Overhead Line Products Market is Estimated to Witness High Growth...

Overhead Line Products Market is Estimated to Witness High Growth

Posted 2023-10-31 11:50:44

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.