by The Overhead Line Product 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:
Telecommunication towers are structures that are designed to support telecommunication antennas that facilitate wireless communication. They are used by wireless operators as base stations for cellular communication networks. Key products include monopole towers, guyed towers, stealth towers, roof-mounted towers, and camouflaged towers. These towers play a crucial role in maintaining seamless communication networks by facilitating transmission of voice, data and other signals through antennas installed on them.
Market Dynamics:
Rapid adoption of 4G and 5G networks is expected to drive growth of the telecommunication towers market over the forecast period. According to the GSM Association, the number of 4G networks have increased to 80 worldwide as of 2019. This adoption is expected to increase further with growing need for high-speed internet among consumers and businesses. In addition, 5G networks are also being increasingly deployed across major economies globally. For instance, according to 5G Americas, 5G networks are expected to power almost 40% of urban broadband by 2026 in the US and Canada. This rapid deployment of advanced networks requires a robust infrastructure of telecommunication towers, which is expected to significantly boost market growth.
Rising demand for seamless network connectivity is another factor expected to propel the market growth. With growing digitization and proliferation of internet-connected devices, the demand for seamless connectivity has increased exponentially. This in turn is generating significant demand for more telecommunication towers to support additional antennas and transmit high bandwidth signals to a wider coverage area without any connectivity issues.
Segment Analysis
The Overhead Line Product Market is dominated by the sub-segment for equipment such as insulators, transformers, poles, wires and cables. This sub-segment accounts for over 60% of the total market share owing to the large volumes required for erecting power networks. Equipment form the core components of any overhead line infrastructure and need to be replaced regularly, ensuring steady demand for this segment.
PEST Analysis
Political: Investments in power transmission and distribution sectors across regions are being driven by government initiatives for upgrade and expansion of grid infrastructure.
Economic: Growth of the emerging economies is increasing requirement for reliable electricity which is boosting investments in transmission grids globally.
Social: Accelerating electrification programs in rural areas also necessitate setting up of new transmission lines.
Technological: Adoption of advanced technologies such as high-temperature low-sag conductors and composite cross-arm systems help increase transmission capacity while reducing costs.
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 modernization and expansion projects across regions.
The Asia Pacific region dominates the market with over 35% share owing to large-scale grid infrastructure development programs in India and China. Other high growth regions include Latin America, Middle East and Africa.
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, Skipper. These players are focusing on development of innovative products as well as partnerships with EPC contractors to strengthen their positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
