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The power transmission lines and towers market is estimated to grow by USD 11,951.5 million at a CAGR of 5.54% between 2022 and 2027. The growth of the market depends on several factors, the rapid growth in demand for high-voltage transmission lines in the utility sector, the need for flexible power systems and changing energy landscape, and the increasing cross-border interconnections.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, spanning from the innovator’s stage to the laggard’s stage. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rapid growth in demand for high-voltage transmission lines in the utility sector is the key factor driving the growth of the global market. In the last few years, the demand for high voltage (HV) lines in the utility sector has increased rapidly. These transmission lines are a reliable means of transporting large amounts of power over long distances. Due to the spread of data centers and large-scale communication base stations, the electricity demand is increasing, and the demand for high-voltage lines is increasing. For instance, in 2021, the total primary energy consumption in the US was approximately 97 quadrillion Btu. High-voltage transmission lines enable the transmission of power at high voltage to fulfill business demands.
Moreover, the vendors operating in the utility sector are offering a wide range of services to customers in the form of developing mobile apps that give customers control over the usage of electricity. The growing demand for low-priced and reliable energy solutions has augmented the use and demand for overhead, underground, and marine cable technologies to meet the demand for power in an efficient manner. Such benefits are expected to propel the growth of the market in focus during the forecast period.
The evolution of smart grids is the primary trend in the global market growth. The smart grid offers an unprecedented opportunity for the utility sector to provide reliable, uninterrupted power to end users. The growing need to detect and respond to localized changes in electricity consumption is driving the exponential deployment of smart grids in the utility sector. China and North America are currently in the process of deploying smart grids. These smart grids use power lines to efficiently provide a sustainable, safe, and economical electricity supply.
Moreover, the utilities are modernizing the grid by implementing smart grids that use digital and IT to manage the power flow efficiently and effectively. This is boosting the demand for smart grid T&D equipment, such as synchro phasor, high-voltage transmission lines, reclosers, and Volt-VAR control equipment. Modernization helps in collaborating and transforming the grid to accommodate an increased number of low-carbon polluting technologies, such as renewables, distribution generation, and energy storage for power generation. Thus, power generation has become multi-dimensional when compared with its earlier versions. Such developments are expected to propel the growth of the market focus during the forecast period.
The need to meet government regulations and industry standards is a major challenge to the growth of the global market. Several government regulations, industry standards, and building codes are imposed by international organizations related to power generation and T&D. These regulations also relate to electricity use and its uses. For instance, since the implementation of the Public Utilities Regulatory Policy Act in the US in 1978, the generation of electricity has been shifting from utilities to industrial firms and non-utility generators (NUGs).
NUGs prefer equipment that is suitable for small electricity-generating units, whereas utilities prefer equipment for large electricity-generating units. Such varied requirements make the generation of electricity less centralized and more complex. The ASCE 10-97 standard states the stringent requirements of designing guyed and self-supporting lattice steel electrical transmission towers. Thus, government regulations regarding the safety and quality of electricity harm the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co.: The company offers power transmission lines and towers such as 3M Aluminum Conductor Composite Reinforced, and 3M Cold Shrink.
CG Power and Industrial Solutions Ltd.: The company offers power transmission lines and towers such as transformers, switchgear, circuit breakers, and vacuum interrupters.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market companies, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The transmission lines segment will account for a major share of the market's growth during the forecast period. The transmission line segment had the largest market share of the market considered in 2022. This is largely due to a large number of grid expansion projects, grid connection projects between countries, and the significant expansion of renewable power generation around the world. These factors are driving the demand for electricity and the expansion of transmission lines to allow more people to connect to the grid.
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The transmission lines segment was valued at USD 19,074.75 million in 2017 and continued to grow until 2021. In the field of renewable energy, there is a considerable expansion in transmission lines. More and more countries are gradually shifting to using renewable energy such as wind and solar to achieve their goals of reducing their carbon emissions and reducing their dependence on fossil fuels. Large renewable energy projects are typically located on the outskirts of cities, requiring power to be transported over long distances. The integration of renewables is increasing demand for transmission lines, as traditional grids were not designed to handle the disruption of renewable energy sources. To meet this challenge, new transmission lines will be installed, which is expected to drive the growth of the featured market during the forecast period.
Type Segment Analysis:
Based on type, the market has been segmented into HVAC and HVDC. The HVAC segment will account for the largest share of the type segment. HVAC is one of the most demanded transmission technologies globally due to its major advantages such as the reduction in the cost of conductors and an increase in efficiency. They are designed using steel lattices or trusses to transmit multiples of three conductors, mainly in countries such as Canada, Germany, and Scandinavia. Moreover, the old HVAC transmission lines are being replaced with modern ones to enhance energy efficiency. For instance, during 2021-2022, the government of India added 14,895 circuit kilometers of power transmission lines. Furthermore, the reduction in operating costs, increase in energy efficiency, and favorable government incentives have spurred the need for replacing existing HVAC lines in the US, the UK, Germany, and Japan. Such developments are expected to drive the growth of the HVAC segment, which, in turn, is anticipated to propel the growth of the market in focus during the forecast period.
APAC is estimated to contribute 49% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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China leads the world in the use of grid technology. The country is committed to integrating more renewable energy into its power grid and promoting the capacity expansion of fossil fuel power plants to meet the growing domestic energy demand, which is primarily driven by population growth and rapid industrialization. Moreover, the country is focused on developing high-voltage transmission lines and has an extensive network of high-voltage transmission lines to harness and transport the vast amount of renewable energy in the country. HVDC transmission systems transmit power from the southwest of China to the southeast, such as Shenzhen and Guangzhou. Such developments are expected to drive the growth of the focused regional markets during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The Market is influenced by various factors, including the valuation of renewable energy sources in the energy mix. Efforts to create efficient lines and towers are crucial for reducing energy losses and optimizing power consumption. Government policies play a significant role in shaping the market, especially regarding the development of smart grid networks and cross-border grid networks to support renewable energy networks.
Grid infrastructure is a key focus area, with consumer attitudes and the adoption of artificial intelligence technologies and IT applications driving innovation. Sustainable electrical networks are essential to meet peak load demand, influenced by disposable income and luxury spending in urbanized areas.
However, limitations such as technological evolution and steel costs, along with import and export restrictions, can hinder market growth. Infrastructural problems and the need for hydro or power transmission towers are challenges in both developed and emerging economies, despite initiatives like smart city projects. Labor costs and access to raw materials, especially for HV power transmission lines and hydro transmission, are key considerations. Additionally, concerns about environmental impact, particularly from hazardous particles emitted during petroleum and natural gas transmission, require attention in the market.
Power Transmission Lines And Towers Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.54% |
Market growth 2023-2027 |
USD 11,951.5 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.75 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 49% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Arrow Electronics Inc., Cabcon India Ltd., CG Power and Industrial Solutions Ltd., CTC Global Inc., Eland Cables Ltd., Gupta Power Infrastructure Ltd., Hindusthan Urban Infrastructure Ltd., Jiangsu Zhongtian Technology Co Ltd, Jyoti Structures Ltd., KEC International Ltd., Lamifil NV, MasTec Inc., Neccon Power and Infra Ltd., Nexans SA, NV Bekaert SA, Prysmian Spa, Skipper Ltd., Sumitomo Electric Industries Ltd., and Tratos Cavi S.p.A. |
Market dynamics |
Parent market analysis, Market Forecasting Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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