Market Challenges And Opportunities
Global Overhead Line Product Market- Drivers
- Investments in grid infrastructure expansion and modernization: Governments and utilities globally are increasing investments in grid infrastructure such as transmission lines and substations to meet the rising electricity demand. Projects to upgrade aging grid networks, reduce transmission losses and integrate renewable energy are key drivers boosting the overhead line product market growth. Similar grid expansion projects in emerging economies like India and Southeast Asia also present major growth opportunities.
- Rapid growth in renewable energy capacity: Increasing focus on renewable energy sources to meet sustainability goals is driving the growth of overhead transmission networks to integrate large-scale wind and solar power capacity. In 2024, According to International Energy Agency (IEA), global renewable power capacity is estimated to increase by over 60% between 2019 and 2024 to over 2800 GW. Investments in overhead infrastructure to transmit power from generation sites to consumption centers will boost the demand for conductors, cables, towers and other line components.
- Policies to improve electricity access: Government policies to improve electricity access in rural areas and emerging economies are catalyzing investments in overhead electricity transmission networks. The International Renewable Energy Agency estimated that investments of US$ 220 billion are required in transmission infrastructure in Africa alone to achieve universal electrification by 2030. Similar policy commitments in Asia and Latin America to reduce energy poverty also augur well for market growth.
- Advancements in manufacturing technologies: The market is benefitting from advancements in technologies such as 3D printing, robotics and data analytics to improve speed, quality and cost-effectiveness of overhead line component manufacturing. Use of advanced materials like carbon fiber, nanomaterials and alloys is also enhancing efficiency, capacity and lifespan of overhead line products. Investments in R&D and new technologies by companies is enhancing productivity, thereby supporting market growth.
Global Overhead Line Product Market- Opportunities
- Leveraging digital technologies for smart grids: The adoption of digital technologies such as IoT, sensors, automation and data analytics in transmission networks is transforming digital technologies into smart grids. This offers opportunities for overhead line products integrated with monitoring, control and communication capabilities. Companies can focus on developing smart overhead line components suitable for enabling two-way communication, self-healing grids and predictive maintenance.
- Growing deployment of high-capacity HVDC lines: Rising adoption of ultra-high voltage direct current (UHVDC) transmission capable of transmitting large blocks of power over long distances is creating lucrative opportunities. According to University of Strathclyde, Glasgow, United Kingdom, the global HVDC transmission capacity is expected to increase from 400 GW in 2019 to over 2600 GW by 2030. This will boost demand for robust HVDC cables, converters and other equipment to enable long-distance overhead UHVDC networks.
- Upgradation of aging infrastructure in developed regions: Modernization of obsolete transmission infrastructure in North America and Europe presents an opportunity for upgraded overhead line products and solutions. U.S.’s power infrastructure received a D+ rating in 2021 by ASCE requiring an investment of over US$ 400 billion by 2029. Line components with improved capacity, monitoring capabilities and resilience can replace life-expired equipment in aging networks in developed regions.
- Growing adoption of composite core conductors: Overhead conductors made using composite materials such as aluminum and steel reinforced core are gaining prominence owing to their higher strength, capacity and lower sag. Rising popularity of composite core conductors is opening up new markets for manufacturers.
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