Global power transmission component market size to register exponential growth through 2028

03 Sep 2022

 Worldwide power transmission component market was valued at USD 57,800 million in 2021 and is anticipated to register a healthy growth rate of 3.5% over 2022-2028, accumulating USD 73,670 million by the end of the study duration. The research alsoexamines numerous challenges faced by industry participants and provides vital information for business expansion in existing and new markets. In addition to a deep dive analysis of industry’s drivers, it also provides a thorough study of the regional overview and competitive landscape The continuing renovation and modernization of existing grid infrastructure around the world will lead to an increase in the consumption of power transmission components. Moreover, burgeoning investments and supportive legislative policies favoring cross-border electric networks would further fuel product demand globally. The industry revenues will gain positive momentum as a result of ongoing repairs to damaged power supply equipment and the installation of cutting-edge transformers and transmission towers. For the record, products utilized in systems with moving parts from a power generating location, like power plant, to an electrical platform are referred to as power transmission components. These are made to offer continuous power supply and aid long-term savings. However, factors such as increased demand for distributed energy technology and the growing integration of renewable energy sources are anticipated to deter market growth through the forecast duration.