New York, USA, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to a recently published report by Research Dive, the global utility pole market is estimated to generate $57,052.3 million by 2026, and exhibit a CAGR of 3.0% from 2019 to 2026. As per our analysts, the increase in energy consumption around the world along with the rise in acceptance of utility poles in the telecommunication industry are the major factors anticipated to foster the growth of the global utility pole market over the forecast period. Additionally, technological advancements and development in the composite materials of utility poles is expected to create huge opportunities for the growth of market by 2026. However, the rising trend for underground connection channels is predicted to obstruct the market growth in the near future.
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Transmission Pole Segment to be Most Profitable
Among type, the transmission pole segment is estimated to be most lucrative and is expected to generate $23,027.9 million by the end of 2026, owing to increasing usage of transmission poles in the high voltage AC and DC systems. On the other hand, the distribution pole segment is also projected to grow at considerable rate during the forecast period, owing to increase in energy consumption across the globe.
Composite Material Segment to Create Massive Investment Opportunities
Among material, the composite material segment is expected to generate $1,554.7 million and grow at significant rate during the forecast period. This segment is predicted to create huge investment opportunities for market vendors mainly due to beneficial properties of composite materials such as resistant against corrosion, strong against heavy load, lightweight, and high durability.
Between 40 ft and 70 ft Segment to Hold Largest Market Share
Among pole size, the between 40 ft and 70 ft pole segment is estimated to account for majority of share in the global market and is anticipated to surpass $23,648.2 million by 2026, owing to increasing usage of these poles both energy transmission and energy distribution applications.
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Electricity Transmission & Distribution Segment to Dominate the Industry
Among application, the electricity transmission & distribution segment accounted for $31,627.9 million in 2018 and is anticipated to subjugate the global market over the forecast period. The dominance of this segment is majorly owing to increase in the energy & power consumption across the globe.
Asia Pacific Region to Hold a Dominant Position by 2026
Geographically, the Asia Pacific utility pole market is predicted to value for $23,020.6 million and dominate the global industry throughout the forecast period, owing to the presence of hugely populated countries in the region, such as China and India which has high energy consumption.
Key Market Players & Recent Development
Some of the top players operating in the global utility pole industry include RS Technologies Inc., Valmont Industries Inc., Hill & Smith Holdings Plc, FUCHS Europoles GmbH, El Sewedy Electric Company, Stella-Jones, KEC International, Nippon Concrete Industries Co. Ltd., Skipper Ltd., Pelco products Inc., and Omega Factory. Further, the report outlines various aspects of these key players such as recent strategic moves, key developments, product portfolio, business performance, and SWOT analysis.
These key players are adopting several strategies such as partnerships, mergers & acquisitions, product developments, and geographical expansion to hold a significant position in the overall industry. For instance, in September 2020, Viance, an innovator in the wood preservation industry, and A Meredith Schneider Co. (AMS) and William C. Meredith Co. (WCM), a fifth generation producer of treated wood utility poles for telecommunication industries, entered into a strategic agreement to produce & distribute ‘UltraPole NXT’ poles that are treated with The Federal Government Data Center Optimization Initiative (DCOI) to most US markets by using Southern Yellow Pine poles.