Albany, NY -- (SBWIRE) -- 12/21/2018 -- The present day grid infrastructure was designed with a view of serving the consumer in a reliable, efficient, and cost-efficient manner. The grid infrastructure of the future will be much complex and will have to meet a vast set of new requirements while being able to perform well on these criterion as well. Challenges such as the rising integration of renewable and distributed power sources and transmission of exponentially rising power loads will require major changes to the way in which grid and its various components are controlled, designed, and operated.
These factors will revolutionize the global market for power transmission towers and cables in the near future, bringing favorable changes to the overall dynamics of the market. Transparency Market Research states that the market will exhibit a healthy 7.15% CAGR from 2015 to 2023, rising from US$7.62 bn in 2014 to US$13.90 bn by 2023.
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Power Transmission Cables to Continue Dominating Market but Towers to Lead in Terms of Installations
In the global power transmission towers and cables market, the segment of cables holds clear dominance, with nearly 74% share in the overall market in 2014. The segment is projected to maintain its dominant stance in the near future as well, owing to the vast demand from constantly expanding grid networks and the need for frequent replacements. The market for power transmission cables is expected to expand at a 10.28% CAGR, in terms of volume, over the period between 2015 and 2023. The market for power transmission cables will also benefit from the rising integration of renewable energy resources into conventional grids, and rising demand from the sectors of underground and submarine power transmission.
On the other hand, the rising numbers of grid infrastructure development projects across developing regions will substantially increase the number of installations of power transmission towers. This will allow the global market for power transmission towers expansion at a comparatively higher, 11.19% CAGR in terms of volume from 2015 to 2023.
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China to Emerge as Most Lucrative Investment Destination
The market for power transmission towers and cables is presently dominated by Asia Pacific, which accounted for a share of 36.9% in the global market in 2014. The region is also expected to be provide the most lucrative growth opportunities for the power transmission towers and cables market from 2015 to 2023, owing to rapidly expanding grid networks in response to the mounting electricity consumption in developing countries. By 2023, Asia Pacific is expected to account for a more than 43% share in the global market, emerging as the major determinant of the overall growth prospects and profits for the global market.