by Overhead line products such as spacers, insulators, vibration dampers, connectors, and fittings play a crucial role in efficient electricity transmission. They are essential components that help in minimizing transmissions losses, enhances safety, and prevent line faults. Rising investments in grid upgradation projects especially in developing nations to ensure uninterrupted power supply has propelled the demand for overhead line products.
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 key trend propelling the growth of the overhead line product market is the increasing focus on electrification projects globally. Several countries are undertaking massive grid upgradation and electrification projects to ensure accessibility to electricity for all. For instance, the Indian government recently announced plans to install 38,000 kilometers of new transmission lines by 2022 to strengthen the transmission network in the country. Similarly, China has also announced investments worth US$ 383 billion by 2025 to expand its power transmission and distribution infrastructure. Such large-scale investments in developing robust transmission lines across regions is expected to drive significant demand for overhead line products during the forecast period.
SWOT Analysis
Strength: Overhead line products such as sensors and oscillators are essential for telecommunication infrastructure. This provides a steady demand base.
Weakness: The market is fragmented with the presence of numerous local and global players. This intense competition poses pricing pressure.
Opportunity: Growth of 5G networks worldwide will drive the need for advanced overhead line products to enable network capability and capacity requirements.
Threats: Trade barriers and geo-political tensions can disrupt supply chains and affect raw material prices.
Key Takeaways
The Global Overhead Line Product Market Size is expected to witness high growth driven by widespread deployment of 5G networks. 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.
The Asia Pacific region currently dominates the overhead line product market owing to rapid investments in digital infrastructure by countries like China and India. Key players in the region are focused on developing sensor and timing solutions optimized for 5G tower installations.
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. These companies are investing in R&D to roll out new products facilitating advanced 5G services.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
