The features a highly fragmented and a markedly dynamic operating environment, finds Transparency Market Research (TMR). Some of the leading vendors in the market are Kalpataru Power Transmission Ltd., Zhejiang Shengda Steel Tower Co., Ltd., Nanjing Daji Iron Tower Manufacturing Co. Ltd., ShanDong DingChang Tower Co., Ltd., KEC International, Ltd., and Sumitomo Electric Industries, Ltd. A large number of players operating in this fragmented landscape are capitalizing on emerging opportunities emanating from the spiraling demand for revamping old outdated grid infrastructures or from the increased implementation of smart grid technologies.
The global power transmission towers and cables market stood at US$7.62 bn in 2014 and is projected to rise at a CAGR of 7.15% from 2015 to 2023. Expanding at this pace, the market is anticipated to reach a valuation of US$13.90 bn by the end of 2023.
Regionally, Asia Pacific leads the market and is predicted to account for a revenue of 49.0% by the end of the forecast period. The growth of the regional market is primarily propelled by the increasing upgrade of conventional power transmission infrastructures in order to meet the intensifying demand for smart grid technologies. Based on type, the market for power transmission cables is anticipated to lead throughput the forecast period. This segment is projected to rise at a CAGR of 10.28%, in terms of volume, from 2015 and 2023, mainly driven by the demand for constant expansion of grid networks.
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