ALBANY, New York, December 15, 2015 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Power Transmission Components Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023." According to this report, the global power transmission components market was valued at US$ 60.5 billion in 2014 and is projected to reach US$102.6 billion by 2023, at a CAGR of 6% from 2015 to 2023.
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Power transmission components primarily consist of switchgears, circuit breakers, transformers, capacitors, insulators, power convertors, and relays which are used to transmit power to users. Growth in the global power transmission components market is attributed to increase in energy efficiency by 5%−10% and reduction of carbon footprint. Demand for energy would increase in the near future due to higher emphasis on achieving sustainable economic growth. The added advantage is that modern power transmission components would enable distribution companies to attain long-term savings along with offering reliable electric supply.
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The power transmission components market has been segmented on the basis of components and current systems. The switchgears and circuit breakers segment held 44% share of the power transmission components market in 2014. Global estimates for 2014 show that HVAC current systems accounted for nearly 92% and HVDC current systems for 8% share of the power transmission components market. This difference is due to the fact that the electricity produced by HVAC systems is in the form of alternating current and electricity has to be delivered majorly in the alternating current form.
Demand for power transmission components is expected to increase gradually in the future as these components offer energy savings which contribute to the overall revenue growth. The power transmission components market has been segmented as follows:
Power Transmission Components Market: By Component Type
- Switchgears & Circuit Breakers
- Capacitors & Insulators
- Others (Power Convertors, Relays etc.)
Power Transmission Components Market: By Current Type
- HVAC (High Voltage Alternating Current)
- HVDC (High Voltage Direct Current)
Power Transmission Components Market: By Region
- Rest of Asia Pacific
- Rest of Europe
Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- Rest of Middle East and Africa
South and Central America
- Rest of South and Central America
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