Transmission Components Market Projected to Reach US$ 80,279.2 by 2032, with a Strong CAGR of 5.3%

The global transmission components market is estimated to grow at a CAGR of 5.3% during the forecast period from 2022 to 2032. The market is projected to reach a valuation of US$ 80,279.2 Million by the end of 2032 from US$ 47,966.7 Million in 2022. Development of advanced electrical line infrastructure in emerging countries is anticipated to propel the global transmission components market during the forecast period.

The global cutting and bending machine market is being driven by the rising use of these machines in many industries, including automotive, metal fabrication, electrical and electronics. Among these, the automotive industry's rapid expansion is probably going to have a big impact on how much more cutting and bending equipment is sold. Since metals are regularly used to make cars, there is a rising demand for cutting and bending equipment.

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The need for gearbox components is being supported by rising demands for protective devices to restrict the voltage load on equipment and rising construction of new power networks to cut down on energy losses. The global electric infrastructure is expected to improve as a result of rising industrial, commercial, and residential demand for power as well as increased renewable energy output.

This is further expected to increase the demand for transmission components in the next ten years. Increasing government expenditure to supply electricity to rural areas, as well as growing emphasis on commercial facilities operating in harsh weather conditions with high lightning strikes, will drive the demand for residential and commercial transmission components forward.

Key Takeaways from Transmission Components Market Study

• By product type, the switches segment is expected to witness a CAGR of 6.1% in the global transmission components market during 2022 to 2032.
• North America is expected to account for more than 20% of the global transmission components market share during the period of 2022 and 2032.
• Germany is projected to account for nearly 19.7% of the Europe transmission components market share by the end of 2022.
• By product type, the anchoring and foundation segment is likely to witness steady growth at a CAGR of 6.1% from 2022 to 2032.
• From 2017 to 2021, the global transmission components market exhibited growth at a 2.4% CAGR.

Why is the Demand for Transmission Components Growing Exponentially?

Increasing demand for transmission components from a wide range of end-use industries for usage in substations, transmission lines, and other electrical networks is estimated to bode well for the global market in the next ten years. Expansion of electricity production capacities is also projected to positively affect the global transmission components market.

In the evaluation period, the market is expected to be boosted by the increasing number of electrification projects in China and India, as well as network expansion projects to support renewable energy integration in the United States, Europe, and other areas of the globe. Demand for electricity is expected to rise further during the forecast period owing to increasing need from end users, as well as growing electrification of transportation and adoption of electric vehicles.

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Competitive Landscape: Transmission Components Market

Some of the leading companies present in the global transmission components market are Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, and Mitsubishi Electric among others.

Manufacturers of transmission components are investing a significant amount of money on product development to bolster their presence in the industry. Key players are further investing in the development of new software technology to enhance the performance of transmission components.

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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