The overhead line product market includes insulators, fittings and accessories that are used to mount electrical conductors on utility poles for power distribution. Insulators help protect the conductors from short circuits and damage caused by weather, pollutants or external interference. Various fitting and accessories such as suspension clamps, tension clamps, vibration dampers and spacers are employed to hold the conductors in place and mitigate vibrations caused by wind. Overhead lines transport electricity generated from renewable sources like solar and wind farms to urban centers and supply electrical grids.
The global overhead line product market is estimated to be valued at US$ 19.78 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As highlighted in the heading, the growing demand for renewable energy integration is expected to drive growth of the overhead line product market over the forecast period. Renewable power generation capacity additions have increased substantially in recent years owing to supportive government policies and focus on decreasing carbon emissions. Overhead lines play a vital role in evacuating electricity from remote renewable energy projects to cities and connecting renewable power plants to national grids. Additionally, aging conventional transmission networks also require replacement of insulators and fittings to strengthen grids and accommodate rising power loads. However, factors such as high initial investment and lengthy approval cycles for new transmission projects pose a challenge for grid modernization efforts.
Segment Analysis
The overhead line product market can be segmented into conductors, fittings &fixtures, insulators, cables & accessories and others. Among these, the conductors segment accounts for the largest market share owing to high demand for aluminium and copper conductors for power transmission. The fittings & fixtures segment is expected to witness the highest growth during the forecast period due to increasing investments in T&D infrastructure projects globally.
PEST Analysis
Political: Growing investments towards the development and upgrading of power transmission networks in developing nations present significant opportunities. However, stringent regulations around environmental pollution during manufacturing may restrain growth to some extent.
Economic: Rising global energy demand along with governments focus on rural electrification is positively impacting market revenues. However, fluctuating raw material prices remains a major challenge for players.
Social: Rapid urbanization and increasing living standards is driving demand for reliable power supply. However, localization of production remains an issue in some geographical areas.
Technological: Advancements in material science has allowed development of more efficient overhead line products. Meanwhile, increasing adoption of renewable energy may elevate demand for grid stabilization solutions in future.
Key Takeaways
The Global Overhead Line Product Market Size is expected to witness high growth over the forecast period supported by increasing investments in power T&D infrastructure, particularly in developing nations. The global overhead line product market is estimated to be valued at US$ 19.78 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis – Asia Pacific dominates the market and is expected to continue its lead supported by rising electrification rate and ongoing grid expansion projects across China, India and Southeast Asian countries.
Key players analysis – Key players operating in the overhead line product market are Murata Manufacturing Co. Ltd, Vectron International Inc., Siward Crystal Technology Co. Ltd, Kyocera Corporation, Nihon Dempa Kogyo (NDK) Co. Ltd, Seiko Epson Corp., Daishinku Corp., Hosonic Electronic Co. Ltd, TXC Corporation, Rakon Ltd and SiTime Corporation.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
