Overhead Line Product Market Is Estimated To Witness High Growth Owing To Rising Demand For Efficient Transmission And Distribution Infrastructures
The Overhead Line Product Market is estimated to be valued at Us$ 19.78 Bn in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The overhead line product market includes products that are used in power transmission and distribution lines across various voltage lines. Key products include conductors, insulators, fittings & fixtures, cables, and OPGW cables. These products are used to transmit electricity from generation to transmission and distribution systems that deliver electricity to end-use customers. Conductors play a crucial role in transmission by allowing the flow of electric current. Insulators insulate conductors from supporting towers and allow only the flow of electric current. Fittings & fixtures hold conductors in place on transmission towers. Cables improve efficiency of distribution networks.
Market Dynamics:
Growing investments in modernizing aging transmission and distribution infrastructure and expanding networks are expected to drive the overhead line product market growth over the forecast period. Many countries are focusing on upgrading existing infrastructure to integrate renewable power from solar and wind farms into the grid. This requires installation of new transmission lines as well as reconductoring existing lines with higher capacity conductors. Furthermore, increasing initiatives toward rural electrification, replacement of obsolete networks, and construction of cross-border interconnectors to establish regional power trading are also fueling the adoption of overhead line products. However, high initial investment requirements for setting up transmission networks poses a challenge to market growth.
SWOT Analysis
Strength: The overhead line product market has extensive experience and expertise in designing, manufacturing and installing overhead power lines. Established players have strong R&D capabilities to develop innovative products. Overhead lines offer a cost effective solution for bulk power transmission over long distances.
Weakness: Overhead lines are prone to damage from harsh weather conditions like high winds, ice storms etc. Frequent maintenance and repairs increase costs. Public opposition to overhead lines due to perceived health and environmental risks poses challenges.
Opportunity: Growth in renewable energy sector will drive demand for overhead lines to facilitate integration of solar and wind power projects into national grids. Asian and African countries undertaking major grid modernization programs provide new business opportunities. Advent of smart grid technologies enables condition monitoring of overhead lines remotely.
Threats: Rising adoption rates of underground and submarine power cables pose threat to overhead line product market shares. Stringent regulations regarding emissions reduction and minimum overhead line clearances hinder expansion plans. Emergence of localized microgrids decreases dependence on large centralized power transmission networks.
Key Takeaways
The Global Overhead Line Product Market Size is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing investments in power transmission infrastructure across developing nations. Asia Pacific region dominates the market with over 40% share owing to large scale grid interconnection and upgradation projects underway in China and India.
Regional analysis: Asia Pacific region is the fastest growing market for overhead line products, driven by power sector reforms and ‘Make in India’ initiative stimulating domestic manufacturing. China currently dominates regional market size and is also a major exporter to developing Asian countries and Africa. India and Southeast Asian nations are other key domestic demand centers on back of ambitious renewable energy capacity additions.
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, Skipper.
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