Transmission Tower Market Size (2023 - 2030):

Global Transmission Tower Market is estimated to be worth USD 24.3 Billion in 2022 and is projected to reach a value of USD 45.6 Billion by 2030, growing at a CAGR of 8.2% during the forecast period 2023-2030.

Transmission towers are tall structures erected to transmit and receive power, broadcast, telecommunication, electronic, and other electromagnetic (EM) signals. Depending on their specific purpose, transmission towers can be differentiated as either electric towers (also called electricity pylons) or cellular phone towers. In industrialized states and cities, transmission towers are a common and recognizable sight. Transmission towers are no longer solely utilized for transmitting high-voltage electricity over extensive distances; they are now increasingly employed for broadcasting, telecommunication, and mobile telephony purposes as well. They feature a sturdy structure with a lattice pole architecture that is built to endure harsh weather conditions. A few of the large transmission power lines can stretch to several hundred feet in length. When setting up a tower for power transmission, wood or concrete can be utilized; however, when constructing a tower for radio or telecommunication, various metallic materials can be employed. Generally, cellular network transmission towers are short and supported by lengthy cables known as guy wires.

Global Transmission Tower Market Drivers:

The rising adoption of smart grids and micro-grid networks is fueling the growth of the Global Transmission Tower Market.

The utilization of smart grids is growing globally owing to massive increases in network expenditure. Several nations' governments are likewise concentrating on smart grid growth. Additionally, global investment in cross-border grid networks is escalating. In addition to the smart grid, the micro-grid network is gaining ground all over the world. The global need for network infrastructure for electricity is on the increase as a result of rising power consumption. Therefore, this factor boosts the growth of the Global Transmission Tower Market.

The increasing energy consumption and favorable regulatory reforms are other factors contributing to the growth of the Global Transmission Tower Market.

Revenue from the market for double-circuit transmission towers will increase as a result of rising energy consumption and favorable regulatory reforms that permit the extension of current grid infrastructures. Swift technical advancements for the revamping of distribution networks together with shifting utility emphasis to safe & dependable electric grid networks would boost the market outlook. Likewise, a paradigm shift toward the utilization of cutting-edge material composites together with the incorporation and deployment of renewable energy resources in distributed energy networks will propel market demand.

Global Transmission Tower Market Challenges:

The Global Transmission Tower Market is encountering obstacles, primarily concerning volatile raw materials prices and stern import-export regulations. Transmission towers entail the extensive consumption of raw materials, encompassing cables, steel, alloys, etc., during their assembly phase. Several governments across the globe attain a sizable portion of their income by exporting these resources to other countries. This stifles market expansion since inconsistent import and export regulations affect how much such equipment ultimately costs. The market is adversely impacted by changes in steel prices as well. Thus, these hindrances curtail the progress of the Global Transmission Tower Market.

Global Transmission Tower Market Opportunities:

The Global Transmission Tower Market is projected to offer profitable prospects for businesses operating in the electrical engineering and power infrastructure domain, fostering partnerships, mergers, collaborations, and agreements during the forecasted period. Furthermore, the growing utilization of renewable energy across commercial and industrial sectors, alongside collaborative public-private initiatives to fine-tune low, medium, and high-voltage distribution networks, will elevate the industry's opportunities for growth.

COVID-19 Impact on the Global Transmission Tower Market:

The Global Transmission Tower Market has been considerably influenced by the COVID-19 outbreak. Disruptions in the supply chains highly affected the expedited manufacturing and distribution of transmission towers. The pandemic delayed power transmission projects as governments and businesses devoted attention to health and economic challenges, thereby declining the demand for transmission towers. Moreover, the pandemic-induced economic uncertainties affected investment decisions and funding regarding multiple transmission tower-related projects. These factors negatively impacted the market's growth. Despite these challenges, the market is projected to rebound alongside the global recovery from the pandemic.

Global Transmission Tower Market Recent Developments:

• In June 2023, Tata Power Company introduced an innovative solution called "Tower within Tower" to tackle the issues regarding replacing old transmission line towers. 

• In February 2023, Nucor Corporation unveiled plans to construct a modern transmission tower production plant in Decatur, Alabama, as part of its Towers & Structures business unit. 

• In August 2022, Starwood Energy Group Global and TS Conductor Corporation partnered to establish a USD 100 million joint venture, striving to construct highly efficient transmission lines without any upfront costs.

TRANSMISSION TOWER  MARKET REPORT COVERAGE:

Global Transmission Tower Market Segmentation: By Circuitry

• Single Circuitry

• Double Circuitry

• Multi Circuitry

Based on the Circuitry, the Double Circuitry segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantages double circuitry offers, encompassing transferring more power, increased reliability of power supply, and ease of maintenance. Double circuitry ensures a balanced distribution of mechanical and electrical loads on the towers, making it widely utilized by governments, power plants, and energy stakeholders. Furthermore, double circuitry transfers 2x the power and is far less than 2x as expensive to build.

Global Transmission Tower Market Segmentation: By Structure

• Angle Tower

• Guyed V Tower

• Suspension Towers

• Tension Towers

• Terminal Towers

• Transportation Towers

• Tubular Steel Pole

• Waist-type Tower

Based on the Structure, the Waist-type Tower segment occupied the highest market share in the year 2022. The growth can be ascribed to its versatility in handling voltages ranging from 110kV-735 kV, ease of assembly, and adaptability to uneven terrains. The waist-type tower boasts a stable steel-based structure, contributing to its extensive usage worldwide. Furthermore, waist-type towers are devised to defy various stresses and natural calamities. They are built to carry heavy transmission conductors at a sufficiently safe height from the ground.

Global Transmission Tower Market Segmentation: By Material

• Aluminum

• Concrete

• Galvanized Steel

• Wood

• Others

Based on the Material, the Galvanized Steel segment occupied the highest market share in the year 2022. The growth can be ascribed to the extensive applications of galvanized steel in transmission towers. Because of its enhanced corrosion resistance, galvanized steel is utilized in several infrastructural and electrical applications. Galvanized steel wire is employed for making conductors in transmission lines, where corrosion resistance is necessary. Furthermore, its sheets and pipes are utilized for making transmission poles. 

Global Transmission Tower Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

Based on the Region, North America occupied the highest share of the Global Transmission Tower Market in the year 2022. The growth can be ascribed to the increased investments in utility infrastructure projects, combined with stringent government policies geared towards diminishing carbon emissions, and the rising preference for renewable energy sources like solar power and wind energy, along with the growing awareness of environmentally-friendly technologies among consumers. Furthermore, North America houses several prominent market players, including PLH Group, Inc., Valmont Industries, Inc., and Valard Construction LP.

Asia-Pacific is anticipated to expand at the quickest rate over the forecasted period 2023-2030 owing to the growing R&D efforts regarding renewable energy resources and substantial investments made by governments in nations like India, China, Japan, and South Korea.

Global Transmission Tower Market Key Players:

1. PLH Group, Inc. (United States)

2. KEC International Ltd. (India)

3. Valmont Industries, Inc. (United States)

4. Mitsubishi Electric Corporation (Japan)

5. Crompton Greaves Ltd. (India)

6. Valard Construction LP (Canada)

7. ABB Ltd. (Switzerland)

8. Sabre Industries, Inc. (United States)

9. Siemens AG (Germany)

10. Alstom SA (France)