Home > Pressrelease > Transmission Towers Market size to exceed $24 Bn by 2028
Transmission Towers Market size to exceed $24 Bn by 2028
- Published Date: May 5, 2022
Transmission Towers Market size is anticipated to surpass USD 24 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Ongoing integration of renewable energy mix in existing electricity infrastructures along with the rising electricity demand is likely to fuel the industry growth. Growing enhancements toward the deployment of an effective T&D grid infrastructure coupled with the rising urge for efficient towers with minimal energy losses will spur the market demand. In addition, increasing investments in retrofitting & refurbishment of existing electrical infrastructures in line with rising installations of power infrastructures in developing economies will augment the industry prospects.
Modernization of conventional grid infrastructures to improve electrical reliability & security
The > 660 kV transmission towers market to reach a value of USD 14 billion by 2028. The refurbishment & revamping of conventional T&D infrastructures combined with the ongoing construction of housing units will fuel the industry landscape. The introduction of favorable government schemes & policies to promote the integration of renewable resources will further boost the business scenario.
Browse key industry insights spread across 300 pages with 484 market data tables & 29 figures & charts from the report, “Transmission Towers Market Size By Voltage (132 kV to 220 kV, > 220 kV to 660 kV, >660 kV), By Structure (Double Circuit Tower, Waist Type Tower, Tubular Steel Pole), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
The deployment of smart grid infrastructures to enhance flexibility, efficiency, and reliability
Rising construction activities across commercial & residential establishments along with the development of intelligent grid networks will drive tubular steel pole structure tower deployments. Moreover, a shifting inclination toward micro-grid infrastructure development in line with continuous regulatory efforts for the decentralization of grid networks will positively influence the market statistics. Growing concerns of uninterrupted power supply, followed by operational hazards including electrical faults have instituted a favorable business landscape. Furthermore, the growing inclination toward smart grid infrastructures will foster the transmission tower market outlook.
Stringent government incentives, policies, & schemes for the adoption of energy-efficient units
The Asia Pacific transmission towers market is set to rise at 3% CAGR through 2028. Increasing technological advancements in the power sector to boost the market growth. The introduction of various plans & subsidies to provide electricity access to rural & remote locations will complement the industry outlook.
Restarting of industrial operations followed by the demand for rising distributed energy technologies
The COVID-19 pandemic slightly impacted the transmission towers market owing to restricted labor movement, thereby resulting in transmission line & tower project delays. However, the power sector was operational in line with regular maintenance and monitoring of power supply units. Additionally, the replacement of aging infrastructure coupled with the growing need for energy-efficient systems will bolster the industry outlook. Rising construction activities related to new grid developments will further surge product deployment.
Strategic partnerships & contracts followed by innovations and agreements by prominent players
Strategic implications including mergers, agreements, partnerships, and acquisitions by prominent companies to strengthen their presence. For instance, in May 2021, MasTec, Inc. acquired INTREN, LLC., an energy distribution contractor based in the U.S. The company acquired all the equity interests of INTREN, LLC. for roughly USD 420 million to expand its electrical distribution operations in the U.S. This acquisition will enhance the financial position of the company in the North America energy market.
Major participants operating in the transmission towers market include Utkarsh India Limited, Jyoti Structures Limited, KEC International Ltd., QUANTA SERVICES, NEXANS, Valard Construction, Burns & McDonnell, PLH Group, Wilson Construction, Power Line Services, Inc, MDU Construction Services Group, Valmont Industries, Inc., Sabre Industries, Inc., MEYER UTILITY STRUCTURES, LLC., SAE Towers, M?TA?, KOCAER STEEL, Skipper Limited, Ganges Internationale, and ISA.
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