(EnergyIndustry.Net, October 11, 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.
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.
The market in Asia Pacific will also witness vast developments in response to rising power loads, increased complexity and interconnections in grid networks, increased inclusion of renewable and distributed power sources in conventional grid infrastructure, and the need to replace outdated grid elements. The several limitations in the existing grid infrastructure in the region will encourage utility companies operating amid intense competition to adopt technological advancements to serve the consumer more efficiently. China will be the forerunner in this regional market and will exhibit growth at the fastest pace from 2015 to 2023 on a global front owing to the flourishing industrial sector in the country. The power transmission towers market in the country will exhibit a 10.7% CAGR while the power transmission cables market will exhibit a 9.65% CAGR from 2015 to 2023 in terms of revenue.