According to the 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 was worth USD 81.14 billion in 2020 and is anticipated to witness a healthy y-o-y growth during 2021-2026.

According to expert’s opinion, development of user-friendly electric products, increasing adoption of international standards for electricity efficiency, and soaring production of electric components are the major factors contributing toward global power transmission market growth.

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Furthermore, swift urbanization, rising investments in electricity infrastructure in both developed and emerging nations, as well as numerous government initiatives to back domestic businesses where power transmission is required are propelling the industry expansion.

Notably, the COVID-19 outbreak had a substantial negative impact on the industry in 2020, owing to a decline in utility service demand from commercial and industrial facilities as a result of trade restrictions and lockdowns announced by governments around the world.

Based on component, the industry is branched into transmission towers, transmission lines, insulator, transformer, and others. Among these, the transformer segment is gaining traction at present, because it is an essential component of the electrical grid and aids in the frequency-invariant transmission of power from one network to another. Also, transformers are widely used to receive low voltage generator electric power and transport it via distribution channels to the power grid network.

In terms of voltage, global power transmission market is divided into 765kV & above, 660kV, 440kV, 220kV, and 132kV. Out of these, the 132 kV segment is anticipated to capture a major industry share in the near future, as higher voltage indicates a lower current for a given power of transmission, and lower current results in less heat being produced in the transmission lines, which saves energy.

On the basis of end-user terrain, the marketplace is split into industrial and commercial. Among these, the industrial segment holds a major market share at present. While commercial segment showcases significant electricity consumption for HVAC purpose.

Regionally, the latest industry trends are studied across Americas (Brazil, Mexico, U.S., Canada), Europe (UK, France, Germany), and Asia Pacific (China, India, Japan).

Considering the competitive landscape, Siemens AG, Hitachi Ltd., Schneider Electric SE, Bharat Heavy Electricals Limited, General Electric Company, Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Eaton Corporation plc, ABB Ltd., and Gates Industrial Corporation plc are the leading players in global power transmission market.