The rising demand for electricity, need for replacement of ageing infrastructure and installation of new transmission and distribution infrastructure is expected to drive the growth of transmission tower market. However, varying raw material prices, especially steel, and export and import restrictions may hinder the future potential of this market.
Developing nations such as India and China are the key markets driving the growth of this market whereas in developed economies such the North American and European regions presents new growth avenues with respect to the technological developments and replacement demand. However, fluctuating steel prices, and import/export regulations are key restraints for the global transmission towers market.
The global Transmission Tower market is estimated to reach $3883 million by 2023 at a CAGR of 8.4%.
Geographically, Asia Pacific dominated the global transmission tower market, and is projected to have the fastest growth, owing to increasing urbanization and industrialization in countries such as China and India. North America accounted for the second highest market share in 2017.
What are Transmission Towers?
Transmission Tower is a structure which supports and conveys electric transmission lines. Transmission tower are the supporting structure for overhead lines and carry the transmission lines above the ground level. The transmission tower designs are of varying symmetries depending upon geographical considerations as well as on the voltages of the transmission lines they support. Main parts of tower are peak, cage, tower body, cross arm and insulators which are varied depending upon the application.
What are the major applications for Transmission Tower?
Transmission towers are used in high voltage AC and DC applications to carry safety critical and heavy conductor. Transmission towers have to carry the heavy transmission conductor at a sufficient safe height from ground to ensure safety as well as less cost at the same time. Thus, transmission towers need to be able to withstand natural calamities and must be designed accordingly. They are majorly employed by power distribution companies for generation, distribution and transmission of generated power.
Market Research and Market Trends of Transmission Tower Ecosystem
- There has been a sudden spike in the power requirements across the global level due to automation and information technology assistances breaking through. Hence, the governments have to ensure the safe and adequate distribution of electricity. The means for distribution of electricity is only through transmission lines. Therefore the market demand for transmission is expected to be on a high rise.
- Alternate sources of energy such as solar plants, wind plants also have employed towers in their transmission systems for distribution unless it is remotely being utilized. The other distribution option possible to save the material cost for tower is underground wiring. But limitations including requirement of excavation and risk to transmit high voltage signals have been proven to be cost consuming which is a reason these transmission line towers are extensively used for distribution of HVAC.
- With the technologies such as electric vehicle in full motion the need for transmission towers is expected to gain further momentum. The electrical vehicle technology which is currently under research is to be powered with the help of charging stations. So a proper distribution channel has to be implemented with adequate backup options which surely would be assisted by these towers.
Who are the Major Players in Transmission Tower market?
The players profiled in the report include Kalpataru Power Transmission Limited, Associated Power Structures Pvt. Ltd., Nanjing Daji Iron Tower Manufacturing Company Ltd., Karamtara Engineering Pvt. Ltd., Weifang Changan Steel Tower Stock Company Ltd., Qingdao BST Steel Structure Co., Ltd., Al-Babtain Power & Telecommunication Co., Qingdao Megatro Mechanical and Electrical Equipment Co, Hebei Century Metal Structure Co.,Ltd
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