Overhead Line Products Market is Estimated To Witness High Growth

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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