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2020-24 The compound annual growth rate of the global transmission line and tower market exceeds 5%

August 29, 2020

Latest company news about 2020-24 The compound annual growth rate of the global transmission line and tower market exceeds 5%

2020-24 The compound annual growth rate of the global transmission line and tower market exceeds 5%

Source: Cable Network

[Cable Network News] According to a report released by Technavio, an international market research organization, from 2020 to 2024, the global market for transmission lines and pylons is expected to grow by USD 8.88 billion, with a compound annual growth rate of over 5% during the period.

 

The increase in the penetration rate of data centers and large communication base stations has led to an increase in the demand for electricity, which has led to a surge in demand for high-voltage transmission lines.

 

Electricity is considered to be one of the most important components of infrastructure and is essential to the growth and development of any economy. Factors such as low labor costs and the availability of cheap raw materials have attracted major foreign companies to establish production bases in developing countries such as India and China. This has led to an increase in the demand for electricity, thereby increasing the demand for high-voltage transmission lines.

 

At the same time, the demand for flexible power systems and the ever-changing energy pattern will also affect market growth. Worldwide, the demand for electricity is increasing exponentially. In addition, population growth and global economic growth are also expected to drive this trend in the future.

 

Currently, energy security is one of the important agendas of all countries. From the perspective of power generation, the International Energy Agency (IEA) estimates that by 2020, global fossil fuel power generation is expected to account for 61%, but this depends on the actions and implementation of the Paris Agreement.

 

In 2019, the Asia-Pacific region is the largest market for transmission lines and towers. During the forecast period, 49% of the global market growth will come from the Asia-Pacific region. China and India are the main markets for transmission lines and towers in the Asia-Pacific region. The market growth in this region will be faster than the growth of the European and North American markets.

 

High-voltage alternating current is one of the most needed transmission technologies in the world. The main advantages of high-voltage AC transmission systems are reduced conductor costs and increased efficiency. Moreover, they are designed to use steel trellis or trusses for transmission, mainly in countries such as Canada, Germany, and Scandinavia. However, considering the loss rate and capacity, the application growth rate of HVDC transmission technology will be faster than that of HVDC transmission technology during the forecast period.

 

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