Time：2025-10-16 13:44:22 Hit：99
As an important component of the power system, power fittings are defined as metal accessories that connect and combine various devices in the power system, and play a role in transmitting mechanical loads, electrical loads, and providing some protection. They play the role of "joints" and "links" in the power system, and are key components that connect and support transmission lines, substations, and distribution equipment. The continuous rise in global electricity demand and increased investment in infrastructure construction have led to a sustained growth in the size of the power fittings market. Especially in China, as one of the world's largest electricity markets, the demand for power fittings accounts for over half of the global total demand.
In the future, the power fittings industry will move towards a new stage of high-quality development. The power system is increasingly emphasizing efficiency and safety, and power fittings have higher requirements in materials, design, manufacturing, and other aspects. High performance power fittings can effectively reduce line losses, improve power transmission efficiency, reduce failure rates, and ensure the stable operation of the power system. The application of advanced technologies such as the Internet of Things, big data, and cloud computing is gradually driving the development of the power fittings industry towards intelligence and automation. By using intelligent technology to achieve remote monitoring, fault warning, and intelligent operation and maintenance of power fittings, the efficiency and safety of power grid operation can be improved.
1、 Industry Status and Market Size
The market size of China's power fittings industry will reach 48.2 billion yuan in 2024, a year-on-year increase of 11.4%, significantly higher than the global growth rate (7.1%). It is expected to exceed 50 billion yuan by 2025, with a compound annual growth rate (CAGR) of 11.4% from 2020 to 2025. The global market size is expected to reach 16.8 billion US dollars in 2024, with China accounting for over 30%, firmly ranking among the top in the world.
(2. Segmented field pattern
Voltage level: Ultra high voltage (750kV and above) accounts for 35%, high voltage (110kV 750kV) accounts for 42%, and medium low voltage (≤ 110kV) accounts for 23%.Application areas: Power grid construction accounts for 58%, new energy power stations (wind power, photovoltaic) account for 27%, and industrial electricity accounts for 15%.
New energy drive: By 2023, the newly installed capacity of wind and photovoltaic power will reach 180 million kilowatts, a year-on-year increase of 58%, driving a surge in demand for photovoltaic bracket connectors and offshore wind power anti-corrosion fittings.
2、 Policy support and technological drive
1. Policy dividends continue to be released
The National Energy Administration's "14th Five Year Plan for Modern Energy System" clearly states that by 2025, the proportion of non fossil energy consumption will increase to 20%, and the new mileage of ultra-high voltage transmission lines will exceed 30000 kilometers.In 2024, the central government's technology expenditure will reach 1.2 trillion yuan, with a focus on supporting technology research and development in key areas such as ultra-high voltage and smart grids.
2. Technological innovation and industrial upgrading
Material breakthrough: The application of 3D printing and nano coating technology in hardware manufacturing has extended product life by more than 30%, and the proportion of industry research and development investment will increase to 4.8% by 2024.Intelligent upgrade: The penetration rate of intelligent fittings (such as insulators with built-in sensors) has increased, with a bidding proportion of 12% in 2024 and a CAGR of 28% in the next five years.
Green transformation: The application proportion of environmentally friendly materials (such as lead-free coatings and recyclable aluminum alloys) has increased, and some enterprises have reduced carbon emissions through circular economy models.
3、 Market competition pattern and investment opportunities
According to the "Supply and Demand Analysis and Investment Risk Research Report on China's Electric Power Hardware Industry from 2025 to 2030" by China Research Institute Puhua Industry Research Institute:
(1. Analysis of core competitors
Top companies: Oriental Tower, Jiangsu Tiannan, and Hebei Wufeng dominate the ultra-high voltage and overseas markets, with CR5 (the top five companies' market share) reaching 52% in 2024.Regional enterprises: More than 30 focus on the medium and low pressure markets, facing cost and transformation pressures, with some turning to emerging markets such as Southeast Asia and Africa.
(2. High growth areas and targets
Ultra high voltage supporting fittings: The market size is expected to exceed 30 billion yuan by 2025, with strong demand for composite insulators and large section wire fittings.Offshore wind power anti-corrosion products: By 2024, the installed capacity of offshore wind power in China will exceed 15GW, and the gross profit margin of anti-corrosion fittings will reach 40% and 45%.
Intelligent inspection device: Combined with IoT smart fittings, the bidding proportion will increase to 12% in 2024, and the CAGR in the next five years may reach 28%.
4、 Challenge and Risk Warning
(1. Core challengesFluctuations in raw material prices: In 2024, aluminum prices increased by 18% year-on-year, putting pressure on the profits of small and medium-sized enterprises, and compressing industry profit margins to 8% and 10%.
Technical barriers: High end products (such as ultra-high voltage DC fittings) still rely on imports, with a localization rate of less than 30%.
International trade risk: Anti dumping investigations by European and American countries increase export uncertainty, leading to a slowdown in overseas order growth for some companies in 2024.
(2. Risk hedging strategy
Priority should be given to top enterprises with long-term contract order locking costs, such as Oriental Tower and Jiangsu Tiannan.Pay attention to enterprises with high technological barriers and R&D investment accounting for over 5% (such as Puyuan Jingdian and Laibotaiko).
5、 Future Trends and Investment Suggestions
(1. Development TrendsHigh end: Ultra high voltage and flexible direct transmission technology drive product upgrades, and by 2025, the market share of ultra-high voltage fittings may exceed 40%.
Internationalization: The export value of China's power fittings will increase by 31% year-on-year in 2024, and the contribution rate of Southeast Asian and Middle Eastern markets will increase to 60%.
Digitization: The construction of smart grids drives the integration of hardware sensors and communication modules, forming a billion dollar emerging market.
Technical barrier type: Focusing on the application fields of high-voltage direct current fittings and composite materials, we recommend Huada Intelligent Manufacturing and Nano Micro Technology.
Service integration type: Choose enterprises with one-stop platform capabilities (such as Titan Technology and Pharmaron Technology).
Overseas layout type: Pay attention to the progress of overseas certification (such as CE, UL), and recommend Baipusaisi and Aopumai.
In 2025, driven by policy support, technological innovation, and market demand, the power fittings industry will deepen its development towards high-end, intelligent, and international standards. Investors need to pay close attention to companies with high technological barriers and deep overseas layouts, while being vigilant about fluctuations in raw material prices and international trade risks. In the future, ultra-high voltage matching fittings, offshore wind power anti-corrosion products, and intelligent inspection devices may become the biggest growth points.
