Why Utility Poles Market May Skyrocket: Study Revealed Which Players May Turn Game
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The spread of COVID-19 virus all over the world has negatively impacted the global utility poles market. Nevertheless, the market is likely to recover by Q3/Q4 of 2022. The decline in the market growth is mainly due to the shutting down of many industries all across the globe. Governments of various countries are taking initiatives in this unprecedented to provide electricity to the people. For example, the government of Kenya is launching various plans to provide free electricity to all the residents by 2022.
The global utility poles market is likely to observe a decline in the growth rate due to the COVID-19 pandemic all over the world. According to a new report added to Research Dive’s offerings, the global utility poles market is estimated to reach up to $55,360.7 million and grow at a CAGR of 2.7% during the forecast period from 2019 to 2026. Though there is a decline in the growth rate, the industry is projected to recover by Q3/Q4 of 2022. Comprehensive analysis on drivers, restraints, growth opportunities, key segments, and strategies executed by major market players are further provided in the report to wisely understand the pandemic effect on the global market.
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Key Features of the Market
Our analysts stated that the rising use of poles in electricity and telecommunication sectors are the major factors estimated to boost the growth of global utility poles market during the forecast period. The predicted market size of the global utility poles market post COVID-19 pandemic is $28,296.0 million in 2020, which is a drastic decline from $47,159.9 million before the pandemic situation. However, the shutting down of various industries due to COVID-19 spread and the stringent government rules and regulations are the factors restricting the market growth. On the contrary, the improvements in distribution and transmission network in several regions and growing investments in the power sector are expected to create massive growth opportunities in the global market.
Strategies & Initiatives to Sustain in the Pandemic
Abrupt stop at construction sites and decreasing use of electricity have impacted the utility poles market to a large extent. The governments of various countries across the globe are under complete lockdown in order to prevent the spread of COVID-19 disease and are investing more in power sector. For instance, the government of Kenya is executing various plans to provide free electricity to the residents by the end of 2022.
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Government is making improvements in construction operations to sustain in this pandemic situation. The governments of many countries have made it a mandate for the buyers to buy electric appliances from government shops in order to help the economic growth of the country. For instance, the government of India has asked the buyers of electricity industry, and DISCOMs, to help country’s economic growth by purchasing the items for the construction purposes. Moreover, many developed countries such as the U.S. are significantly taking more efforts to implement large-scale debt driven measures as compared to the governments of developing countries.
The major players of the global utility poles market include Hill & Smith Holdings Plc, El Sewedy Electric Company, KEC International, Skipper Ltd., Valmont Industries Inc., Omega Factory, Pelco products Inc., Nippon Concrete Industries Co. Ltd., Stella-Jones, FUCHS Europoles GmbH, and RS Technologies Inc.
As per the report, the global utility poles market is anticipated to observe a significant growth post-coronavirus pandemic. The growing demand for utility poles owing to the establishing real-time competitive market for electricity and its supply will help the industry to grow exponentially during the forecast period. Besides, the acceptance of composite materials in these poles and their cost-effective nature will boost the growth of the global utility poles market after the end of COVID-19 pandemic.
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