Power Transmission Towers and Cables Market – Industry Trends and Analysis 2023
Electricity or power is most crucial key performance indicators (KPI) that shows the growth of an economy. Hiked up electricity demand and necessity to optimize the utilization of the power generation to full capacity have propelled power suppliers to adopt technologies like high-voltage double circuit lines across the globe.
However, this is not sufficient to cater the rising need of electricity for rising populations in the world. The industry is currently facing challenges such as issues with interconnections, scarcity of land, and initial and maintenance cost. These are affecting the efficiency of the power plants. To overcome these challenges, the power transmission industry is upgrading its current infrastructure, which is calling for the need of numerous power transmission towers and cables in various regions of the globe. According to a report by Transparency Market Research, this need for upgrading infrastructure is the major factor underpinning the growth of the global power transmission towers and cables market currently.
Substantial Growth Potential for the Players
According to the report, the market has tremendous growth potential in the projected timer frame. Players can leverage the various growth opportunities like development of power grids into smart grids where sensors can monitor various vital data from the equipment in the grid and overhead wires. Leveraging such opportunities, the players can capture a vast portion of estimated revenue generation. The report states that market which stood at US$7.62 bn in 2014 is anticipated to reach US$13.90 bn by the end of 2023. This implies that in the forecast period of 2015 to 2023, the global power transmission towers and cables market is witnessing 7.15% CAGR.
Competitive but Progressive for the Players
By analyzing the revenue generation between 2014 and 2023, the report states that the market has the growth potential of US$ 6.28 bn in the forecast period. However, looking at the robustness of the growth and rising demand for the various components required for installing power transmission towers and quality cables, various new players are entering the market. The players are looking forward to cater to this demand either with the technology they possess or by leveraging their production capacity.
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Prominent players of global power transmission towers and cables market are already lining up their new products to hit the global power transmission towers and cables market. The face-off between the two (newcomers and established players) is expected to make the market competition even tougher during the forecast period. However, the competition is expected to bring positive impact on overall growth of the global power transmission towers and cables market. This is because of the technological advancements like development of Advanced Distribution Management System (ADMS) software to provide real-time analytics to the grid managers, which can improve the overall efficiency and productivity of power transmission organizations.
China Offers the Best ROI for Companies in Asia Pacific
Asia Pacific accounts for the maximum share of more than 43% in the global power transmission towers and cables market by 2023. This unprecedented growth on the region is backed by the rising investments on upcoming projects in China. The country is largest electricity consumer in the world, with approximately 6.1 trillion Kilowatts/day. To cater to this consumption, country calls for various new projects such as Beilun Power Station and Waigaoqiao Power Station. These new power plants call for high-voltage transmission lines and towers to support them. It is because of these reasons China supports the prominence of Asia Pacific over other regions of power transmission towers and cables market.
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