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Transmission Line Market Size, Share and COVID-19 Impact Analysis, By Type (Overhead, Underground, and Submarine), By Voltage (130kV-220kV, 221kV-660kV, and Above 660kV), By Application (Industrial and Utility), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI106347

 

KEY MARKET INSIGHTS

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The global transmission line market size was USD 81.39 billion in 2020. The market is expected to grow from USD 86.88 billion in 2021 to USD 138.99 billion in 2028 at a growth rate of 6.9% in the 2021-2028 period. The global COVID-19 impact has been unprecedented and staggering, with transmission line witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -9.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.


A transmission line can be defined as an electricity transferring system that is widely used for the transmission of electrical energy from generating substations to the distribution networks. These lines are made up of four components, including inductance, resistance, capacitance, and shunt conductance. These lines can also be defined as the interconnected lines, which enable the electricity movement across the infrastructure of such systems from the generation site to the source of distribution.   


COVID-19 Pandemic to Affect Power Projects Across the World


The COVID-19 pandemic has spread in most of the countries across the world. This pandemic has impacted various business sectors, including oil & gas, logistics, hospitality transportation, aviation, and others. Governments in many countries had to keep the nations into lockdown to restrict the further spread of the virus; however, the measures impacted economies of nations severely across the globe. The outbreak of the pandemic has also disrupted supply chains as governments across several countries announced lockdowns and imposed travel bans. This leads to delay in many projects and created a shortage of labor. Many industries were not operational during the lockdown and this reduced the electricity demand from the industrial sector across the world.


Various new such projects were put on hold in various countries. The renewable sector is highly dependent on imports from other countries, mainly from China. However, the closing down of international borders led to delay in various renewable electricity generation projects.


LATEST TRENDS


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Increasing Energy Demand to Augmentn Market Growth


Energy consumption in Asia Pacific, Europe, and other regions has been increasing widely. The main reasons behind strong increment in power consumption is growth of manufacturing sector, economic development, increasing population, and increasing data centers. Developing regions, in particular, are experiencing high electricity demand owing to expansion and development infrastructure. Industrialization and urbanization along with the rising living standard of people increase the demand for electricity generation.


As many countries across the world are witnessing rapid increase in electricity demand, so to fulfill such demand, these countries are increasing their power generating capacity either by expanding the generating capacity of existing ones or by installing new plants. In addition, pollution is also widely increasing for which governments in many countries imposed stringent carbon emission norms. Therefore, the focus toward the renewable sector is increasing, particularly toward such line generation. These factors drive the growth of the market over 2021-2028.


DRIVING FACTORS


Expansion of Smart Grids and Micro-grids Network Propel Growth in Market


Smart grids are expanding across the world as the investment in smart grids networks is widely increasing. Governments are also focusing on smart grid expansion in several countries. The investment in cross-border grid networks is also increasing across the world. Along with smart grid, the micro-grid network is also expanding immensely across the world. The increasing power consumption surges the demand for network infrastructure for electricity across the world. 


Rising Retrofit and Refurbishment of Existing Infrastructure Augmented Market Growth


Several developing countries across the world have initiated the refurbishment or replacement work in the existing transmission infrastructure. This increases the demand in the market as the existing infrastructure is aging and it somehow does not provide maximum efficiency. The refurbishment or retrofit of the existing infrastructure helps in increasing efficiency along with extending the life of infrastructure. This refurbishment and retrofit of existing infrastructure drive the growth of the market.  


RESTRAINING FACTORS


Higher Dependency on Import May Hinder Market Growth


The transmission lines and towers involve the high use of raw materials such as cables, steel, and alloys. Many countries across the world are majorly dependent on the import of such raw materials from other countries. This restricts the growth of the market as the import and export regulations fluctuate, which impacts the overall costing of such equipment. The fluctuations in steel prices also affect the market negatively. 


