main share of 26.50 percent and is foreseen to compare to 25.57 percent by 2023. Regardless of the minor drop in rate, this provincial market will exceed expectations because of expanding interests in redesigning existing power transmission components. The activities by governments to reduce the carbon outflow and nullify the carbon impression are likewise anticipated that would help the power transmission components market in North America.
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Competitive Insights
The leading players in the market are ABB Group, Emerson Electric, Schneider Electric, TBEA Co, Mitsubishi Electric, Hitachi, Siemens, General Electric and Toshiba. The market is observing a high degree of competition owing to the existence of a large number of players. To keep the edge over others, players are focusing on integration and product innovation that will ensure additional energy savings in the near future.
The Power Transmission Components Market is segmented as follows-
By Component:
Transformers
Capacitors and Insulators
Switchgears and Circuit Breakers
Others Power Convertors, and Relays etc.
By Current:
High Voltage Direct Current HVDC
High Voltage Alternating Current HVAC
By Region
North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others
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