Global power transmission lines, towers market to hit $48bn by 2028
DUBAI, April 20, 2022
The global power transmission lines and towers sector is poised for solid growth over the next six years with its market size set to surpass $48 billion by 2028, according to a new report by Global Marketing Insights.
The sector's growth is mainly being propelled by an upsurge in adoption of expansion strategies such as mergers, acquisitions, and product developments by leading industry participants, it stated.
For instance, in September 2021, Nexans unveiled its second cable-laying vessel, the Nexans Aurora, for reinforcing its offering across the offshore wind and interconnector industry. The vessel is set to strengthen Nexans’s position as a global leader in the cable-laying sector, playing a vital role in the world’s journey to Net Zero.
Driven by similar advancements, the power transmission lines and towers market share is slated to observe a growth rate of over 4% through 2028, according to a research conducted by Global Market Insights.
While the Covid-19 pandemic had a slight impact on the overall industry in the year 2020, a number of the global economies are focusing on the over-compensation of these effects by fast tracking their operations, it added.
The market growth is set to be propelled by favorable conditions comprising the usage of advanced power cables with reduced transmission losses and modernization of existing transmission towers and lines.
Here are some key trends that are expected to bolster power transmission lines and towers industry expansion over the anticipated period:
*Rising investments in R&D activities
The industry is witnessing increasing investments in research and development activities for the innovation and development of ecofriendly conductors that have low costs and high capacity. Furthermore, regulators are also focusing on enhancing the overload capacity and energy efficiency of transmission lines, which is favourable for market expansion.
Citing an instance, in November 2019, Kepco and LS Cable & System commercialized its superconductive cables that function on the superconductivity phenomenon where electrical resistance stops to exist at 196°C and can transit 5-10 times more power with minimal voltage in comparison to traditional copper cables.
*Increasing adoption of smart grid networks
The power transmission lines and towers market is set to grow on account of the rising adoption of renewable energy sources and ongoing technological innovations for HVAC electricity distribution networks.
While the industry is set to record a transition towards smart grid networks, the product demand is being fueled by the increasing inclination of regulators towards the implementation of smart grids across existing T&D infrastructure.
*Soaring demand for > 660 kV power transmission lines
Surging investments in grid infrastructure coupled with ongoing urbanization across developing countries will positively drive the demand for > 660 kV transmission lines. The market growth is impelled by the low sag capacity and high corrosion resistance of these lines.
Additionally, the ease of recycling and processing these cables along with reduced energy losses and negligible short circuit current is likely to spur product penetration over the forecast period.
*Rapid development of distribution grids in North America
North America is witnessing the rapid development of high & ultra-high power transmission and distribution grids for the reduction of losses across the commercial and industrial sectors.
The region is further characterized by ongoing refurbishments and renovations of the T&D network and the increasing demand for electricity.
Owing to these factors, the North America power transmission lines and towers industry is estimated to exceed $4 billion at a substantial rate of more than 6% through 2028, stated the report.
In a nutshell, the increasing demand for renewable energy and rising infrastructural investments across commercial and industrial sectors will positively boost the adoption of transmission towers over the estimated period, it added.-TradeArabia News Service
