AI in Banking Market Size, Share, and Industry Analysis, By Deployment Model (On-premises and Cloud-based), By Function (Risk Management, Customer Service, Compliance & Regulatory, Wealth Management, and Others); By Technology (Chatbots/Virtual Assistants, Fraud Detection & Prevention, Customer Relationship Management, Process Automation, Predictive Analytics, and Others), and Regional Forecast, 2021-2028-2032

• 

   Request a Free Sample To Get More Information on this Market

POWER TRANSMISSION TOWERS AND CABLES MARKET REPORT OVERVIEW

global power transmission towers and cables market size was USD 9.98 billion in 2023 and market is projected to touch USD 16.48 billion by 2032 at CAGR 3.5% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Power transmission towers and cables are essential components of electrical power distribution and transmission systems, which are responsible for delivering electricity from power generation sources to homes, businesses, and industries. These systems are designed to efficiently transmit electricity over long distances while minimizing power losses. Power transmission towers, also known as electrical pylons or transmission line towers, are tall structures designed to support high-voltage overhead power lines. They are typically made of steel or concrete and are erected at regular intervals along the power transmission route. Transmission towers serve as the framework for the overhead power lines and provide stability and elevation to keep the cables at a safe distance from the ground and other structures.

There are different types of transmission towers, including lattice towers, monopoles, and guyed towers, each with specific designs based on factors like terrain, load-carrying capacity, and environmental conditions. Power transmission cables are conductors designed to carry high-voltage electrical currents over long distances. These cables come in various types, including overhead lines, underground cables, and submarine cables. Overhead transmission lines consist of conductors (usually aluminum) strung between power transmission towers. They are the most common type of power transmission system. Underground cables are used in urban areas where overhead lines are impractical or unsightly. They are installed beneath the ground and are insulated to prevent electrical leakage. Submarine cables are used to transmit electricity across bodies of water, such as undersea power interconnectors between islands or countries.

COVID-19 IMPACT

"CONSTRUCTION DELAYS TO HINDER MARKET GROWTH"

The pandemic disrupted global supply chains, leading to delays in the production and delivery of materials required for power transmission towers and cables. Shutdowns in manufacturing facilities and transportation restrictions caused interruptions in the supply of essential components, such as steel, aluminum, and insulating materials. Due to lockdowns, travel restrictions, and safety concerns, many construction projects related to power transmission infrastructure were delayed or put on hold. This affected the installation of new transmission towers and cables, leading to project postponements and cost overruns. The pandemic led to changes in electricity consumption patterns. With more people working from home and increased demand for online services, some regions experienced a shift in electricity demand. This necessitated adjustments in power transmission and distribution to meet these changing requirements.

LATEST TRENDS

"High Voltage Direct Current (HVDC) Transmission to Enhance Market Growth"

The global shift toward renewable energy sources like wind and solar power has had a significant impact on the power transmission towers and cables market growth. It has led to the development of new transmission lines to connect remote renewable energy facilities to urban centres. HVDC technology continues to gain prominence for long-distance power transmission. It is more efficient over extended distances and can help reduce transmission losses. Many new projects are adopting HVDC solutions. The demand for underground and submarine power cables has increased, driven by urbanization and the need to reduce visual impact in populated areas. These cables are also essential for interconnections between islands and across bodies of water.

POWER TRANSMISSION TOWERS AND CABLES MARKET SEGMENTATION

By Type

Based on type market is classified as power transmission towers and power transmission cables.

By Application

Based on application market is classified as residential, commercial and industrial.

DRIVING FACTORS

"Renewable Energy Integration to Augment Market Growth"

Increasing energy demand due to population growth, urbanization, and industrialization drives the need for expanding and upgrading power transmission towers and cables infrastructure. The shift toward renewable energy sources, such as wind and solar power, necessitates the development of new transmission lines to connect renewable energy facilities to the grid and transport clean energy to demand centres. Aging power transmission infrastructure in many regions requires significant upgrades and modernization to improve grid efficiency, reliability, and resilience. The desire to share electricity resources and enhance energy security has led to the development of cross-border transmission interconnections, facilitating energy trading between neighbouring countries or regions.

"Energy Efficiency and Reduced Losses to Propel Market Growth"

As more people move to urban areas, there is a growing need for underground and substation cable systems to deliver power to densely populated regions while minimizing visual impact. Power transmission cables with higher voltage ratings and improved materials help reduce transmission losses and improve energy efficiency, which is essential for sustainability and cost savings. The adoption of High Voltage Direct Current (HVDC) transmission technology for long-distance power transmission tower and cables is growing because of its efficiency and ability to reduce losses over extended distances. Increased occurrences of extreme weather events and natural disasters have raised concerns about the resilience of power transmission infrastructure, prompting investment in more robust systems.

RESTRAINING FACTORS

"Land Acquisition and Rights-of-Way to Impede Market Expansion"

The process of obtaining permits and meeting regulatory requirements for new transmission projects can be time-consuming and costly, potentially delaying infrastructure development. Environmental impact assessments, as well as public opposition to the installation of transmission lines and towers, can lead to project delays or cancellations, particularly in ecologically sensitive areas. Securing land rights and rights-of-way for new transmission projects can be a complex and expensive process, especially in densely populated or heavily developed areas. Building and maintaining power transmission infrastructure can be expensive, and cost considerations can limit the scope and pace of projects, especially in regions with limited financial resources.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market

POWER TRANSMISSION TOWERS AND CABLES MARKET REGIONAL INSIGHTS

"North America to Dominate the Market Due to Extensive Power Transmission Networks"

The North America have extensive power transmission towers and cables market share, including long-distance transmission lines connecting remote power generation sources, such as hydropower in the Pacific Northwest and renewable energy projects in various regions. The integration of renewable energy and the need for grid modernization have driven significant investments in the transmission sector. North America notable for its cross-border transmission interconnections, allowing the exchange of electricity between countries and regions. This interconnected grid supports the integration of renewable energy sources and improves energy security. The region’s commitment to decarbonization and the expansion of the internal energy market has driven transmission infrastructure development.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Top Power Transmission Towers And Cables Companies

• Arteche (Spain)
• Southwire Company LLC (U.S.)
• Sterling & Wilson (India)
• Kalpataru Power Transmission Ltd. (India)
• ABB (Switzerland)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.