16:57 | 30.11.2020
Power Transmission Lines and Towers Market Forecast to 2024 – Covid-19 Impact and Global Analysis – by Type and by Geography | Technavio
The new power transmission lines and towers market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
The rise in the penetration of data centers and large communication base stations has resulted in an increased demand for power, thereby resulting in a surge in demand for HV transmission lines. For instance, in 2018, the total primary energy consumption in the US was approximately 100 quadrillion Btu. HV transmission lines enable transmission of power at high voltages to fulfill business demands. Utilities consist of companies that provide basic amenities such as water, electricity, and natural gas. Power is recognized as one of the most substantial components of infrastructure, which is critical for the growth and development of any economy. Additionally, factors such as the low cost of labor and the availability of cheap raw materials have attracted major foreign companies to establish their production base in developing countries such as India and China. This has resulted in an increased demand for power, thereby augmenting the demand for HV transmission lines.
As the markets recover Technavio expects the power transmission lines and towers market size to grow by USD 8.88 billion during the period 2020-2024.
High-voltage alternate current is one of the most demanded transmission technologies globally.
The major advantages of HVAC transmission systems are a reduction in the cost of conductor and increased efficiency. Moreover, they are designed using steel lattices or trusses to transmit multiples of three conductors, mainly in countries, such as Canada, Germany, and Scandinavia.
Market growth in this segment will be slower than the growth of the market in the HDVC segment.
The high use of transmission lines and towers will significantly drive power transmission lines and towers market growth in this region over the forecast period.
China and India are the key markets for power transmission lines and towers in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
The power transmission lines and towers market is segmented by Type (HVAC and HVDC) and Geography (APAC, Europe, North America, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ABB Ltd., AECOM, Arteche Group, Lamifil NV, MasTec Inc., MYR Group Inc., Nexans SA, Prysmian Spa, Quanta Services Inc., and Siemens AG
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