Overhead Line Products Market is Estimated To Witness High Growth
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| Overhead Line Products Market |
The overhead line products market is estimated
to be valued at US$ 19.78 Billion In
2022 and is expected to exhibit a CAGR
of 6.9% over the forecast period 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
Overhead line products are conductors, connectors, clamps, and insulators used
to transmit power from generating stations to distribution system and
substations. These include transmission conductors, distribution conductors,
overhead conductor fittings, cable connectors and fittings, and insulators.
Power transmission conductors like all-aluminum-alloy conductors, ACSR
conductors, and AAAC conductors are used for overhead transmission lines based
on the requirement. Overhead distribution conductors such as Aerial bundled
cables, bare overhead conductors, and service wires are used for power
distribution from transformers to households and commercial establishments.
Market Dynamics:
The overhead line products market is witnessing high growth owing to increasing
power generation and transmission projects across the globe. Rising investments
in rural electrification projects in developing countries are further fueling
the demand for overhead line products. According to the International Energy
Agency, about 770 million people still lacked access to electricity in 2019,
most of them living in rural areas of Africa and developing Asia. This offers
growth opportunities for overhead transmission and distribution lines.
Additionally, the development of advanced high-capacity conductors like HTLS
and ULS cables to transmit power over long distances is another factor
contributing to the Overhead
Line Product Market growth over the forecast period. The increasing power demand
amid rapid industrialization and urbanization will continue driving the demand
for reliable power infrastructure and overhead line products globally.
SWOT Analysis
Strength: Overhead line products offer reliable power transmission over long
distances in a cost effective manner. They have a well-established supply chain
and skilled workforce. The products can withstand harsh weather conditions and
have a long operational life.
Weakness: Overhead lines are prone to damage from extreme weather events like
strong winds, lightning strikes etc. They require large tracts of land for
installation and have high visibility which some communities oppose on
aesthetic grounds.
Opportunity: Growing investments in modernizing aging power grids in developed
markets and expanding electrification in emerging economies will drive demand.
Technological upgrades like use of advanced conductors and digital monitoring
solutions present new avenues.
Threats: Rising adoption of underground cabling and emphasis on renewable
energy integration may reduce dependency on conventional transmission networks.
Stringent environmental regulations around land acquisition for new projects
pose challenges.
Key Takeaways
The global overhead line product market is expected to witness high growth,
exhibiting CAGR of 6.9% over the
forecast period, due to increasing investments in grid infrastructure
modernization and rural electrification drives across key economies. The market
size is projected to reach US$ 19.78
Billion By 2023.
Regional analysis
Asia Pacific dominates the overhead line product market, accounting for around
35% share of the global market in 2022, led by China, India and Southeast Asian
countries. This is attributed to massive ongoing projects for grid
interconnections, suburban transmission networks and smart grid rollouts.
Europe and North America are also sizable markets, though growth is expected to
be higher in developing Asian and African markets.
Key players
Key players operating in the overhead line product market are Nexans, Prysmian
Group, General Cable, Sumitomo Electric Industries, Encore Wire, Finolex
Cables, KEI Industries, Polycab Wires, APAR Industries, Sterlite Technologies,
Gupta Power, Diamond Power Infrastructure, Kalpataru Power Transmission, SAE
Towers, ZTT, Midal Cables, J Power Systems, Super Solutions, KEI Power, and
Skipper. Some leading companies are focusing on new composite core technologies
and Internet of Things-based monitoring solutions to enhance their product
portfolio.
Read More : https://www.rapidwebwire.com/overhead-line-product-market-opportunities-demand-analysis/
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