According to the findings of the 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 valued at USD 81.14 billion in 2020 and is anticipated to register an appreciable growth rate during the forecast period 2021-2026.

Mounting production of electric components, increasing penetration of automation solutions in factories, development of user-friendly electrical products, and adoption of international standards for energy efficiency are the major catalysts for global power transmission market growth.

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Fast-paced urbanization, government initiatives to establish home-grown industries, and large-scale investments in power sector across both developing and developed economies are further accelerating the industry expansion.

With respect to the COVID-19 impact, the pandemic dealt a major blow to the market in 2020 as demand for utility services from the industrial and commercial sector inevitably plunged due to trade restrictions across the globe. Manufacturing facilities also came to a halt over fears of the virus spreading among the workforce, in turn, further limited demand for utility services like electricity and wastewater treatment.

In terms of component, global power transmission industry size from the transformer segment is anticipated to garner strong returns in the ensuing years. Transformer is primarily utilized to receive low voltage generator electric power and relay it to distribution channels of the power grid. It is an integral part of the power network as enables power transmission from one network to the other without any change in frequency.

Considering voltage, 132 kV segment is anticipated to capture a big portion of the overall industry share in the forthcoming years. This can be ascribed to the use of high voltages in transmission systems as it implies a lower current for a given power, subsequently producing less heat in transmission lines and reducing energy wastage.

With respect to end-use, the market is split into commercial and industrial. The manufacturing sub-division captures majority of the industrial share, followed by mining, construction, and agriculture.

Speaking of the competitive landscape, major players in global power transmission business sphere are Siemens AG, Hitachi ltd., Schneider Electric SE, BHEL, General Electric Co., Fuji Electric Co., Mitsubishi Electric Corp., Eaton Corp., Gates Industrial Corp., and ABB Ltd.