The global power transmission and distribution market is expected to register substantial growth over the forecast period from 2017 t0 2025. The growing emphasis on the commercialization of electricity production by renewable energy source are some of the factors propelling growth of this market. In addition, the growing initiative by the government organizations for the improvement in the electricity transmission units is likely to boost market growth. Further, the growing demand for more electricity is another trend largely contributing towards growth of the global power transmission and distribution cable (T&D) market.
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The increasing incorporation of local power grid to develop national power grids due to growing consumption of electricity supply across the globe is likely to contribute towards growth of the power transmission and distribution cable market. Moreover, the manufacturers are largely focused toward the development and design of the cable system, this can be another major factors positively supporting the growth of the overall global market. Further, various leading players are inclined towards tackling the environmental issues and also evaluate the feasibility and according suggesting smart grade solutions. This is another factors triggering growth of this market in the approaching years.
On the other hand, the high cost associated with the raw materials is expected to limit growth of the power transmission and distribution (T&D) cable market. However, increasing demand for the high voltage direct current cable and growing need to improve the aging T&D infrastructure factors stimulating growth of this market in upcoming years.
Geographically, North America dominate the global power transmission and distribution (T&D) cable market in terms of adoption and consumption. The growth in the North America’s region is attributed to rising concentration towards the renewable energy as the source of generation of electricity, mainly in the U.S. regions and constant expansion in the usage of high voltage direct current superconductor and technology to bolster growth of this market in near future.
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