Power Transmission Lines & Towers Market to surpass USD 25 billion by 2024, Brazil to make substantial revenue contributions
Technological interventions in the power sector are enabling Power Transmission Lines & Towers Market to gear up at a faster pace. To feed the growing consumer base with uninterrupted power, electric utilities across the globe are heavily investing in the development of novel grid infrastructure. Some of the leading countries initiations in this regard is further catalyzing the growth of the market. For instance, in yesteryear, U.S. announced to invest a hung amount (USD 10 billion) in grid infrastructure developments to curtail the tariff in the western transmission link. In another instance, China State Grid declared to construct a 6000-km line in Brazil further to its 10000-km line, which was added in the recent past. As per Global Market Insights, Inc. “Power transmission lines & towers industry having held a revenue of USD 14 billion in 2015, is poised to hit a revenue record of more than USD 25 billion by 2024, with a sharp CAGR of 6% over the period of 2016-2024.”
The growing inclination towards deployment of unconventional energy resources over their conventional counterparts is further complementing the overall power transmission lines & towers market dynamics. U.S. clean line energy has already declared a USD 2.5 billion investment for developing overhead high- voltage line that will transmit wind-generated electricity. Power transmission lines & towers industry from ultra-high tension line is expected to witness heavy demand with the rising investments by leading companies in extending the transmitted power capacity over long distances. It is expected that ultra-high tension power transmission lines & towers market will grow substantially at an annual rate of 9% over the coming seven years. Trend of integrating state power grid with the national grid is catering high tension power transmission lines & towers market.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/1182
Increasing demand for safe and reliable energy has generated a need to transfer higher amount of electricity over long distances. To maintain the current level, power transmission lines & towers market is bifurcated into HVAC and HVDC current lines. HVDC industry is estimated to register a CAGR of 8% over 2016-2024, owing to its ability to transfer bulk electricity at a stretch, which in turn has accelerated the expansion of this industry. HVAC market was worth USD 11 billion in 2015 and is projected to gain a noticeable revenue in the years ahead, driven by its high adaptability.
Transferring bulk power with minimum line resistive losses is the prime focus. In this regard, the 660 KV voltage level has gained a significant share in the power transmission lines & towers industry. Moreover, other voltage level power transmission lines such as 132KV, 220KV, and 440KV are also gaining impetus, owing to the development of the ETH network to enhance grid reliability.
Governmental push to reduce the curtailment rates and bring operational stability will propel the power transmission lines & towers market for Europe. In this regard, France market has attained an appreciable growth with a value of more than USD 450 million in 2015. This country has also initiated the construction of undersea network which is 150 miles and is one of the largest undersea projects. UK power transmission lines & towers industry share is projected to grow at an annual rate of 5% over the period of 2016-2024, owing to rising emphasis on grid integration of natural energy sources.
U.S. power transmission lines & towers industry is also marching at a rapid pace with a projected y-o-y growth rate of 4% over 2016-2024. Government support and various private initiative to minimize the line losses will augment the industry growth in the region.
Brazil power transmission lines & towers industry is estimated to generate revenue of USD 1 billion by 2024, owing to rising foreign investments in the region.
The government of China proclaimed an investment of around USD 315 billion in its program for the grid enhancement. The government has also allocated USD 280 billion for the upgradation of UHV and EHV networks. China power transmission lines & towers market is estimated to surpass USD 7 billion by 2024, with an annual growth rate of 8% between 2016-2024.
The strict government norms and heavy capital involved in set up of these lines may hamper the industry growth in the coming timeframe. However, the efforts made by companies to tie-up with various government organizations and the trending green energy revolution will provide a noticeable push to the power transmission lines & towers industry. Prominent players sharing power transmission lines & towers market space include General Electric, Nanjing Daji Iron Tower Manufacturing, Kalpataru, and Sumitomo Electric.
Author Name :Satarupa De