Power Transmission Towers and Cables Market to Expand with Significant CAGR During 2024
The
global power transmission towers and cables market features a highly
fragmented and a markedly dynamic operating environment, finds
Transparency Market Research (TMR). Some of the leading vendors in
the market are Kalpataru Power Transmission Ltd., Zhejiang Shengda
Steel Tower Co., Ltd., Nanjing Daji Iron Tower Manufacturing Co.
Ltd., ShanDong DingChang Tower Co., Ltd., KEC International, Ltd.,
and Sumitomo Electric Industries, Ltd. A large number of players
operating in this fragmented landscape are capitalizing on emerging
opportunities emanating from the spiraling demand for revamping old
outdated grid infrastructures or from the increased implementation of
smart grid technologies.
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The
global power transmission towers and cables market stood at US$7.62
bn in 2014 and is projected to rise at a CAGR of 7.15% from 2015 to
2023. Expanding at this pace, the market is anticipated to reach a
valuation of US$13.90 bn by the end of 2023.
Regionally,
Asia Pacific leads the market and is predicted to account for a
revenue of 49.0% by the end of the forecast period. The growth of the
regional market is primarily propelled by the increasing upgrade of
conventional power transmission infrastructures in order to meet the
intensifying demand for smart grid technologies. Based on type, the
market for power transmission cables is anticipated to lead
throughput the forecast period. This segment is projected to rise at
a CAGR of 10.28%, in terms of volume, from 2015 and 2023, mainly
driven by the demand for constant expansion of grid networks.
Demand
for Sustainable and Affordable Power Transmission Technologies
Accentuates Market
The
rising demand for electric power among residential, commercial, and
industrial users, has led to the need for finding a reliable,
sustainable, and affordable power transmission infrastructures. The
rising demand for power transmission towers and cables world over is
driven by the need for sustainable supply of electricity in a number
of industrialized nations. The rapid pace of urbanization in various
developing nations is catalyzing the demand for power transmission
towers and cables. The mounting demand for integration of renewable
energy sources into the existing grid infrastructures is a key factor
driving the market. In addition, the vast inclusion of distributed
power systems is anticipated to bolster the demand for power
transmission towers and cables.
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The
vast expansion of power grid system has led to the pressing need for
replacements of cables and the demand for transmission towers. This
is expected to accentuate the power transmission towers and cables
market. Furthermore, a number of measures undertaken by several
governments and private players implementing the smart grid
technologies has boosted the market in developing and developed
regions. Smart grid infrastructure has acted as a key enabler for
flexible and high-performance power transmission system in numerous
emerging economies.
Growing
Share on Renewables in Existing Power Grids to Unlock Exciting
Opportunities
The
advent of wireless transmission technologies to overcome the
constraints of wired transmissions is a key factor expected to hinder
the market to an extent. Nevertheless, the burgeoning demand of
electric power in underground and submarine power transmissions is a
key trend expected to open up exciting opportunities in the global
power transmission towers and cables market.
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The
growing shares of renewable energy in the existing power generation
system is fueling the need for technologically upgrading the
structure of in existing grid infrastructures. This has bolstered the
demand for power transmission cables and towers in various regions.
The pressing demand among policy makers world over to deliver on
affordable power to commercial and industrial users has led to the
vast expansion of renewable energy sources, thereby opening up
lucrative avenues in the market. Furthermore, the growing number of
activities in maintenance of transmission towers and the rising
demand for upgrade services are crucial factors expected to catalyze
the market.
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