Report ID: SQMIG45O2033
Report ID:
SQMIG45O2033 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
64 |
Figures:
75
Global Overhead Conductor Market size was valued at USD 0.66 billion in 2022 and is poised to grow from USD 0.69 billion in 2023 to USD 1.02 billion by 2031, at a CAGR of 5% during the forecast period (2024-2031).
Growing world population has resulted in a high energy demand and this is forecasted to augment demand for overhead conductors in the future. Rapid urbanization and industrialization also play a significant role in driving up overhead conductor sales. Increasing reliance on electricity in different walks of life is creating an attractive business scope for overhead conductor providers.
Rising investments in the development of reliable energy generation and transmission infrastructure to accommodate renewable energy sources are predicted to create new opportunities for overhead conductor companies in the long run. Growing use of electric vehicles and trains around the world is slated to favor overhead conductor sales going forward.
High demand for superconductors, increasing investments in energy transmission infrastructure, and modernization of aging electrical infrastructure are other market trends that could bolster sales of overhead conductors in the future. Advancements in conductor material space are also estimated to be noteworthy contributors to market growth over the coming years.
Minimization of transmission losses and high government spending on utilities and grid modernization projects could also change the growth trajectory of the overhead conductor marketplace. However, high initial costs and technical challenges are projected to impede overhead conductor market growth to a certain extent going forward.
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Report ID: SQMIG45O2033