Power transmission towers and cables ensure a seamless transmission network. They are used in the form of submarine, underground, or overhead cables for offshore and onshore operations to connect to the main power grid. These cables are insulated in order to prevent drawbacks that could be a result of the usage of non-insulated conductors. The three types of power transmission cables are extra-high-voltage transmission cables, high-voltage transmission cables, and medium-voltage transmission cables. These cables can also be classified as AC cables and DC cables. Meanwhile, power transmission towers can be made of a wide variety of materials such as concrete, wood, lattice, and tubular steel.
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The global power transmission towers and cables market is segmented on the basis of type into power transmission towers and power transmission cables. Geographically, this market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin and Central Americas.
Asia Pacific Power Transmission Towers and Cables Market to Grow at a Fast Pace
In terms of geography, Asia Pacific held a 35% share in the global power transmission towers and cables market in 2014. On the other hand, North America held a share of about 20% in the market in 2014. According to analysts, the power transmission towers and cables market in Asia Pacific is likely to expand at an accelerated pace and will be closely followed by the Middle East and Africa from 2015 to 2023. Out of the types, the power transmission cables segment held a dominating share of 70% in the overall market in 2014. According to a research report, the global power transmission towers and cables market was valued at US$7.6 bn in 2014 and is likely to rise at a CAGR of 7.15% between 2015 and 2023 to reach US$13.9 bn by 2023.
Increasing Demand for Electricity to Boost Market
Power transmission towers and cables are used for transferring electricity from the point of generation to power distribution centers and end users. Therefore, these towers and cables are considered to be an integral part of the of power transmission infrastructure. In the coming years, the demand for power transmission towers and cables is expected to rise due to growing electricity consumption.
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Replacing Outdated Transmission Infrastructure Offers New Growth Opportunities
Furthermore, replacement of old and outdated power transmission infrastructure and the rising share of renewable energy sources in the overall power generation mix have also led to the growth of the overall power transmission and cables market. The demand for power transmission towers and cables will also be augmented by the rising adoption of improved technologies in power transmission infrastructure. Despite the steady market drivers, the global power transmission and cables market faces certain challenges such as the requirement for high capital investment and high installation costs.
Some of the important players in the global power transmission towers and cables market are Zhejiang Shengda Steel Tower Co. Ltd., Kalpataru Power Transmission Ltd., ShanDong DingChang Tower Co. Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd., Prysmian S.p.A., KEC International Ltd., General Cable Technologies Corporation, Nexans S.A., Southwire Company LLC, and Sumitomo Electric Industries Ltd.