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According to the recent research report titled 'Global Power Transmission Market: Analysis By Components (Transformer, Insulator, Transmission Lines, Transmission Towers, Others), Voltage, End- Use, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)', available with MarketStudyReport, global power transmission market had reached a valuation of USD 81.14 billion in 2020 and is estimated to grow exponentially through 2026.
The growing urbanization, various initiatives undertaken by the government to establish home-grown industries, and mounting power infrastructure investments in both developed and developing countries are some of the major factors driving the growth of the global power transmission market.
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Widespread adoption of automated solutions in factories, growing demand for standardized regulations for electricity efficiency, mounting production of electric components, and rapid developments of user-friendly products are also fueling the overall market size.
However, the advent of COVID-19 pandemic has negatively impacted global power transmission market outlook since the demand for utility services from commercial and industrial establishments plunged due to lockdowns and trade restrictions.
Based on component type, the transformer segment currently holds a prominent market share. A transformer which is a vital part of the power grid network and helps in the transmission of power from one network to the other without changing the frequency, thus boosting the segmental growth.
Moving on to voltage type, the 132 kV Segment is likely to capture the largest market share in the ensuing years, on account of high voltages used in transmission systems which generate lower current, and thus less heat is generated in the transmission lines and therefore less energy is wasted.
Citing the end-user landscape, the industrial sector is expected to register considerable growth in the subsequent years, with manufacturing likely to emerge as a key revenue generator trailed by mining, construction, as well as agriculture.
The geographical analysis of this business space extends to the Middle East & Africa, America, Asia-Pacific, and Europe, with major emphasis on countries such as Mexico, Brazil, China, India, Japan, France, the U.K., Germany, U.S., and Canada.
The leading companies operating in the global power transmission market include ABB Ltd., Eaton Corporation, Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, Hitachi Ltd., Gates Industrial Corporation, General Electric Company, Schneider Electric SE, and Siemens AG.
Question & Answer: Global Power Transmission Market
Question 1: Why is global power transmission market witnessing constant growth?
Answer: The growing urbanization, various initiatives undertaken by the government to establish home-grown industries, and mounting power infrastructure investments in both developed and developing countries are some of the major factors driving the growth of the global power transmission market.
Question 2: How will global power transmission industry size expand from 132 kV voltage segment through 2026?
Answer: The 132 kV Segment is likely to capture the largest market share in the ensuing years, on account of high voltages used in transmission systems which generate lower current, and thus less heat is generated in the transmission lines and therefore less energy is wasted.
Question 3: Which companies are analyzed in the global power transmission market report?
Answer: The leading companies operating in the global power transmission market include ABB Ltd., Eaton Corporation, Fuji Electric Co., Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, Hitachi, Ltd., Gates Industrial Corporation, General Electric Company, Schneider Electric SE, and Siemens AG.
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