SEGMENTATION


By Type Analysis


Underground Segment Held Dominant Market Share in 2020


By type, the market share is broken down into underground, overhead, and submarine. The underground segment is expected to dominate the market share across the world. The developed regions such as North America and Europe have maximum such lines under the ground. Majority of developed regions have underground installation. The underground installation of such lines does not disturb by weather conditions and it causes fewer outages than overhead. The underground lines have better appearance and also high efficiency as the chances of faults are very less. There are several developing regions working to convert their overhead lines into the underground.


The submarine segment is expected to register growth at a significant CAGR over 2021-2028. The demand for such types of such lines is increasing in the market as the installation of offshore farms is increasing across the world. According to Global Wind Energy Council, offshore wind energy has registered a new installation of 35 GW in 2020. The increasing installation of offshore wind energy increases the demand for the submarine segment.  


By Voltage Analysis


220kV – 660kV Segment Led the Global Market Share during 2020


Based on installation, the market is split into 130kV – 220kV, 221kV – 660kV, and above 600kV. The 221kV – 660kV segment has dominated the market in 2020. The demand for transmission networks is increasing due to increasing demand for electricity in the market. The higher transmission line voltages reduce the transmission line losses.


The above 660kV segment is expected to register significant growth over 2021-2028. Urbanization is increasing along with the number of data centers across the world. This increases the demand for the high voltage segment over 2021-2028.


By Application Analysis


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Utility Segment to Grow at Highest CAGR during Forecast Period


Based on application, the market is segmented into industrial and Utility. The utility segment held a dominant share of the market in 2020 and is expected to expand at a significant CAGR during the forecast. The majority of such lines are in the utility segment across the world. The demand for electricity is increasing widely across the world due to increase in urbanization and smart cities projects. This increases the growth of the utility segment in the market


The industrial segment is likely to grow significantly over 2021-2028. The demand for electricity and consumption of electricity is increasing widely around the world. Industrialization is increasing rapidly around the world. This drives the growth of the industrial segment over 2021-2028.


REGIONAL INSIGHTS


Asia Pacific Transmission Line Market Size, 2020 (USD Billion)

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Geographically, the global transmission line market share is broken down into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.


Asia Pacific is expected to lead the global market over 2021-2028. The demand for electricity is rapidly increasing in this region due to increasing population. Urbanization and industrialization are also increasing in this region. The investment in transmission and distribution is also increasing in this region. The government is increasing electricity generation within the region which increases the demand for the installation of such lines. The increasing capacity of renewable energy also increases the installation of such lines. In 2020, the region installed more than 55 GW of wind capacity. This drives the industry growth in the Asia Pacific region.


Europe is expected to grow at a significant pace over 2021-2028. This region is constantly expanding its electricity generation capacity due to increasing demand for uninterrupted power supply. These are the key factors driving the growth of the market in Europe. The increase in capacity will increase the demand for such line in the region.


The North America region is expected to register significant growth over 2021-2028. The region is currently experiencing high power consumption and high penetration of electronic equipment. This result in an increase in the power capacity generation which further increases the demand for such lines. The region even increased the existing transmission line repair and retrofit works. This drives the market growth in the North America region over 2021-2028. 


The Middle East and Africa region is expected to witness growth at a significant CAGR over 2021-2028. The governments in this region are highly focused on expanding the transmission infrastructure also upgrading the existing infrastructure. This region is also expanding its renewable energy capacities. This drives the transmission line market growth in the Middle East and Africa region over 2021-2028.


The Latin America region is estimated to foresee growth over 2021-2028. The demand for uninterrupted power supply is widely increasing within the region which increases the need to expand electricity generation capacities in the region. Governments in several countries in this region are phasing out coal and nuclear plants and installing renewable sources of energy. This increases the establishment of a transmission network and drives growth in the region.    


