Overhead Conductor Market to value USD 1 Billion by 2032: Global Market Insights Inc.
Major overhead conductor market participants include Sumitomo Electric Industries, Ltd., 3M, Gupta Power, Nexans, ZMS Cable, Hindustan Urban Infrastructure Limited, Prysmian Group, CABCON INDIA LIMITED, Sterlite Power, Tropical Cable & Conductor Ltd. (TCCL), Galaxy Transmissions Pvt. Ltd., among others.
Selbyville, Delaware, Feb. 01, 2023 (GLOBE NEWSWIRE) --
The overhead conductor market is expected to record a valuation of USD 1 billion by 2032, according to a new research report by Global Market Insights Inc. Ongoing power grid modernization efforts, such as grid energy storage and smart grid R&D incorporating sophisticated technologies, are expected to positively influence the industry landscape. Additionally, a paradigm shift towards IT integration across the power sector is speculated to foster the implementation of smart grid technology, thereby complementing the business scenario. Furthermore, rising concerns about energy security and grid stability, as well as increased expenditures to construct a sustainable electrical network in response to increasing power demand.
Overhead conductor market from the others product segment is slated to witness over 7% growth rate between 2023 and 2032. The ongoing expansion of long-distance transmission lines, as well as the deployment of superconducting cables on account of the increasing demand for improved transmission networks. In addition, prominent measures to modernize the grid infrastructure by installing novel conductors & control technologies are likely to drive the segment outlook.
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The 132 kV to 220 kV overhead conductor market is slated to depict over 4% gains through 2032. The report cites that the implementation of advanced distributed generation technologies, coupled with growing renewable integration, are some major factors promoting segment expansion. Furthermore, the emerging issues of managing and controlling random power outages produced by the proliferating usage of solar power across developed and underdeveloped countries are estimated to stimulate product demand.
The ultra-high strength segment is poised to observe more than 5% growth rate till 2032. Long-distance overhead conductors need to be extremely strong owing to the product's high thermal resistance, thermal sag, and other sag produced by different load conditions, including ice loading and intense wind. These conductors find extensive usage on account of their ability to bear loads up to 150 kN, enabling efficient long-distance electrical transmission with minimal loss.
HVDC overhead conductor market surpassed around USD 100 million in 2022. Rising ongoing expansion of long-distance transmission lines, as well as the deployment of superconducting cables, is set to impel segment uptake due to the growing need for upgraded transmission networks. Additionally, the lightweight design, low maintenance & handling costs, and high-power transmission capacity of HVDC are forecast to spur product demand.
Based on application, the extra high tension segment recorded nearly 37% share of the overhead conductor market in 2022. Rising investments in the commissioning of wind farms and solar power plants, as well as the rising demand for sustainable energy, are estimated to propel segment growth. Furthermore, rapid product deployment driven by the excessive usage of power across emerging nations, coupled with positive governmental interventions for product deployment in transmission-connecting countries.
Asia Pacific overhead conductors market size valued at USD 300 million in 2022. This growth is credited to the rising need for uninterrupted power supply, along with escalating electricity consumption and grid connections across remote locations. In addition, shifting power consumption patterns in conjunction with increasing investments towards the development of the current power capacity are speculated to accelerate revenue growth.
Leading players operating in the overhead conductor market are Sumitomo Electric Industries, Ltd., 3M, Gupta Power, Nexans, ZMS Cable, Hindustan Urban Infrastructure Limited, Prysmian Group, CABCON INDIA LIMITED, Sterlite Power, Tropical Cable & Conductor Ltd. (TCCL), Galaxy Transmissions Pvt. Ltd.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Overhead Conductor Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
184.108.40.206 North America & Europe
220.127.116.11.1 Expansion of smart grid networks
18.104.22.168.2 Refurbishment & retrofit of existing grid infrastructure
22.214.171.124 Asia Pacific
126.96.36.199.1 Rising peak load demand
188.8.131.52.2 Expansion of micro-grid networks
184.108.40.206.3 Grid stability & security of supply concerns
220.127.116.11 Middle East & Africa, and Latin America
18.104.22.168.1 Increasing electricity demand
22.214.171.124.2 Integration of a sustainable electrical network
3.5.2 Industry pitfalls & challenges
126.96.36.199 Slow paced technological evolution across developing regions
188.8.131.52 High dependency on imports
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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