Overhead Conductor Market Size 2022 Technology Innovations and Demand Analysis By 2027
The overhead conductor industry is slated to register substantial growth in the near future owing to the escalating government focus towards the integration of renewable energy sources and the installation of suitable grid networks.
The industry growth is propelled by increasing investments across utility-based and industrial electrification systems and their rapid commercialization. Furthermore, numerous overhead conductor manufacturers are focusing on the adoption of strategic moves such as acquisitions, mergers, and product developments for expanding their geographical footprint. For instance, in April 2021, Sumitomo Electric Industries Ltd., and Siemens completed the first electricity link in India that features the hybrid application of overhead transmission line and DC – XLPE cable.
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Impelled by similar developments, the overhead conductor market share will grow at an appreciable rate through 2027.
This upsurge is on account of the rising installation of HVDC conductors, which is attributed to various features including negligible short-circuit current pose, effective asynchronous interconnection, better controllability, and lower losses.
Prominent overhead conductor manufacturers comprise Alfanar Group, Sumitomo Electric Industries, Nexans, LS Cable & System, Prysmian Group, and others.
In addition to the above factors, few trends augmenting overhead conductor business landscape are as follows:
Expansion of transmission networks in Europe
The Europe overhead conductor industry size is poised to grow at a rate of more than 2.5% between the period of 2021 and 2027. This growth is due to the expansion of transmission networks which is subjected to rapid commercialization.
Moreover, supportive policy interventions for serving electricity distribution, generation, and transmission networks in addition to the surging energy requirement will boost the demand for different overhead conductor types over the forecast span.
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Rising demand for ultra-high strength overhead conductors
The ultra-high strength overhead conductor market will witness commendable growth by 2027 owing to the integration of smart networking technologies and ongoing reforms associated with energy efficiency.
The market expansion is driven by shifting focus towards the upgradation and revamping of grid networks in addition to the integration of advanced grid components. Further, the adoption of micro-grid systems and the expanding coverage of cross-border transmission networks will impel overhead conductor installation through the estimated period.
Increasing deployment of 221 kV to 660 kV overhead conductors
The 221 kV to 660 kV overhead conductor market will gain considerable momentum over the forthcoming years, owing to the rapid deployment of high voltage units for catering to the surging demand across industries. This is further supplemented by the increasing population coupled with the trend of migration across sub-urban areas.
The ongoing electrification reforms in addition to favorable consumer inclination towards the adoption of a sustainable energy mix will further bolster overheard conductor industry share through the anticipated period.
Impact of COVID-19
The SARS-CoV-2 pandemic has severely impacted the global economy. In spite of the resumption of operations, numerous countries are experiencing challenges in reviving their manufacturing capacities and market participants are enduring the effects of shortages in distribution and supply networks.
However, the launch of favorable government initiatives for the purpose of fast-tracking operations and continuing the deployment of planned projects will positively stimulate business scenarios in near future.
In a nutshell, rising investments from local utility-aided organizations will favor the expansion of overhead conductor market size in the coming years.
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