New York, USA, July 06, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global utility pole market is predicted to grow at a stable CAGR of 3.0%, thereby garnering a revenue of $57,052.3 million by 2026. This holistic report provides an overarching overview of the nature of the utility pole market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2026 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market:
Drivers: The growing energy consumption of global populations, especially since the last few years, is expected to be the primary growth driver of the utility pole market in the 2019-2026 timeframe. Along with this, technological advancement of composite utility poles is expected to push the market forward in the forecast period.
Opportunities: Growing acceptance of utility poles in the telecommunication industry is predicted to offer huge growth opportunities to the market in the analysis timeframe. Moreover, growing usage of utility poles to carry fiber optic cables for telecommunication lines and coax for television broadcasting is anticipated to augment the growth of the market.
Restraints: Growing trend for underground connections, however, might prove to be a hindrance in the growth trajectory of the utility pole market.
Click Here! To get access to a PDF Sample of Utility Pole Market
Segments of the Market:
The report has divided the utility pole market into certain segments based on type, material, pole size, application, and region.
Type: Transmission Pole Sub-Segment to Witness Substantial Growth
By type, the transmission pole sub-segment is predicted to grow significantly and garner a revenue of $23,027.9 million by 2026. The main reason for growth of this sub-segment is the increase in adoption of high voltage AC and DC systems across the globe which has been fueled by the rise in the global energy consumption.
Material: Composite Material Sub-segment to be Highly Lucrative
By material, the composite material sub-segment is predicted to grow enormously in the forecast timeframe and garner a substantial revenue of $1,554.7 million by 2026. The advantages offered by composite materials such as resistance to corrosion, high durability, strength against heavy loads, etc. is expected to boost the demand for these materials which, in turn, is expected to provide high growth opportunities to this sub-segment of the utility pole market.
Pole Size: Between 40 ft and 70 ft Poles Sub-segment to Have the Highest Market Share
By pole size, the between 40 ft and 70 ft poles sub-segment of the utility poles market is predicted to have the highest market share in the forecast timeframe and generate $23,648.2 million by 2026. Since poles of sizes ranging between 40 ft and 70 ft are widely used in both energy distribution and energy transmission applications, these poles are in huge demand, which is why this sub-segment is predicted to grow with such a fascinating rate.
Application: Electricity Transmission & Distribution Sub-segment to be the Most Dominant
By application, the electricity transmission & distribution sub-segment is predicted to have the highest market share in the forecast timeframe and reach $39,351.8 million during 2019-2026 period. Growing power consumption across the globe is predicted to be the primary growth driver of this sub-segment in the forecast period.
Region: Market in North America Region to be the Most Profitable
By regional analysis, the utility pole market in the North America region is projected to experience significant growth and is anticipated to reach $16,167.4 million in the 2019-2026 timeframe. The increasing energy needs and power consumption by the developed countries of this region is predicted to be the main contributor behind the growth of the market in this region.
Prominent Market Players:
Some prominent market players of the utility pole market are
- El Sewedy Electric Company
- Skipper Ltd.
- Pelco products Inc.
- Hill & Smith Holdings Plc
- Omega Factory
- Stella-Jones
- KEC International
- Nippon Concrete Industries Co. Ltd.
- RS Technologies Inc.
- Valmont Industries Inc.
- FUCHS Europoles GmbH
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market. Inquire here to get access for key business development strategic report
For instance, in June 2021, Bentley Systems, Inc., a leading infrastructure software company, announced the acquisition of SPIDA Software, a company specializing in development of design, analysis, and management of utility pole systems. This acquisition is expected to help Bentley Systems, Inc., to increase its market share substantially as the company will be able to address the demands of the leading players of energy distribution industry in a much better way.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the utility pole market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
Request an On-Demand Customization of Utility Pole Market Research Report & Avail Amazing Discount
More about Utility Pole Market:
- The Catastrophic Impact of Covid-19 on the Global Utility Poles Market
- Increased demand for underground cables to restrict growth of Utility Poles
- Wooden Poles Were Expected to be the Most Profitable Category in the Utility Pole Market
