Power Transmission Components Market
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<strong>Power</strong> <strong>Transmission</strong> <strong>Components</strong> <strong>Market</strong><br />
Geographically, the power transmission components market has a presence across regions of Asia Pacific, Europe, North<br />
America, the Middle East and Africa, and South and Central America. As of 2014, North America held a leading share of<br />
26.50% and is expected to equate to 25.57% by 2023. Despite the minor drop in percentage, this regional market will<br />
excel due to increasing investments in upgrading existing power transmission components. The initiatives by<br />
governments to curb the carbon emission and negate the carbon footprint is also expected to boost the power<br />
transmission components market in North America. Efforts in regions such as Asia Pacific to upgrade their facilities to<br />
smart grid infrastructure will also propel the adoption of new transmission components in the region.<br />
Switchgears and Circuit Breakers Segment Expected to Exhibit Strong Growth<br />
Switchgears and circuit breakers are critical components of power transmission as they are installed to minimize the loss<br />
of electricity during transmission. They are important in limiting electric failures and ensuring seamless current flow<br />
through the circuit. Owing to these reasons the advanced switchgears and circuit breakers that deliver high voltage will<br />
be used extensively in power grids in the near future. During the forecast period of 2014 and 2023, the switchgears and<br />
circuit breakers segment will continue to surge at a CAGR of 5.6%.<br />
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Transformers also hold a promise of a steady growth rate due to an exponentially increasing demand for energy due to<br />
industrialization. The rapidly growing population will also make a significant contribution to energy demand, thereby<br />
driving the transformers segment at a 5.5% CAGR between 2014 and 2023.<br />
Some of the key companies operating in the global power transmission components market are Emerson Electric<br />
Company, ABB Group, Eaton Corporation Plc, Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation,<br />
Siemens AG, and Schneider Electric SE. The market is witnessing a high degree of competition due to the presence of a<br />
large number of players. To keep the edge over others, players are striving for rigorous forward integration and product<br />
innovation that will ensure additional energy savings in the near future.<br />
Transparency <strong>Market</strong> Research<br />
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