The global transmission line market is experiencing growth due to several factors such as surge in demand for renewable energy and rise in the adoption of electric vehicles (EVs) and electrified transportation systems.
PORTLAND, Ore. , March 11, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Transmission line Market by Product (AC Transmission Line and DC Transmission Line), Type (Overhead Transmission Line, Underground Transmission Line, and Submarine Transmission line), Voltage (High Voltage, Extra High Voltage, and Ultra High Voltage), and End User (Utility, Telecommunication, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global transmission line market was valued at $41.5 billion in 2022, and is projected to reach $80.9 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
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Prime determinants of growth
The global transmission line market is projected to witness significant growth due to a rise in demand for renewable energy, driven by the abundance of resources in remote areas. Transmission lines play a critical role in efficiently delivering renewable electricity to urban centers. In addition, the adoption of electric vehicles and electrified transportation systems further drives transmission line demand, enabling the distribution of power to charging stations. However, the market growth is hindered by high upfront costs and complex installation processes. Nevertheless, technological advancements and aging infrastructure offer promising growth opportunities for the transmission line market.
Report coverage & details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$41.5 billion |
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Market Size in 2032 |
$80.9 billion |
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CAGR |
7.2 % |
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No. of Pages in Report |
250 |
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Segments Covered |
Product, Type, Voltage, End User, and Region. |
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Drivers |
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Opportunity |
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Restraint |
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The DC transmission lines segment is expected to witness rapid growth throughout the forecast period.
By product, the AC transmission lines segment held the highest market share in 2022, accounting for more than half of the global transmission line market revenue and is projected to retain its dominance throughout the forecast period. This is due to their established infrastructure, cost-effectiveness, and compatibility with existing systems. Their widespread use stems from reliability, ease of implementation, and proven technology.
However, the DC transmission lines segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. This can be attributed to advantages in long-distance transmission, minimal power loss, and suitability for renewable energy integration, thus fostering increased adoption.
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The overhead transmission lines segment is expected to witness rapid growth throughout the forecast period.
By type, the overhead transmission lines segment held the highest market share in 2022, accounting for more than half of the global transmission line market revenue and is projected to retain its dominance throughout the forecast period. This can be attributed to their lower installation costs, ease of maintenance, and widespread deployment. Their flexibility in terrain and reliability contribute to their dominance in the transmission line market.
The ultra high voltage segment is expected to grow faster throughout the forecast period.
By voltage, the high voltage segment held the highest market share in 2022, accounting for more than two-fifths of the global transmission line market revenue and is projected to retain its dominance throughout the forecast period. This can be attributed to its efficiency in long-distance power transmission, reduced energy losses, and ability to meet growing electricity demand, particularly in urban areas, making it the preferred choice.
However, the ultra high voltage segment is projected to manifest the highest CAGR of 7.6% from 2023 to 2032. This can be attributed to its ability to transmit large amounts of power over extremely long distances efficiently, supporting renewable energy integration and grid modernization efforts.
The utility segment is expected to grow faster throughout the forecast period.
By end user, the utility segment held the highest market share in 2022, accounting for more than half of the global transmission line market revenue and is projected to retain its dominance throughout the forecast period. This can be attributed to its role in establishing and maintaining transmission infrastructure for supplying electricity to residential, commercial, and industrial consumers, reflecting the essential nature of utility operations.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global transmission line market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe. This can be attributed to rapid industrialization, urbanization, and infrastructural development, particularly in countries such as China and India, driving the demand for electricity and necessitating extensive transmission networks.
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Players:
- ABB
- ARTECHE
- General Electric
- Hitachi Energy Ltd.
- MYR Group Inc.
- NEXANS
- Prysmian Group
- Salasar Techno Engineering Ltd.
- Sumitomo Electric Industries, Ltd.
- Valard
The report provides a detailed analysis of these key players in the global transmission line market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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