LONDON--(BUSINESS WIRE)--The new power transmission lines and towers market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the power transmission lines and towers market.
"One of the primary growth drivers for this market is the Demand for High-voltage Transmission Lines,” says a senior analyst for the Industrials industry at Technavio.
The rise in the penetration of data centers and large communication base stations has resulted in an increased demand for power, thereby resulting in a surge in demand for HV transmission lines. For instance, in 2018, the total primary energy consumption in the US was approximately 100 quadrillion Btu. HV transmission lines enable transmission of power at high voltages to fulfill business demands. Utilities consist of companies that provide basic amenities such as water, electricity, and natural gas. Power is recognized as one of the most substantial components of infrastructure, which is critical for the growth and development of any economy. Additionally, factors such as the low cost of labor and the availability of cheap raw materials have attracted major foreign companies to establish their production base in developing countries such as India and China. This has resulted in an increased demand for power, thereby augmenting the demand for HV transmission lines.
As the markets recover Technavio expects the power transmission lines and towers market size to grow by USD 8.88 billion during the period 2020-2024.
Power Transmission Lines and Towers Market Segment Highlights for 2020
- The power transmission lines and towers market is expected to post a year-over-year growth rate of 2.42%.
- High-voltage alternate current is one of the most demanded transmission technologies globally.
- The major advantages of HVAC transmission systems are a reduction in the cost of conductor and increased efficiency. Moreover, they are designed using steel lattices or trusses to transmit multiples of three conductors, mainly in countries, such as Canada, Germany, and Scandinavia.
- Market growth in this segment will be slower than the growth of the market in the HDVC segment.
- 49% of the growth will originate from the APAC region.
- The high use of transmission lines and towers will significantly drive power transmission lines and towers market growth in this region over the forecast period.
- China and India are the key markets for power transmission lines and towers in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global Hybrid Cooling Towers Market: The hybrid cooling towers market size has the potential to grow by USD 136.22 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
Global Lightning Protection Systems Market: The lightning protection systems market size has the potential to grow by USD 132.67 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
- The power transmission lines and towers market size is expected to accelerate at a CAGR of almost 5% during the forecast period.
- The power transmission lines and towers market is segmented by Type (HVAC and HVDC) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., AECOM, Arteche Group, Lamifil NV, MasTec Inc., MYR Group Inc., Nexans SA, Prysmian Spa, Quanta Services Inc., and Siemens AG
Register for a free trial today to access 17,000+ market research reports using Technavio's SUBSCRIPTION platform
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 17,000 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.