Power Transmission Lines and Towers Market
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Power Transmission Lines and Towers Market was valued at USD 36.9 billion in 2023 and will grow at 4.8% CAGR from 2024 to 2032. Exponential & continuous energy demand coupled with rapid integration for renewable energy sources to generate electricity is driving the market growth. Rapid urbanization and industrialization in developing countries are driving the demand for electricity that requires the expansion of power transmission infrastructure to ensure a reliable and stable electricity supply.
Global governments are making significant investments in bolstering their power transmission infrastructure to cater to escalating electricity needs and to bolster economic development. These efforts frequently involve subsidies, grants, and pro-private sector policies. The emphasis lies on modernizing transmission and distribution systems, and expanding smart grid networks, all pivotal in driving this growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Power Transmission Lines and Towers Market size in 2023: | USD 36.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 4.8 |
| 2023 Value Projection: | USD 55.9 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 100 |
| Tables, Charts & Figures: | 12 |
| Segments Covered: | Product, Conductor, Insulation, Voltage, Current, Application, & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The shift towards renewable energy sources like wind, solar, and hydro requires new transmission lines and towers to connect these often-remote generation sites to the main grid, driving market growth. Innovations in transmission technology, such as High Voltage Direct Current (HVDC) systems and smart grid technology, are enhancing the efficiency and reliability of power transmission, necessitating upgrades and new installations. Additionally, expanding the grid to rural and remote areas in developing countries is a significant growth driver.
Based on product, the conventional power transmission lines & towers industry is anticipated to surpass USD 18 billion by 2032. The adoption of power transmission lines and towers is being driven by their high current carrying capacity, favourable sag behaviour, and robust mechanical properties. The traditional power transmission lines and towers industry is set for steady growth due to continuous investments in power infrastructure, the necessity for grid modernization, and the rising integration of renewable energy sources.
Based on voltage, the > 220 kV to 660 kV voltage range industry will grow at a rate of over 5% through 2032. The industrial sector's surging inclination for electricity, alongside the expanding extra high-tension transmission networks in mining, oil, and gas, is set to bolster business growth. Moreover, the swift rise in retrofitting and refurbishing aging transmission networks, especially in regions like North America and Europe, will amplify industry dynamics.
The Asia Pacific power transmission lines and towers market is anticipated to exceed over USD 25 billion by 2032. The region is experiencing rapid growth due to increasing electricity demand from expanding urban areas and industrial sectors, particularly in China and India. Government initiatives for rural electrification, infrastructure development, and integration of renewable energy are major growth drivers.
The market is driven by efforts to modernize aging infrastructure and integrate renewable energy sources. The U.S. government’s initiatives to promote clean energy and grid reliability are significant contributors to market growth. In addition, Canada’s focus on connecting remote areas and enhancing grid resilience also drives demand.
Bekart, CTC Global Corporation, Elsewedy Electric, Lamifil, Nexans, Prysmian Group, Sterlite Power, ZTT are among the dominant players in the power transmission lines and towers industry. These companies are focusing on innovation, strategic partnerships, and investments in new transmission projects to maintain their competitive edge in the market.
Major key players operating across the power transmission lines & towers industry are:
Market, By Product
Market, By Conductor
Market, By Insulation
Market, By Voltage
Market, By Current
Market, By Application
The above information has been provided for the following region & countries:
APAR Industries Ltd., Bekaert, CABCON India Private Limited., CMI Limited, CTC Global Corporation, Eland Cables, Elsewedy Electric, Gupta Power Infrastructure Ltd., KEI Industries Limited, and Kelani Cables, among others.
The market size of power transmission lines & towers industry was worth about USD 36.9 billion in 2023 and is anticipated to register 4.8% CAGR between 2024 and 2032, due to rapid integration for renewable energy sources to generate electricity.
The conventional segment in the power transmission lines & towers market is anticipated to reach USD 18 billion by 2032, driven by adoption of power transmission lines and towers and continuous investments in power infrastructure.
Asia Pacific power transmission lines & towers market is anticipated to reach USD 25 billion by 2032, due to increasing electricity demand from expanding urban areas and industrial sectors and government initiatives for rural electrification.