New York, USA, Aug. 30, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global utility poles market is forecasted to reach $55,360.7 million by the end of 2026 at a CAGR of 2.7%, increasing from $44,688.0 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the utility poles market has recorded a CAGR of 2.7% during recent months, while it was expected to be 2.9% in the pre-COVID-19 scenario. The main factor behind this declining state of the market is the temporary halt in the construction works because of the lockdown.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time revenue of the utility poles market has been decreased compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $28,296.0 million, while it was estimated to be $47,159.9 million in a pre-COVID analysis. One of the major factor behind this downfall of the market is the reduced demand of electricity as most of the corporate companies started the ‘work from home’ culture during the pandemic.
Post Pandemic Scenario & Market Estimations
As per the report, the global utility poles market is expected to recover from the loss in the 3rd/4th quarter of 2022. However, with the 3rd wave and the expected 4th wave of the pandemic, the restrictions are not being lifted entirely, thus slowing the revival of the market. It may extend the recovery period further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period. It is expected that once the construction works are started in full swing, there will be a rise in the demand of utility poles.
Regional Breakdown of the Market
Depending on the region, the utility poles market is further divided into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific utility poles market was valued at $17,428.3 million in 2018 and is anticipated to rise at 3.1% CAGR during the projected period. Massive population and massive investment by major companies in the region is predicted to boost the region market in the forecast period.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/282
Key Market Players & Strategies
The most prominent players of the global utility poles market include -
- Hill & Smith Holdings Plc.
- El Sewedy Electric Company
- Valmont Industries Inc.
- Skipper Ltd.
- KEC International
- Nippon Concrete Industries Co. Ltd.
- Pelco products Inc.
- Omega Factory
- RS Technologies Inc.
- Stella-Jones
- FUCHS Europoles GmbH
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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