The global transmission components market is poised for substantial growth, with projections indicating a remarkable valuation of USD 80,279.2 million by 2032, fueled by a steady Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2032.
Driven by burgeoning populations and the integral role of technology in our daily lives, the need for effective energy transmission and distribution systems has become paramount. Transmission components emerge as vital contributors, facilitating the efficient delivery of energy, mitigating losses, and enhancing overall energy sustainability.
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Amplifying Demand for Transmission Components: The Converging Factors
The surge in requisites for safeguarding apparatus from excessive voltage strain, coupled with the burgeoning establishment of novel power grids to curtail energy wastage, stands as a resilient pillar underpinning the call for transmission components. This resolute ascent in demand is further propelled by the mounting hunger for electricity across industrial, commercial, and residential spheres, matched in tandem with the upswing in electricity generation from renewable resources. The consequent augmentation of the global electric infrastructure heralds an era of amplified need for transmission components on a global scale.
Additionally, this tide of growth is poised to swell over the ensuing decade. Escalating governmental investments to electrify rural expanses, alongside the mounting focus on enhancing commercial facilities weathering harsh climatic conditions characterized by heightened lightning occurrences, converge in galvanizing the demand for both residential and commercial transmission components. This synchronized push towards bolstering electric supply resilience and expanding access lays the groundwork for robust expansion in the transmission components domain.
Key Takeaways from Transmission Components Market Study:
- Switches Segment Growth: The switches segment is poised to experience a robust CAGR of 6.1% in the global transmission components market between 2022 and 2032.
- North American Market Share: North America is anticipated to contribute over 20% to the global transmission components market share from 2022 to 2032.
- German Market Presence: Germany is projected to hold an approximate 19.7% share of the European transmission components market by the close of 2022.
- Steady Anchoring and Foundation Growth: The anchoring and foundation segment is projected to maintain steady growth with a 6.1% CAGR from 2022 to 2032.
- Previous Growth Trend: From 2017 to 2021, the global transmission components market displayed growth at a 2.4% CAGR.
Key Players:
Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, TE Connectivity, Toshiba.
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Transmission Components Market Outlook by Category:
By Product Type:
- Anchoring and Foundation
- Arresters
- Bushing
- Connectors
- Insulators
- Enclosures
- Utility Measurement Systems
- Grounding and Bonding
- Switches
- Fuses
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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