The outbreak of coronavirus has adversely affected the global utility poles market, owing to the stoppage of construction activities during the lockdowns. The market is expected to recover in the 3rd and 4th quarter of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global utility poles market is expected to generate a revenue of $55,360.7 million by 2026, growing rapidly at a CAGR of 2.7% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figure Pre and Post the COVID-19 Outbreak
According to the report, the market is predicted to grow at a CAGR of 2.7% during the forecast period, while it was anticipated to be 2.9% in the pre-pandemic scenario from 2019-2026. This decline is mainly due to the prevalence of lockdowns during the pandemic which led to the closure of various industries across the globe, putting a stop to all sorts of operational activities in order to limit the spread of the virus during the pandemic. In addition, rising prevalence of wiring network and underground cables is expected to further impede the growth of the utility poles market during the forecast period.
Factors Influencing the Market Size Pre and Post the COVID-19 Outbreak
According to the report, real-time market size has substantially decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $28,296.0 million in 2020, while its estimations were $47,159.9 million in the pre-pandemic scenario. Sudden stop of operations at construction sites during lockdowns adversely decreased the demand for utility poles. In addition, stringent rules and regulations imposed by the government against deforestation for setting up of utility poles is further expected to hinder the growth of the utility poles market during the forecast period.
As per the report, the global utility poles market is expected to recover by 3rd/4th quarter of 2022. The increasing use of poles in the electricity sector is expected to drive the growth of the market during the forecast period. In addition, increasing need of composite utility poles that have immaculate properties and are economical at the same time is further expected to create immense opportunities for the growth of the utility poles market during the forecast period.
The Prominent Players of the Utility Poles Market Include -
Valmont Industries Inc.
Nippon Concrete Industries Co. Ltd.
Pelco Products Inc.
RS Technologies Inc.
FUCHS Europoles GmbH
El Sewedy Electric Company
Hill & Smith Holdings Plc.
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in June 2021, Bentley Systems, Incorporated, an innovative infrastructure engineering software company, acquired SPIDA Software, developers of specialized software for the design, analysis, and management of utility pole systems, in order to help address the challenges of transitioning to new renewable energy sources including EV charging, 5G expansion, and optimization of electric grid.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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