Overhead Line products play a crucial role in ensuring uninterrupted power supply by transmitting electricity over long distances. Additionally, overhead line products such as fiber optic cables and distributed acoustic sensing solutions enable real-time monitoring of power infrastructure for predictive maintenance and reliability enhancement.
The global Overhead Line Product Market is estimated to be valued at US$ 19.78 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of smart grid infrastructure across the globe is one of the major trends driving the growth of the Overhead Line Product Market. Modernization of aging power grids with smart grid technologies involves deployment of sensors and IoT-enabled equipment for monitoring and control. This requires high performance overhead line products that can seamlessly integrate with advanced digital solutions. Many governments are investing heavily in upgrading their power distribution systems with smart grid technologies which has increased the demand for overhead line products supporting real-time data communication and monitoring. This key trend is expected to have a positive impact on the market over the forecast period.
Segment Analysis
The global overhead line product market is dominated by the conductors segment. Conductors help in the transmission of electric currents over long distances without much loss of energy. Conductors account for more than 30% of the global overhead line product market owing to their widespread applications in power transmission lines across residential, commercial, and industrial sectors.
Key Takeaways
The Global Overhead Line Product Market Size is expected to witness high growth over the forecast period. The global Overhead Line Product Market is estimated to be valued at US$ 19.78 Bn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis:
The Asia Pacific region dominates the global overhead line product market and is expected to maintain its dominance during the forecast period. This can be attributed to growing investments in power transmission infrastructure and rapid industrialization across developing nations such as China and India. Increasing rural electrification activities are further driving the market in the region.
Key players:
Key players operating in the overhead line product market are Murata Manufacturing Co. Ltd, Vectron International Inc., Siward Crystal Technology Co. Ltd, Kyocera Corporation, Nihon Dempa Kogyo (NDK) Co. Ltd, Seiko Epson Corp., Daishinku Corp., Hosonic Electronic Co. Ltd, TXC Corporation, Rakon Ltd and SiTime Corporation.
For More Insights, Read: https://www.newswirestats.com/overhead-line-product-market-trends-growth-and-regional-outlook-2023-2030/
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