The research study covers the present scenario and growth prospects of the global transmission towers market for 2017-2021. Transmission towers are tall structures that are widely used for the transmission of electric power from the point of generation to the point of distribution, such as substations.
The requirement for expansion and renovation of existing T&D network is increasing globally. This is because of the demand created due to factors, such as growing demand for electric power, especially in developing regions, and the need to replace age-old T&D equipment (that includes transmission towers). The growing need for electric power is triggered by rising urban population in countries, such as China, India, Indonesia, Thailand, Vietnam, Russia, Ukraine, Brazil, Mexico, and African countries, such as Nigeria and South Africa.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three factors that are contributing to the growth of the global transmission towers market:
- Need for flexible power systems and changing energy landscape
- Increasing cross-border interconnections
- T&D expansion leading to increase in transmission tower installations
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Need for flexible power systems and changing energy landscape
The demand for power has increased exponentially across the world. Furthermore, the growth in population and rise in the global economy are expected to drive this trend in the future as well. According to the World Bank, the world population is projected to increase from 7.5 billion in 2016 to 8.8 billion by 2035. At present, energy security is the national agenda for any country. From a power generation point of view, the International Energy Agency (IEA) estimates that the global generation of electricity from fossil fuels is expected to reach 61% by 2020.
Gaurav Mohindru, a lead unit operations research analyst at Technavio, says, “Climate change policies and advances in technology have resulted in electricity generation from low-carbon or no-carbon renewable sources, such as solar, wind, and hydro. There has been an increase in awareness on depleting fossil fuel resources as well as associated carbon emission regulations among many countries.”
Increasing cross-border interconnections
The number of cross-border interconnections across the world is expected to increase during the forecast period. Apart from renewable energy obligations, which promote renewable energy trade between countries, apprehensions over electricity reliability and security as well as rising electricity prices are expected to promote the growth of electricity trading. The majority of transmission lines have attained their peak capacities, leading to bottlenecks.
“The development of energy infrastructure and interconnections involve more than one country's governing body. This may contribute to a potential conflict between regulators and may delay project implementation. Since energy can be transported from one country to another, it provides the opportunity to mitigate the peak hour demand and transmit power when there is an abundance to a country where power sources are limited, thus allowing diversity in energy supply and energy security,” adds Gaurav.
T&D expansion leading to increase in transmission tower installations
GE has recently announced the signing of an agreement with Indonesia during the Indonesian president's state visit to the US. This agreement, valued at billions of dollars, relates to four infrastructure projects, out of which three concern the power sector. GE's investment will help Indonesia achieve its ambitious goal of raising its power generating capacity by 2019.
The manufacturing sector in these regions is growing considerably, leading to a significant demand for electricity, encouraging public and private power sector companies in many regions to commence projects of planned network capacity expansion. These projects show that the demand for electricity is increasing significantly.
- Kalpataru Power Transmission Limited
- KEC International
- Nanjing Daji Group
Browse Related Reports:
- Global Advanced HVAC Controls Market 2017-2021
- Global Wind Energy Cables Market 2017-2021
- Global Metal Analyzers Market 2017-2021
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.