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Power Transmission and Distribution Conductors Update
December 31, 2018 | PRNewswireEstimated reading time: 1 minute
Global power transmission conductors market registered a compound annual growth rate (CAGR) of 5.9% between 2012 and 2017. Developing economies such as China and India registered a combined market value of $2.7 billion in 2017. The global power sector is undergoing a profound industrial and technical transition. There is a shift toward renewable and gas power generation, which is supported by the increasing integration of smart technologies into the power grid. Rapid industrialization and urbanization have contributed to increasing consumption of power, due to increasing manufacturing outputs and domestic population.
China and India are two prime emerging economies, whose power sector trends are influencing the global power market, due to the scale of initiatives undertaken. In the forecast period, China and India are projected to hold an aggregate value of $13.7 billion between 2018 and 2022. The need for large-scale transmission infrastructure to move power from remote regions, growing domestic electricity demand, large-scale renewable energy deployment, strong gross domestic product (GDP) growth projections, and rural electrification initiatives are some of the primary drivers for the market.
Other factors include the need for reduction in power losses and thefts, improved grid flexibility and reliability, grid modernization, technology innovation, and government policies. The mature markets of the US, the UK, Germany, Japan, and Canada are driven by the need to transform the grid to adapt to evolving generation mix, improve grid resilience, establish cross-border interconnections between countries or regions, alleviate grid constraints and market competitiveness.
The global transmission conductor market is projected to hold an aggregate market value of $29.5 billion, growing at a CAGR of 4.3% in the forecast period.
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