Asia Pacific to Present Most Promising Opportunities for Development of Power Transmission Towers and Cables
The
increasingly dynamic operating environment with the integration of renewable
and distributed power resources in conventional grid infrastructure will have a
major impact on the future development of the global power transmission towers and cables market states a recent report by Transparency Market
Research (TMR). The vast number of companies operating in the highly fragmented
marketplace will benefit from the rising demand for up gradation of old or
technologically outdated grid infrastructures. Asia Pacific is home to some of
the largest vendors in the power transmission towers and cables market,
including Sumitomo Electric Industries Ltd., KEC International Ltd., ShanDong
DingChang Tower Co. Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd.,
Zhejiang Shengda Steel Tower Co. Ltd., and Kalpataru Power Transmission Ltd.
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Mounting
Demand for Electricity to Lead to Expansion of Grid Networks
Uninterrupted
and high quality electricity supply being central to several developments in
today’s increasingly digitized world, the vast rise in the global demand for
electricity forms the backbone of the global power transmission towers and
cables market. In addition to this factor, rapid industrialization and
urbanization will be the major factors encouraging developments in the market
in the next few years.
The
need to adapt to the dynamically changing grid infrastructures, owing to the
rising integration of renewable power sources in conventional grids, and
dynamically changing load profiles will lead to technological advancements in
the sector. The market will also witness significant development in response to
the need for upgrading grid elements to technologically advanced ones, demand
for which is driven by the increasing complexity of transmission networks and
the constant rise in power flow.
However,
the market will be hampered to a certain extent owing to the emergence of
wireless power transmission technologies such as laser beaming and solar and
magnetic resonant induction coupling in the next few years. Known to minimize
electrical energy losses and grant increased convenience of energy transfer,
these technologies will see increased adoption from utilities looking for ways
of achieving increased power efficiency. Adoption of these technologies will,
to an extent, limit the need for overhead cables and above-ground power
transmission towers.
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Urgency
for Grid Upgradation in Emerging Countries to be Key Enabler of Growth
The
markets for power transmission towers and cables in developed regions will be
driven majorly by the vast and rapid changes in power flows and operating
environment associated with the rising inclusion of renewable and distributed
power resources in grid infrastructure. Additionally, the aging of grid
components in these regions will also be a major driver of the power
transmission towers and cables market.
In
developing regions such as Asia Pacific and Africa, limitations in existing
grid infrastructure will lead to the increased demand for technologically
advanced power transmission towers. Existing products in grid infrastructure in
these regions, including circuit breakers, fixed shunt reactors, and
conventional transformers, will not be able to deal with situations such as
higher power and quality demands of modern digital devices, load variability,
and increasingly complex and long interconnections. Thus, power
transmission towers will be subjected to numerous changes in regards with
design, control mechanism, and safety and security features in the near future,
driving increased demand for tower maintenance and up gradation services.
Asia
Pacific will account for the largest share in the global market for power
transmission towers and cables in terms of both volume and revenue generation,
with nearly 44% and 49%, respectively, in the global market by 2023.
Transparency
Market Research projects that the global market for power transmission towers
and cables will tread along a healthy growth path over the next few years.
Expected to exhibit a CAGR of 7.15% over the period between 2015 and 2023, the
market will rise from a valuation of US$7.62 bn in 2014 to US$13.90 bn by 2023.
This review of the market is based on a recent market
research report published by Transparency Market Research, titled “Power
Transmission Towers and Cables Market - Global Industry Analysis, Size, Share,
Growth Trends and Forecast 2015 - 2023.”
For the study, the market
is segmented as follows:
Global
Power Transmission Towers and Cables Market: By Type
·
Power
Transmission Towers
·
Power
Transmission Cables
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