Power Transmission Component Market Size & Share, by Transformers (>220 kV to ≤440 kV, ≤132 kV, >132 kV to ≤220 kV, >440 kV to ≤765 kV, >765 kV); Transmission Lines and Conductors; Circuit Breakers and Switchgear; Insulators; Surge Arrestors; Transmission Towers and Structures - Global Supply & Demand Analysis, Growth Forecasts, Statistical Report 2026-2035

Power Transmission Component Market - Regional Analysis

APAC Market Insights

The Asia Pacific power transmission component market is anticipated to garner the highest share of 41.5% by the end of 2035. The market’s upliftment in the region is highly attributed to large-scale grid upgradation, renewable integration, and rapid electrification. As per official statistics put forward by Energy Tracker Asia in January 2025, the region accounts for 82% of the international coal power and comprises the largest gas expansion plans. In addition, it is the only region in track with the objective of tripling renewable energy capacity by the end of 2030. Moreover, by the end of 2038, South Korea has planned to develop 30 operational nuclear facilities based on its 11th Basic Plan for Supply and Demand of Power. In terms of renewables, the country is poised to extend capacity from 23 GW to 72 GW by 2030, and also develop 115.5 GW of wind and solar power capacity, along with 4GW of biomass and hydropower by 2038, thus creating a growth opportunity for the market.

The power transmission component market in China is growing significantly due to state-driven energy transition, manufacturing depth, and upscaling, along with developing a new energy supply system, accelerating green energy consumption, and modernizing energy governance. According to the 2026 IEA Organization article, the country is expected to account for 40% of international renewable capacity extension by 2040, which is fueled by optimized system integration, enhanced competitiveness, and low curtailment rates for both onshore wind and solar PV. Besides, there has been a rise in the electricity consumption per capita by 557% as of 2023, with energy intensity of the economy accounting for 43%, and renewables constituting 24.2% of the overall domestic power generation. In addition, oil, natural gas, coal, and other sources are readily responsible for bolstering the market’s exposure in the overall country.

Total Energy Supply Analysis in China (2023)

Source: IEA Organization

The power transmission component market in India is also growing, owing to policy-based chemical industrial growth, electrification, and industrial expansion. Based on government data published by the IBEF Organization in October 2025, the chemical industry in the country provides a dynamic landscape for growth, with alkali chemicals accounting for almost 73% of the overall production. The industry is estimated at worth Rs. 21,50,750 crore (USD 250 billion) as of 2024, which is further projected to grow to USD 300 billion by the end of 2028, as well as Rs. 86,03,000 crore (USD 1 trillion) by 2040, displaying robust resilience amidst international uncertainties. Besides, the specialty chemical industry was worth USD 64.5 billion as of 2024, and is predicted to increase to USD 92.6 billion with a 3.8% growth rate by the end of 2033, thereby creating a huge growth opportunity for the overall power transmission component market.

Europe Market Insights

Europe power transmission component market is expected to emerge as the fastest-growing region during the forecast period. The market’s development in the region is highly propelled by sustainable and safer chemicals, clean tech manufacturing, and readily prioritizing grid modernization. According to official statistics published by OECD in 2025, small and medium-sized enterprises (SMEs) account for 95% of enterprises, especially in cleantech-based manufacturing industries in Europe. In addition, these regional SMEs cater to only 17% of the export value, based on operating in midstream and upstream segments, including recycling, materials processing, and component production. Besides, the region is considered the most attractive hub for FDI in wind technologies, significantly capturing 25% of international investment since 2023. In this regard, France is the leading destination in the region, achieving 8% of international FDI in wind technology, thereby ensuring power transmission component market expansion.

The power transmission component market in Germany is gaining increased traction due to grid modernization, industrial decarbonization, and ambitious climate targets. Additionally, the country’s legal framework has set a yearly emission budget for industries, thus pushing the market towards cleaner materials and processes. According to official statistics published by Clean Energy Wire Organization in February 2025, the country is focused on reducing greenhouse gas emissions by nearly 65% by the end of 2030, along with 88% by 2040, while aiming for net-negative emissions by 2050. Besides, the land use and forestry (LULUCF) is poised to comprise net-negative emissions by 2030 at minus 25 million carbon dioxide tons. This also includes a target of minus 35 million tons and minus 40 million tons of carbon dioxide by the end of 2040 and 2045, respectively, thereby making it suitable for boosting the market.

The power transmission component market in France is also developing, driven by the French 2030 investment plan and the robust fundamentals of the chemical industry. As stated in the January 2024 IEA Organization article, this particular investment plan has endowed EUR 34 billion, including EUR 30 billion for subsidies and EUR 4 billion for funding schemes, which are projected to be deployed in the upcoming 5 years. Besides, EUR 3.5 billion was allocated, of which EUR 2.8 billion is in grants, and EUR 0.6 billion has been provided for equity investments. In addition, this investment plan offered EUR 8 billion to the energy industry, with €1 billion to create small-scale nuclear reactors, €1.9 billion for developing green hydrogen projects, and €5.6 billion for decarbonizing the industry. Moreover, EUR 4 billion has been allocated to the transport industry for producing 2 million hybrid and electric vehicles, thereby creating an optimistic outlook for the market’s growth.

North America Market Insights

North America power transmission component market is projected to witness considerable growth during the stipulated timeline. The market’s growth in the region is highly fueled by renewable integration, resilience mandates, and grid modernization, with the utility-scale solar and wind requirement for reconducted HVAC corridors, GIS switchgear, and high-voltage transformers. Based on government data published by the EIA Government in November 2024, the yearly spending by major utilities in the U.S. to produce and deliver electricity has increased by 12% from USD 287 billion to USD 320 billion as of 2023. Besides, the expenditure to produce electricity decreased by 24% within the same year, owing to diminished fuel expenses. However, recently, the capital spending on electricity production has surged by 23%, amounting to USD 4.7 billion as of 2023 in comparison to 2022. The majority of this is readily driven by costs associated with constructing the Vogtle nuclear plant, thus suitable for boosting the market’s growth.

The power transmission component market in the U.S. is gaining increased exposure due to reliability mandates, grid modernization, renewable energy integration, chemical industry support for materials, along with safety standards. According to official statistics put forward by the GridWise Alliance Organization in April 2024, the increased demand for renewable Distributed Energy Resources (DERs) is needed to deliberately meet the federal government’s objective of gaining 100% carbon pollution-free electricity by the end of 2035. In addition, the Department of Energy has estimated that the electric grid in the country is required to be more than double by the end of the same year to achieve the federal government’ objective of 100% clean energy. Meanwhile, California has set the goal of load flexibility of 7,000 megawatts by 2030, thus denoting an optimistic outlook for the market’s growth.

The power transmission component market in Canada is also growing due to federal funding, clean energy transition, expansion in renewable and hydropower, cross-border trade, grid reliability, and the presence of safety and sustainability programs. Based on government data proposed by the Government of Canada in 2024, the real gross domestic product (GDP) for the mineral, mining, forestry, and energy sub-sectors significantly accounted for an estimated 11% of the country’s GDP. In addition, this also accounted for 49% of overall exported domestic goods and supported more than 1.7 million indirect and direct employment opportunities. Besides, NRCan, in partnership with international and domestic partners, operated to enhance mineral and energy security in the country, with the aim of protecting supply chains from disruption, thereby creating a positive outlook for the market’s upliftment.