KEY INDUSTRY PLAYERS


Key Players Increasing their Concentration on New Contracts 


The global market is booming with the presence leading market players across both developed and developing regions. Currently, Nexans, Arteche Group, Prysmian Group, Kiewit, ABB, and General Electric are some of the market leaders. These are securing new contracts and adopting new strategies to expand their market reach.  


For instance, in June 2021, Prysmian Group announced to secure a USD 9000 million contract to supply high-voltage DC cable systems for an underground transmission project in the U.S. This contract is a part of the SOO Green HVDC Link, a 2100 MW interregional transmission project to connect two of the largest energy market in the U.S.


In October 2021, Hitachi ABB announced a contract to build an interconnection that will allow Egypt and Saudi Arabia to exchange up to 3000 MW of power. The project is likely to be worth USD 900 million. The interconnection line will carry power along a 1350 km route using overhead power lines and a subsea cable along the Red Sea.


LIST OF KEY COMPANIES PROFILED:



  • Nexans (France)

  • ABB (Switzerland)

  • General Electric (U.S.)

  • Prysmian Group (Italy)

  • Sumitomo Electric (Japan)

  • Valard (Canada)

  • Arteche Group (Spain)

  • MYR Group (U.S.)

  • Kiewit (U.S.)

  • Burns & McDonnell (U.S.)

  • AECOM (U.S.)

  • Salasar (India)


KEY INDUSTRY DEVELOPMENTS:



  • In May 2021, Salasar announced a contract worth INR 238.65 crore (USD 32 million) from Power Grid to construct transmission lines and substations in Arunachal Pradesh. The contract includes the construction of a transmission line network of 132KV type and the substations of Extra High Voltage capacity.

  • In September 2021, India and Nepal have agreed to develop a second transnational transmission line with a capacity of 20,000 MW. The agreement has been signed between both the countries to construct this project which will supply 20,000 MW of electricity.


REPORT COVERAGE


An Infographic Representation of Transmission Line Market

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The transmission line market research report includes a detailed industry analysis and focuses on key aspects such as leading companies, type, voltage, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several drivers that have contributed to the growth of the advanced market over recent years.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Type, By Voltage, By Application, and By Region



By Type




  • Underground

  • Overhead

  • Submarine



By Voltage 




  • 130kV – 220kV

  • 221kV – 660kV

  • Above 660kV



By Application




  • Utility

  • Industrial



By Region




  • North America (By Type, By Voltage, By Application, By Country)



  • U.S. (By Application)

  • Canada (By Application)



  • Europe (By Type, By Voltage, By Application, By Country)



  • U.K. (By Application)



  • France (By Application)

  • Spain (By Application)

  • Germany(By Application)

  • Italy (By Application)

  • Rest of Europe (By Application)



  • Asia Pacific (By Type, By Voltage, By Application, By Country)



  • China (By Application)

  • India (By Application)

  • Japan (By Application)

  • Australia (By Application)

  • South Korea (By Application)

  • Rest of Asia Pacific (By Application)



  • Latin America (By Type, By Voltage, By Application, By Country)



  • Brazil (By Application)

  • Mexico (By Application)

  • Rest of Latin America (By Application)



  • Middle East and Africa (By Type, By Voltage, By Application, By Country)



  • GCC (By Application)

  • Saudi Africa (By Application)

  • Rest of Middle East & Africa (By Application)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 81.39 billion in 2020.

In 2020, the Asia Pacific market value stood at USD 33.47 billion.

The global market is projected to grow at a CAGR of 6.9% in the forecast period

The utility application segment is expected to be the leading segment in this market.

The global industry size is anticipated to reach USD 138.99 billion by 2028, growing at a substantial CAGR of 6.9% over 2021-2028 (2021 – 2028).

Rising retrofit and refurbishment of existing infrastructure augmented growth in the market

The Asia Pacific dominated the market in terms of share in 2020

Nexans, Arteche Group, Prysmian Group, Kiewit, ABB, General Electric are the major players in the global market.

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