The global power transmission lines & towers market is projected to witness a lucrative growth spurt over the forthcoming time period. Rising infrastructural investment throughout industrial and commercial sectors and growing demand for renewable energy mix are expected to lay down a favorable growth ground and positively impact the industry landscape.
According to research report by Global Market Insights, Inc., global power transmission lines & towers market is estimated to rise at a growth rate of over 8% by 2026.
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The demand for cost-effective transmission systems is projected to grow in coming years attributing to their flexible product configurations, which includes low sagging ability, high corrosion resistance, and minimal electricity losses.
With ongoing consumer preference for smart grid infrastructure and renewable technology to serve the growing demand for energy throughout the world, the industry is earmarked to witness a substantial boost in revenue growth.
A paradigm shift toward retrofitting and refurbishment of present tower technology combined with ongoing advancements throughout tower designs and structures will also add up to the business outlook. Citing an instance, APE introduced Breakthrough Overhead Lines Design, throughout T&D network that are 50 feet compact and shorter in comparison to other transmission tower design.
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Meanwhile, government policies for the implementation of renewable energy network along with increase in energy demand would further encourage the power transmission towers industry.
Key factors like low sagging ability and high resistance are likely to increase the demand for the market of high-tension power transmission lines. Furthermore, ongoing urbanization throughout developing regions together with the increasing grid infrastructure investments will further promote the industry landscape.
Additionally, ease of recycling & processing of these cable lines that are in line with minimum energy losses as well as negligible short-circuit current throughout the transmission lines will likely further add up to the product demand.
From a geographical frame of reference, APAC, Middle East and North America, back in 2019 jointly represented around 80% of industry share throughout the overall power transmission towers industry. Rising demand for electricity globally is slated to encourage increase in refurbishment and revamping of existing distribution and transmission networks, which is expected to further foster the industry portfolio.
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Additionally, expansion of extra and ultra-high T&D networks to reduce the demand for electricity throughout industrial and commercial sectors would also strengthen the product demand during the projected timeframe.
Rising investments throughout the commercial and industrial sectors as well as consumer inclination for smart grid networks is earmarked to fuel the power transmission lines and towers market size. Moreover, rising adoption of renewable energy sources like wind and solar farms combined with the increasing technological advancements in the field of low as well as high voltage power distribution networks would create favorable business scenarios and chalk out a remunerative industry outlook.
Additionally, growing preference for smart grid networks throughout current as well as new T&D system to further encourage the product adoption.
The competitive landscape of power transmission lines & towers market includes companies like Southwire, Prysmian, Nexans and General Electric among others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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