The present day grid infrastructure was designed with a view of serving the consumer in a reliable, efficient, and cost-efficient manner. The grid infrastructure of the future will be much complex and will have to meet a vast set of new requirements while being able to perform well on these criterion as well. Challenges such as the rising integration of renewable and distributed power sources and transmission of exponentially rising power loads will require major changes to the way in which grid and its various components are controlled, designed, and operated.
These factors will revolutionize the global market for power transmission towers and cables in the near future, bringing favorable changes to the overall dynamics of the market. Transparency Market Research states that the market will exhibit a healthy 7.15% CAGR from 2015 to 2023, rising from US$7.62 bn in 2014 to US$13.90 bn by 2023.
Power Transmission Cables to Continue Dominating Market but Towers to Lead in Terms of Installations
In the global power transmission towers and cables market, the segment of cables holds clear dominance, with nearly 74% share in the overall market in 2014. The segment is projected to maintain its dominant stance in the near future as well, owing to the vast demand from constantly expanding grid networks and the need for frequent replacements. The market for power transmission cables is expected to expand at a 10.28% CAGR, in terms of volume, over the period between 2015 and 2023. The market for power transmission cables will also benefit from the rising integration of renewable energy resources into conventional grids, and rising demand from the sectors of underground and submarine power transmission.
On the other hand, the rising numbers of grid infrastructure development projects across developing regions will substantially increase the number of installations of power transmission towers. This will allow the global market for power transmission towers expansion at a comparatively higher, 11.19% CAGR in terms of volume from 2015 to 2023.
China to Emerge as Most Lucrative Investment Destination
The market for power transmission towers and cables is presently dominated by Asia Pacific, which accounted for a share of 36.9% in the global market in 2014. The region is also expected to be provide the most lucrative growth opportunities for the power transmission towers and cables market from 2015 to 2023, owing to rapidly expanding grid networks in response to the mounting electricity consumption in developing countries. By 2023, Asia Pacific is expected to account for a more than 43% share in the global market, emerging as the major determinant of the overall growth prospects and profits for the global market.
The market in Asia Pacific will also witness vast developments in response to rising power loads, increased complexity and interconnections in grid networks, increased inclusion of renewable and distributed power sources in conventional grid infrastructure, and the need to replace outdated grid elements. The several limitations in the existing grid infrastructure in the region will encourage utility companies operating amid intense competition to adopt technological advancements to serve the consumer more efficiently. China will be the forerunner in this regional market and will exhibit growth at the fastest pace from 2015 to 2023 on a global front owing to the flourishing industrial sector in the country. The power transmission towers market in the country will exhibit a 10.7% CAGR while the power transmission cables market will exhibit a 9.65% CAGR from 2015 to 2023 in terms of revenue.
The power transmission towers and cables market report by Transparency Market Research provides in-depth analysis of the power transmission towers and cables market globally. The report segments the market on the basis of type and geography. The report analyzes the global power transmission towers and cables market in terms of both sales volume and revenue (US$ Mn) for the 2015–2023 period. For this research study, the base year is 2014, whereas the forecast is from 2015 to 2023. The report provides a comprehensive competitive landscape and features companies engaged in the manufacturing, construction, installation, and operation of power transmission towers and cables. This report includes the key dynamics affecting the power transmission towers and cables market globally. The analysis in the report provides detailed insights of the global power transmission towers and cables market. Market dynamics such as drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report through tables. The report also provides a detailed industry analysis of global power transmission towers and cables with the help of Porter’s Five Forces model.
Power transmission towers and cables are a vital part of the power transmission infrastructure. These components are used for transmission and distribution of electricity from power generation facilities to the end-users. Power transmission towers are tall vertical structures usually erected for the purpose of supporting and carrying transmission lines. Power transmission cables are used either as overhead, underground or submarine cables for the onshore and offshore operations to connect with power grid.
The power transmission towers and cables market has been segmented on the basis of type and geography. The power transmission towers and cables market has been segmented by type into power transmission towers and power transmission cables. The power transmission towers and cables market has been segmented geographically into five regional segments and further into 12 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East and Africa, and Latin and Central Americas. The 12 countries which have been separately addressed in this report are the U.S., Canada, Mexico, CIS countries, Germany, the U.K, China, India, Saudi Arabia, South Africa, Brazil, and Argentina.
Asia Pacific held the major share of the global power transmission towers and cables market in 2014, accounting for more than 35% of the global market share in terms of sales revenue. Asia Pacific is expected to be the fastest growing market for power transmission towers and cables. Counties such as China and India are expected to be the main divers for growth in Asia Pacific power transmission towers and cables market. North America was the second-largest market for power transmission towers and cables in 2014. Middle East and Africa, Europe, and Latin and Central Americas together constituted for less than 50% share of the global power transmission towers and cables market in that year. Middle East is expected to increase its market share of the global power transmission towers and cables market. Middle East is expected to be second fastest growing market for power transmission towers and cables. Huge investments in power transmission infrastructure by countries such as Saudi Arabia and others are expected to drive the demand for power transmission towers and cables in this region. Power transmission cables type segment accounted for around 70% share of the global power transmission towers and cables market in 2014.
Some of the key market participants in the power transmission towers and cables market include 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., Prysmian S.p.A., Nexans S.A., General Cable Technologies Corporation, Sumitomo Electric Industries Ltd., and Southwire Company LLC. The report provides an overview of these companies, followed by their financial details (if available), business strategies, and recent developments. The power transmission towers and cables market has been segmented as follows:
Global Power Transmission Towers and Cables Market: By Type
- Power Transmission Towers
- Power Transmission Cables
Global Power Transmission Towers and Cables Market: By Region
- North America
- The U.S.
- CIS countries
- The U.K
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin and Central Americas
- Rest of Latin and Central Americas