The Transmission Towers Market research report analysis from recent past with an eye on coming years in this report that also offers projections towards industry targeted at helping in business decisions. Global transmission tower market size will record more than 4% CAGR during the forecast period of 2022-2028.
Global transmission tower market has seen commendable progress due to the strong demand for a continuous supply of electricity across urban and rural areas. Governments are announcing supportive initiatives to expand the network of transmission & distribution (T&D) systems.
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According to the National Bureau of Economic Research (NBER), U.S. citizens spent around USD 6 billion more on residential energy consumption between April and July 2020 as compared to pre-COVID times. Over the next few years, the deployment of transmission towers to support incessant power demand will continue to see an uptick.
Electricity consumption has reached an all-time high in recent years due to the growing industrialization and urbanization. With the work-from-home trend picking up pace, especially since the COVID-19 pandemic period, the need for an uninterrupted supply of electricity has skyrocketed.
Power outage and poor functioning of grid networks have become some of the major causes of concern for developed and developing nations. With the rising establishment of industries and use of connected technologies, the pressure to keep up with the strong electricity demand has overwhelmed the power supply networks.
This has increased the incidence of blackouts and power cuts, resulting in severe disruptions in day-to-day activities. In December 2020, Mexico witnessed the failure of two major transmission lines, which disconnected 8.7 GW of generation capacity. The incident left one-third of the country without power. Such mishaps have prompted organizations and governments to work on various ways to enhance the load-bearing capacity of transmission towers and fulfill people’s electricity needs.
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These companies are launching new and improved versions of their products to expand their range of offerings. For instance, in August 2021, TATA Power announced plans to develop a 3-circuit high-tension transmission tower at a metro construction site in Mumbai, India. The tower will carry 220 kV of power lines and provide a continuous electricity supply during the construction work.
Some of these key players include QUANTA SERVICES, Utkarsh India Limited, Jyoti Structures Limited, Valard Construction, NEXANS, Burns & McDonnell, Power Line Services, Inc, and Wilson Construction, among others
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