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Albany, New York, Aug. 20, 2019 (GLOBE NEWSWIRE) -- A latest report by Transparency Market Research states that the global power transmission components market is expected to experience a major boost in coming years. The report states that the market is expected to witness this growth as a result of growing energy crisis across the globe. Moreover, experts at Transparency Market Research predicts that the market shall also experience the projected growth as a result of reduced carbon emissions from new power transmission components available in the market. Furthermore, the benefit of seamless power supply by the new components is also expected to propel the growth of the market, says the report.
Market to Generate US$102,574.8 Mn during the Projected Period
According to the report, the global power transmission components market is expected to witness a 6.0% compounded annually growth rate. This is because of the various opportunities leveraged by the players such as development of new power plants across the globe to meet the surging demand for uninterrupted power supply.
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Moreover, the growth of the market is also the result of a need to upgrade the existing infrastructure to meet the technical requirement for supporting the latest devices across the globe. This is also expected to influence the revenue generation of the market during the forecast period of 2015 to 2023. According to the projection, the market is expected to generate the revenue of US$102,574.8 Mn during the estimated tenure.
Furthermore, forthcoming projects such as Baihetan Hydropower Station, Leizhou Thermal Power Project, and Fujian Luoyuanwan Power Project also required new and innovative power transmission components. Existence of such projects is expected to fuel the growth of global power transmission components market during the forecast period.
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Owing to the rising development in power transmission sectors such as integration of automation, and other data centric technologies, countries like U.S. and Canada have created opportunities for power transmission components manufacturers. This, as a result, promotes the North American region to get in maximum potential for the players of global power transmission components market. Owing to this, North America is expected to emerge as a dominating region of the market.
The dominance of North America in power transmission components market is also attributed to the rising demand for power supply as the number of industries and factories has grown rapidly.
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As a result of rapid industrialization in various emerging economies, the demand for uninterrupted power supply has risen exponentially. This rising demand is one of the factor that is propelling the growth of global power transmission components market today. However, growing power consumption implies to larger carbon emissions, which results in adverse effect to the environment. Nevertheless, the new power transmission components are capable to reduce the carbon footprint ensuring the safety of the environment. Owning to reduced carbon emissions and smaller carbon footprint by new components, the global power transmission components market is expected to grow substantially in the forecast period of 2015 to 2023.
Further, advantages such as higher power transmission capacities, seamless power supply, reduced power loss while transmission of power, and cost-effective implementation and maintenance are few more factors that supports the growth of global power transmission components market.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Power Transmission Components Market(Components Type - Switchgears & Circuit Breakers, Transformers, Capacitors & Insulators, Power Convertors, and Relays; Current Type - HVAC and HVDC) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
The global power transmission components market is segmented on the basis of:
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