Utility Poles Market to Garner $58.8 Bn, Globally, by 2026 at 3.2% CAGR, Says Allied Market Research
Growth in the global energy consumption, rise in adoption in the telecommunication industry, and approval of steel's material profile as a green material have boosted the growth of the global utility poles market
PORTLAND, Oregon, Feb. 17, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Utility Poles Market by Type (Transmission Poles and Distribution Poles), By Material (Wood, Steel, Composites, Concrete), Pole Size (Below 40ft, Between 40 & 70ft, and Above 70ft), and Application (Electricity Transmission & Distribution, Telecommunication, Street Lighting, Heavy Power Lines, Sub Transmission Lines, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global utility poles industry was pegged at $45.6 billion in 2018 and is projected to reach$58.8 billion by 2026, registering a CAGR of 3.2% from 2019 to 2026.
Chief reasons for market fluctuations Growth in the global energy consumption, rise in adoption in the telecommunication industry, and approval of steel's material profile as a green material have boosted the growth of the global utility poles market. However, increase in trend for underground wire or cables network and regulations against deforestation hamper the market growth. On the contrary, advent of composites in the utility sector is expected to create lucrative opportunities in the near future.
The distribution pole segment dominated the market By product, the distribution pole segment held the largest share in 2018, contributing to more than three-fifths of the global utility poles market, owing to rise in energy demand across the globe. However, the transmission pole segment is expected to register the fastest CAGR of 3.6% from 2019 to 2026, owing to increase in demand for power supply and the necessity for safe electricity transmission. Moreover, changes in climatic conditions & global weather patterns are expected to increase the production of transmission poles with upgraded designs.
The concrete pole segment to manifest the fastest CAGR through 2026 The concrete pole segment is expected to manifest the fastest CAGR of 3.7% from 2019 to 2026, due to the advent of composite material in the utility sector that promotes longer lifespan over other types. However, the wooden pole segment dominated the global utility poles market in 2018, accounting for nearly half of the market, owing to increase in energy consumption and rise in broadband users.
Asia-Pacific region, followed by North America, to become lucrative segment The global utility poles market across Asia-Pacific, followed by North America, held the largest share in 2018, contributing to nearly two-fifths of the market. Moreover, the region is expected to register the fastest CAGR of 3.6% through 2026, due to increase in demand for telecom service and rise in focus on technological advancements coupled with presence of several new players in the region. The report includes analysis of the market across other regions such as LAMEA and Europe.
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