Published By : 22 Feb 2016 | Published By : QYRESEARCH
There has been an increase in electricity demand due to the increasing adoption of newer technology in power transmission infrastructure, as well as due to the demand for replacing old power transmission infrastructure and an overall rise in demand for electricity. Thus, there is an increased growth in the power transmission towers and cables market, as power transmission towers and cables are important components in the power transmission infrastructure.
According to a report published by Transparency Market Research, the global power transmission towers and cables market, is all set to reach a high of US$13.90 bn by 2023, expanding at a CAGR of 7.15% during the period 2015 to 2023. Power transmission towers and cables are used for the distribution and transmission of electricity to the end users, from the power generation facilities.
Asia Pacific held a massive market share of more than 35% in the Global Power Transmission Towers and Cables Market:
The power transmission towers and cables market is segmented by geography into Europe, North America, Middle East and Africa, Latin and Central Americas and Asia Pacific region. Out of these regions, Asia Pacific is expected to be the fastest growing market for power transmission towers and cables, where countries such as China, Japan, South Korea and India are anticipated to be majorly responsible for driving the market.
12% of the global power transmission towers and cables market is accounted for, by Europe:
Europe power transmission towers and cables market is expected to grow during the period from 2014 to 2023 on account of rising expansion and refurbishment activities in the old and existing power transmission infrastructures.
Middle East and Africa due to its increasing activities in the infrastructure of power transmission, will be one of the fastest growing market for power transmission towers and cables.
Initial Capital and Installation Costs Anticipated to Curb the Power Transmission Towers and Cables Market
While increasing share of renewable energy sources in the total power generation mix is anticipated to propel the market for power transmission towers and cables, factors such as high installation cost and high initial capital requirement may hamper the market for the same.