The global power transmission towers and cables market is expected to be influenced by a varied market base and product differentiation in an effort of industrial players to improve their share. Transparency Market Research (TMR), an illustrious research firm, has foreseen market leadership at the mercy of novel products and technologies. The most principal factor deemed important for marking players in the world market is the engineering and designing of towers. Besides pricing, market players are advised to focus on enhancing their product execution expertise and experience. New entrants are foretold to enter the market easily as laws and regulations offer support.
The industry statistics procured by TMR through painstaking analysis of the world power transmission towers and cables market reveal a US$13.9 bn rise by 2023 from US$8.75 bn in 2016. Power transmission cables are researched to attain a probable US$10.2 bn revenue in 2023, whereas the figure was only US$6.4 bn in 2016. The faster growth rate of China coupled with other driving factors is anticipated to help Asia Pacific gain a 43.66% share in the global market.
Power-Hungry Nations Roofing Hot Rise in Population and Industrialization Top up Demand
With the elevating demand for electricity at a global level, the rise of the worldwide power transmission towers and cables market is predicted to be significantly fortified. Interestingly, the power demand is foretold to surge even more, thus giving a strong push to further the growth of the global market. Be it household, agricultural, commercial, industrial, or economic, a constant supply of power is vital for almost every associated sector.
The desperate need of countries accommodating aged power transmission infrastructure to replace them with new installations in prophesied to help the international power transmission towers and cables market to witness an imperishable advancement. While aging deteriorates the efficiency of power transmission infrastructure, other factors such as natural disasters, transmission component failures, tower and wire breakages, power outages, and power loss during transmission could be emphatic.
The shift in the adoption of power generation sources from fossil fuels to renewable and nuclear energy has augmented the construction of new power transmission infrastructures, as a result of which the need for transmission towers and cables is envisaged to increase.
Overlong Power Transmission Lines and Expensive Maintenance Raise Hand against Growth
The furtherance in growth of the global power transmission towers and cables market is envisioned to take a toll from the maintenance and operational costs and capital-intensive venture of power transmission infrastructure construction. With an increasing count of equipment and components required, the power transmission line is getting longer. In this regard, the costs involved are expected to grow larger.
Howbeit, new opportunities in the power transmission towers and cables market are prognosticated to take birth from the adoption of sophisticated technologies to curb losses in the operation of power transmission lines. Since the construction of a soaring number of power transmission cables and towers are required in the installation of novel technologies, the demand is anticipated to be magnified in the market.
Newer technologies and advanced innovations are being increasingly adopted in order to ensure sustainable power supply to demand centers, proper integration of grids, and effective operation of power transmission lines. Subsystem interconnection with AC or DC, smart meters, smart substations and control centers, smart transmission networks, and smart grids are some of the top power transmission technologies commonly adopted.
The study presented here is based on a report by TMR, titled “Power Transmission Towers and Cables Market (Type - Power Transmission Towers and Power Transmission Cables) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
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
- CIS Countries
- 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
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