The Global Power Transmission Lines & Towers market is expected to reach USD 210.25 billion by 2028, at a CAGR of 10.43% from 2021 to 2028. The increasing need for reliable, efficient, and cost-effective power transmission solutions is the primary driver of the power transmission lines & towers market. The rising demand for electricity in both developed and emerging countries is further propelling the market. Additionally, the growing investment in the development of transmission infrastructure and the introduction of preferential policies and regulations are providing a major boost to the market.
Furthermore, the rising focus on renewable energy sources and their integration into the electricity grid is expected to propel the market in the foreseeable future. Moreover, the increasing number of public-private partnerships for the development of transmission infrastructure is providing a positive outlook to the market.
On the flip side, the high cost of installation and maintenance is likely to hamper the growth of the market. Additionally, the global outbreak of the COVID-19 pandemic has resulted in supply chain disruptions, which can adversely affect the market.
The global power transmission lines & towers market has been segmented based on type, application, and region.
By type, the market has been divided into overhead lines and underground cables. The overhead lines segment is expected to grow at a rapid pace in the coming years due to its advantages over underground cables, such as cost-effectiveness, ease of installation, and flexibility.
By application, the market has been segmented into industrial, residential, and commercial. The industrial segment is expected to dominate the market in the foreseeable future due to the increasing demand for electricity in industrial applications.
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Regionally, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is expected to dominate the market due to the presence of well-established infrastructure and the growing demand for electricity in the region. The market in Europe is expected to witness significant growth in the coming years due to the increasing focus on renewable energy sources.
The market in the Asia Pacific is expected to experience robust growth in the foreseeable future owing to the increasing investment in the development of power transmission infrastructure and the growing demand for electricity in the region. The RoW segment is expected to witness steady growth in the coming years.
The key players operating in the global power transmission lines & towers market are ABB Ltd. (Switzerland), Eaton Corporation plc (Ireland), Siemens AG (Germany), General Electric Company (U.S.), Prysmian Group (Italy), Bharat Heavy Electricals Limited (India), LS Cable & System Ltd. (South Korea), Nexans (France), KEI Industries Ltd. (India), and TDK Corporation (Japan).