The power transmission component market is set to observe significant growth by 2030 owing to high emphasis on refurbishment of the existing grid infrastructure. In addition, mounting preference for smart grid networks, along with increasing electricity demand across the globe, is likely to bolster market growth over the forecast period.

During the coronavirus pandemic, the industry was negatively impacted due to disruptions in supply chain caused by lockdowns and restrictions on business operations. For instance, India reported a 25% year-on-year decrease in power supply during the first lockdown after the COVID-19 outbreak in 2020. However, favorable government initiatives to enhance power grids have boosted the power sector around the world.

Major players in the power transmission component market have been engaging in rigorous R&D activities to maintain a prominent stance in the sector, along with effective growth strategies, which has benefitted overall industry outlook. For instance, in November 2021, nine power systems and energy solutions providers viz., Toshiba Energy Systems & Solutions Corporation, Siemens AG, Meidensha Corporation, Schneider Electric SE, ILJIN Electric, Mitsubishi Electric Corporation, Siemens Energy Global GmbH & Co., Mitsubishi Electric Power Products, Inc., and Nuventura GmbH collaborated to jointly develop power grids switchgears with naturally sourced gases instead of SF6, a global warming gas.

The power transmission component market has been bifurcated in terms of voltage level, component, current level, and regions covered.

In terms of component, the industry has been divided into transmission tower, transformer, transmission line, circuit breaker, arrestor, isolator, and insulator. The isolator component segment is poised to attain positive momentum due to rapid commercialization and urban migration across developing economies. The insulator segment is set to grow significantly up to 2030 on account of favorable government policies toward the integration of energy-efficient components.

On the other hand, the upgradation of traditional electrical grids and constant expansion of micro-grid networks across the globe are anticipated to boost the growth of the power transmission component market size from the transmission tower segment.

The power transmission component industry has been categorized with regards to voltage level into > 132 kV to ? 220 kV, > 220 kV to ? 440 kV, > 440 kV to ? 660 kV, > 660 kV to ? 765 kV, and >765kV. Power transmission components with > 220 kV to ? 440 kV voltage level are estimated to witness notable growth up to 2030 due to continuous extension of utility-based grid infrastructure to cater to rising electricity demand. The > 660 kV to ? 765 kV segment is poised to exhibit sturdy development through 2030 on account of favorable regulatory landscape and soaring consumer preference for advanced networks.

By current level, the market has been split into HVAC and HVDC. The HVDC segment is speculated to ongoing expansion of extra & ultra-high-tension grid infrastructure to decrease the overall collected line losses.

In the regional landscape, the North America power transmission component market is slated to progress at a rate of over 5.5% by 2030. Meanwhile, prevalent refurbishment and retrofitting of existing grid infrastructure, coupled with expansion of smart-grid networks, is projected to bolster the growth of the Latin America power transmission component industry.