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Power Transmission Component Market Overview 2021 Growth Predictions, Statistics, Geography Trends and Applications, Industry Forecast by 2023

iCrowdNewswire   Jan 7, 2021  5:00 AM ET

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According to Market Research Future (MRFR), the global power transmission component market is anticipated to grow at 6.55 % CAGR from 2016 to 2023 (forecast period). The report describes the strengths, opportunities, threats, and possible business risks and provides a precise overview of the global market situation with the influence of COVID-19.

Transmission component refers to products used in systems that move parts from a power generating site like a power plant to an electrical substation. Power transmission components are designed to allow long-term savings by offering an uninterrupted power supply. 

Market Dynamics

The market for power transmission components will experience growth as a result of the ongoing refurbishment and retrofit of existing grid infrastructure around the globe. Increasing investment, combined with a favorable political outlook towards the expansion of the cross-border electric grid, will further fuel product demand.
Favorable policy interventions, along with government efforts to minimize carbon emissions, may accelerate the growth of the transmission network. Despite the substantial increase in generation capacity, countries across the globe are still prone to a power deficit situation. Henceforth, regulatory inclination, along with a rise in the adoption of sustainable technologies, will stimulate global market growth.

The global market for power transmission components is expected to rise at a high rate during the assessment period, primarily due to the expansion of smart grid networks and the refurbishment of existing grid infrastructure. As per the International Energy Agency (IEA), the US will need to spend USD 2.1 trillion by 2035 to modernize the grid infrastructure, including 579 GW of new generation capacity and extensive refurbishment of the transmission network. In the same way, India has set up a National Smart Grid mission that will lead to major investments in smart grid infrastructure in India. These initiatives will, in turn, fuel the growth of the market for power transmission components.

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Market Segmentation

The global power transmission component market has been segmented based on component, voltage, and current level. 

Regional Analysis

Region-wise, the global power transmission component market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 
The global market for power transmission components is expected to see significant growth during the forecast period due to rapid urbanization and commercialization across developing regions, which would lead to favorable growth in the market for power transmission components. In addition, efforts to minimize the carbon footprint will fuel the need for efficient transmission components in the coming years. For example, the US is likely to reduce its greenhouse gas emissions, which would improve the demand for transmission components in the North American power industry. North America also has the largest share in the market for power transmission components, while countries such as the United States and Canada are undergoing retrofitting and revamping existing grid infrastructure.

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Key Players

Table Of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope Of The Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

3.3 Market Size Estimation

3.4 Forecast Model

3.5 List Of Assumptions

3.6 Limitations Of The Study


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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact Information:

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Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312

Keywords:    Power Transmission Component Market, Power Transmission Component Market Size, Power Transmission Component Market 2020, Power Transmission Component Market 2021, Power Transmission Component, Power Transmission Component Market Growth

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