Power Transmission Towers and Cables Market 2023 : Forecasts, Technologies, Players

The global power transmission towers and cables market features an exceptionally divided and a particularly unique working condition, discovers Transparency Market Research (TMR). A portion of the main merchants in the market are Kalpataru Power Transmission Ltd., Zhejiang Shengda Steel Tower Co., Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd., ShanDong DingChang Tower Co., Ltd., KEC International, Ltd., and Sumitomo Electric Industries, Ltd. Countless players working in this divided landscape are benefiting from developing open doors radiating from the spiraling demand for redoing old obsolete network foundations or from the expanded usage of shrewd lattice advances.

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The worldwide power transmission towers and cables market remained at US$7.62 bn in 2014 and is anticipated to ascend at a CAGR of 7.15% from 2015 to 2023. Expanding at this pace, the market is foreseen to achieve a valuation of US$13.90 bn before the finish of 2023.

Provincially, Asia Pacific leads the market and is anticipated to represent an income of 49.0% before the finish of the conjecture time frame. The development of the provincial market is essentially moved by the expanding overhaul of regular power transmission frameworks so as to satisfy the increasing need for brilliant network advances. In light of sort, the market for power transmission cables is foreseen to lead throughput the conjecture time frame. This fragment is anticipated to ascend at a CAGR of 10.28%, as far as volume, from 2015 and 2023, fundamentally determined by the demand for steady extension of lattice systems.

Demand for Sustainable and Affordable Power Transmission Technologies Accentuates Market

The rising demand for electric power among residential, commercial, and industrial users, has led to the need for finding a reliable, sustainable, and affordable power transmission infrastructures. The rising demand for power transmission towers and cables world over is driven by the need for sustainable supply of electricity in a number of industrialized nations. The rapid pace of urbanization in various developing nations is catalyzing the demand for power transmission towers and cables. The mounting demand for integration of renewable energy sources into the existing grid infrastructures is a key factor driving the market. In addition, the vast inclusion of distributed power systems is anticipated to bolster the demand for power transmission towers and cables.

The vast expansion of power grid system has led to the pressing need for replacements of cables and the demand for transmission towers. This is expected to accentuate the power transmission towers and cables market. Furthermore, a number of measures undertaken by several governments and private players implementing the smart grid technologies has boosted the market in developing and developed regions. Smart grid infrastructure has acted as a key enabler for flexible and high-performance power transmission system in numerous emerging economies.

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Growing Share on Renewables in Existing Power Grids to Unlock Exciting Opportunities

The advent of wireless transmission technologies to overcome the constraints of wired transmissions is a key factor expected to hinder the market to an extent. Nevertheless, the burgeoning demand of electric power in underground and submarine power transmissions is a key trend expected to open up exciting opportunities in the global power transmission towers and cables market.

The growing shares of renewable energy in the existing power generation system is fueling the need for technologically upgrading the structure of in existing grid infrastructures. This has bolstered the demand for power transmission cables and towers in various regions. The pressing demand among policy makers world over to deliver on affordable power to commercial and industrial users has led to the vast expansion of renewable energy sources, thereby opening up lucrative avenues in the market. Furthermore, the growing number of activities in maintenance of transmission towers and the rising demand for upgrade services are crucial factors expected to catalyze the market.

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This release was published on openPR.