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Building Connections: Power and Communication Line Trends in 2024
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According to The Business Research Company's, The power and communication line and related structures construction market size has grown steadily in recent years. It will grow from $301.51 billion in 2023 to $311.84 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to infrastructure development, urbanization trends, regulatory policies, economic growth, global connectivity.
The power and communication line and related structures construction market size is expected to see steady growth in the next few years. It will grow to $362.73 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to renewable energy integration, smart city initiatives, government investments, climate resilience, cybersecurity concerns. Major trends in the forecast period include smart grid technology, infrastructure modernization, 5G network expansion, government initiatives and regulations, automation and robotics.
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Market Drivers and Trends:
The increase in demand for smart grid systems is expected to propel the growth of the power and communication line and related structures construction market going forward. A smart grid refers to an electricity system that employs digital and other cutting-edge technology to track and control the flow of electricity from all generation sources to satisfy the various needs of end consumers. Smart grids are used to construct power and communication lines and related structures, allowing for a better understanding of the communications requirements through traffic control and modelling. For instance, in 2021, according to a report published by the International Energy Agency, a France-based intergovernmental organization, the demand for investments in the US for smart grid systems increased by 9% in 2021 compared to the previous year. Further, in April 2021, a report published by The Edison Foundation's Institute for Electric Innovation, a US-based non-profit organization, the Smart meter installations in the United States reached 107 million in 2020 and are expected to reach 115 million in 2021. Therefore, the increase in demand for smart grids is driving the growth of the power and communication line and related structures construction market.
Product innovation has emerged as the key trend gaining popularity in the power and communication line and related structures construction market. Major companies operating in the power and communication line and related structures construction market are developing innovative products to strengthen their position in the market. For instance, in May 2022, Qualcomm Technologies, Inc., a US-based multinational corporation, launched a power line communication (PLC) device called QCA7006AQ. The QCA7006AQ is made to meet the communication requirements for electric vehicle (EV) charging stations, sometimes referred to as electric vehicle supply equipment (EVSE), and to support V2G. Due to the QCA7006AQ's special features, HomePlug Audio Video (HPAV) streaming at PHY rates surpassing 200 Mbps is also supported, enabling a wired data connection to the cloud via the charging station.
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Major Key Players of the Market:
Hitachi Ltd., General Electric, Nippon Steel & Sumitomo Metal Corporation, Nisshin Steel Co Ltd., Qualcomm Atheros Inc., JFE Steel Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Sumitomo Electric Industries Ltd., Broadcom Inc., Fujitsu Ltd., ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Texas Instruments Inc., Kobe Steel Ltd., Infineon Technologies, Emerson Electric Co, Analog Devices Inc., AMETEK Inc., Hubbell Power Systems Inc., Westinghouse Electric Company LLC, Ducab DWC LLC, Landis+Gyr, D-Link Corporation, Atmel Corporation, devolo AG, Power Plus Communications AG, Echelon Corp
Power And Communication Line And Related Structures Construction Market 2024 Key Insights:
• The power and communication line and related structures construction market size is expected to see steady growth in the next few years. It will grow to $362.73 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• Rising Demand For Smart Grid Systems Energizes Growth In Power And Communication Line Construction Market
• Innovative Power Line Communication Devices Transforming The Landscape Of Infrastructure Construction
• Europe was the largest region in the power and communication line and related structures construction market in 2023
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