Top Trends in the Utility Poles Market
Utility Poles Market Projected to grow at 2.7% CAGR To 2032
WILMINGTON, DELAWARE, UNITED STATES, July 18, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the utility poles market size was valued at $51.5 billion in 2022, and is estimated to reach $67 billion by 2032, growing at a CAGR of 2.7% from 2023 to 2032.
Utility poles are also called power poles or electricity poles, which support wires and electric cables that carry electricity from power companies to end users. These support three facilities including electric power, cable television, and telephone.
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The Asia-Pacific region, followed by North America, dominates the global utility poles market, contributing nearly two-fifths of the market share in 2022. The region is poised to register the fastest CAGR growth from 2023 to 2032, driven by increased demand for telecom services, a focus on technological advancements, and the presence of new players.
Major players in the utility poles market analysis include Stella-jones Inc., El Sewedy Electric Company, Fuchs Europoles GmbH, RS Technologies Inc., Omega Factory, Nippon Concrete Industries Co., Ltd., Hill & Smith Holdings Plc, Valmont Industries Inc., Skipper Ltd., Pelco Products Inc, and others.
Material used in the production of utility pole is wood, concrete, composite, and steel, and depending on the use of the material, life span of typical utility pole varies.
The dynamic utility poles market outlook is a pivotal sector crucial for supporting the ever-growing energy consumption, telecommunication infrastructure, and environmental sustainability initiatives.
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Utility poles, serving as essential components of electrical and telecommunication networks, play a vital role in ensuring efficient and reliable transmission and distribution of energy and communication signals.
The global energy consumption is driving a rise in demand for utility poles, necessitating efficient and reliable power distribution networks.
The telecommunication industry is expanding, necessitating infrastructure support, and utility poles are crucial for deploying cables and equipment.
Steel is recognized as a green material due to its recyclability, durability, and potential for reduced environmental impact. This makes steel a preferred choice for utility pole construction.
The utility sector is also shifting towards using composite materials for utility pole construction, offering advantages such as lightweight construction, environmental resistance, and longevity. This presents an opportunity for the market to address traditional challenges and meet evolving industry needs.
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Another challenge is the growing preference for underground wire or cable networks, influenced by aesthetics, urban planning, and visual impact. This shift poses a challenge for traditional utility pole usage.
Environmental concerns and regulations against deforestation also impact the utility poles market. Traditional wooden poles may be limited, prompting the industry to explore alternative materials and construction methods.
By type, distribution poles dominated the market accounting for more than three-fifths of the utility poles market share in 2022.
Based on pole size, below 40ft is the fastest growing segment with a CAGR of 3.1% from 2023-2032.
By Application, energy transmission and distribution dominated the market accounting for more than two-thirds of the utility poles market size in 2022.
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Based on the material the steel segment is expected to grow at a CAGR of 2.7%, in terms of revenue, during the utility poles market forecast period.
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Utility Poles Market
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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