As per 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 accumulated revenues worth USD 81.14 billion in the year 2020 and is estimated to grow at a significant rate through 2027.

Increased automation of factory operations, higher manufacturing of electrical equipment, wider adaption to international norms for power efficiency, and introduction of user-friendly electric devices are all contributing to the growth of global power
transmission market.

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Additionally, growing urbanization around the world, a significant boost in power infrastructure investments in both developed and emerging economies, and vital initiatives taken by regional governments to promote homegrown businesses where electricity transmission is required are also driving the market growth.

On the other hand, the outbreak of the COVID-19 pandemic acted as a considerable market hindrance in 2020 as the demand for the utility operations from commercial and industrial facilities plummeted because of global trade bans and lockdowns. Furthermore, several production plants around the world ceased their operational activities to prevent the virus from spreading among their employees, therefore, reducing the demand for utility services like wastewater treatment and energy.

As per component terrain, global power transmission market is classified into transmission towers, insulators, transformers, transmission lines, and others. Among these, the transformers segment is predicted to hold a substantial share in market over 2021-2026, as it is extensively employed to receive low voltage electric power from generators and transfer it over channels of distribution over power grid facilities. 

Based on voltage range, the industry is bifurcated into 660 kV, 220 kV, 132 kV, 440 kV, and 765 kV & above. As per the report, the 132 kV segment is estimated to generate significant returns by 2026, attributable to the utilization of high voltages in transmission systems because higher voltage drives low current for a particular power transmission capacity, and lower current implies less energy wastage.

Speaking of the end-use, the market classification comprises commercial, and industrial. The industrial sector is expected to hold a major industry share over the study period, given the largest percentage of overall industrial power utilization across agriculture, construction, and mining firms for lighting, ventilation, heating, and air conditioning.

The leading organizations in global power transmission marketplace include Siemens AG, Schneider Electric SE, General Electric, Mitsubishi Electric Corporation, Gates Industrial Corporation, ABB Ltd., Fuji Electric Co. Ltd., Bharat Heavy Electricals Limited, Eaton Corporation plc, and Hitachi Ltd.