Industry Verticals: Utility Pole Market Set For Rapid Growth & Trend, By 2027 – Report by Research Dive
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to a new report published by Research Dive, the global utility pole market forecast will be $57,052.3 million by 2026, rising from $44,688.0 million in 2018, at a 3.0% CAGR.
Utility pole market drivers: Increasing the utility poles usage in the electricity sector along with growing demands from telecommunication sector are significantly driving the utility pole market growth. In addition, energy distribution and energy transmission are fundamental applications of utility pole and they play a crucial role in energy network maintenance from energy generating stations to residential homes through sub stations. These factors are anticipated to enhance the growth of the market over future time.
On the other hand, upsurge in the alternative communication networks like underground channels is projected to hinder the market growth. Increase in the use of composites for utility poles is rapidly gaining adoption. Composite utility poles are gradually being used for transmission and distribution; these applications are anticipated to create opportunities in the global utility pole market. Moreover, steel material as a green utility pole material is generating attention as a substitute against other competitive utility poles; this is projected to drive the market growth in future.
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Transmission poles type is projected to account for $23,027.9 million and at a CAGR of 3.5% over forecast period, majorly owing to increase in the demands of utility poles for high voltage AC & DC systems. Distribution poles type generated the largest utility pole market size in 2018 and is projected to account for $34,024.4 million, at a CAGR of 2.8% over the forecast period. This growth is majorly due to a global rise in the energy demand, which will in turn growing the demand for the utility pole market in the coming years.
The composite poles market is anticipated to experience noteworthy growth over the forecast period and is projected to generate enormous growth opportunities in the global utility pole market. This growth is majorly attributed to composite poles having properties like low conductivity, resisting corrosion and water absorption. Composite utility pole market is projected to account for $1,554.7 million at a CAGR of 4.0% over projected time. Wood material held largest utility pole market share of 50.8% in 2018 and is projected to account for $28,069.7 million at a CAGR of 2.6% over projected timeframe. This is because of wood provides protection against current leakages and is also cost effective; these factors are anticipated to continue the market growth.
The above 70 ft pole size segment is anticipated to account for $19,832.6 million by the end of 2026, at a growth rate of 2.6%. This is due to increase in the demand of the poles above 70 ft size from wide power generation activities and to avoid contact from wildlife while power cables are being transported through forests. The between 40
feet and 70 feet segment has generated majority of the market share in 2018, and is projected to generate revenue of $23,648.2 million by 2026 at a 3.2% CAGR. This growth is attributed to extensive acceptance of these poles in end-use industries. The pole size between 40 ft and 70 ft size are used for both transmission and distribution applications.
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Telecommunication segment will experience significant growth and is projected to account for $5,077.7 million by 2026, growing at a rate of 4.3%, owing to the growing utilization of utility poles for communication purposes. Electricity transmission & distribution segment has accounted for evident market share in 2018. This upsurge in power requirement in the world is directly impacting the usage of utility poles. The government is also taking initiatives to deliver electricity to remote places, for example, the government of India has taken initiative to provide “100% village electrification” in the rural areas.
North America market is expected to grow at a faster rate over forecast period, due to the rise in the requirement of the electricity. The U.S. is the largest consumer of electricity. The market for North America is anticipated to register a revenue of $16,167.4 million by 2026, growing at a CAGR of 3.2%. The utility pole market is dominated by Asia-Pacific, and it is anticipated to continue its dominance over the forecast period. This dominance is attributed to the large population requiring heavy amount of electricity across the region. The market for Asia-Pacific is anticipated to account for $23,020.6 million, at a CAGR of 3.4%.
The major utility pole market players are KEC International, El Sewedy Electric Company, Skipper Ltd., Pelco products Inc., FUCHS Europoles GmbH., Hill & Smith Holdings Plc, Omega Factory, Stella-Jones, Ltd., RS Technologies Inc., Nippon Concrete Industries Co. and Valmont Industries Inc. The major participants are focusing on the R&D activities, new product developments and collaborations to increase their market size in the global utility pole market.
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