Latest News- Power Transmission Lines and Towers Market: Transmission lines is expected to lead the Product segment during 2023-2027

The Power Transmission Lines and Towers Market is being driven by Rapid growth in demand for high-voltage transmission lines in utility sector

The Power Transmission Lines and Towers Market is expected to grow at a CAGR of 5.54% during 2022 and 2027. During this period, the market is also expected to show a growth of USD 11.95 billion. In the utility sector, the adoption of smart grids represents a significant business opportunity for companies providing dependable and continuous power to their customers. The increasing demand for real-time responses to local power consumption fluctuations has fueled the implementation of smart grids in this industry. Currently, China and North America are at the forefront of this trend. Smart grids facilitate the efficient delivery of eco-friendly, secure, and cost-effective electricity through transmission lines. These transmission lines in smart grids may be linked to wireless sensor networks, providing consumers with real-time pricing information. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Transmission lines
  • Transmission towers
• Type
  • HVAC
  • HVDC
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid growth in demand for high-voltage transmission lines in utility sector
• Need for flexible power systems and changing energy landscape
• Increasing cross-border interconnections

However, the market also witnesses some limitations, which are as follows:

• Need to meet government regulations and industry standards
• Transmission losses
• Fluctuation in raw material prices

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Market Scope in Power Transmission Lines and Towers Market Research Report

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Research Analysis Overview

The Power Transmission Lines and Towers market encompasses the electrical infrastructure that facilitates the transfer of electrical energy from generation sources to consumption centers. This includes both overhead and underground transmission lines, as well as lattice towers and smart grid networks. With the integration of renewable energy into the power industry, there is a growing need for efficient transmission systems to manage peak load demand and urbanization. Cross-border and renewable energy networks are key areas of focus, along with IT applications, artificial intelligence technologies, and sustainable electrical networks. Generation sources, such as renewable energy, face unique challenges like resistance, capacitance, inductance, and shunt conductance, which must be addressed in the design of generating substations and distribution stations.

Market Research Overview

The global heavy electrical equipment market plays a pivotal role in catering to the demands of the power and industrial sectors, including energy, mining, and oil and gas. This market encompasses manufacturers of electrical components and equipment, such as cables, wires, and heavy electrical equipment, for the generation, distribution, and transmission of power in fixed-use and large-scale systems. Key growth drivers for this market include the increasing frequency of power outages due to natural disasters in regions like MEA, Europe, and APAC, which are prone to extreme weather conditions such as floods, earthquakes, and annual droughts. Additionally, the integration of renewable energy sources into the electrical grid and the adoption of smart grid technologies, including real-time data communication and lattice and pole towers for overhead and underground transmission lines, will further fuel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/