Global Overhead Conductor Market Overview
As per MRFR analysis, the Overhead Conductor Market Size was estimated at 23.17 (USD Billion) in 2022. The Overhead Conductor Industry is expected to grow from 24.02(USD Billion) in 2023 to 33.2 (USD Billion) by 2032. The Overhead Conductor Market CAGR (growth rate) is expected to be around 3.66% during the forecast period (2024 - 2032).
Key Overhead Conductor Market Trends Highlighted
Growing demand from the power transmission and distribution industry, driven by the increasing consumption of electricity, is a key market driver for the overhead conductor market. The expansion of renewable energy projects, particularly in wind and solar power generation, is also propelling demand.
Opportunities in the market lie in the adoption of advanced technologies such as composite core conductors (ACCCs) and high-temperature low-sag (HTLS) conductors to enhance efficiency and reduce energy losses. Additionally, the growing focus on grid modernization and smart grid infrastructure presents opportunities for the integration of sensors and monitoring systems into overhead conductors.
Recent trends include the emphasis on sustainability and environmental concerns, leading to the development of environmentally friendly and recyclable conductors. The increasing use of drones for conductor inspection and maintenance is another trend, enhancing efficiency and reducing risks for maintenance crews.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Overhead Conductor Market Drivers
Increasing Demand for Renewable Energy Sources
The increasing demand for renewable energy sources, such as solar and wind power, is driving the growth of the Overhead Conductor market. Overhead conductors are used to transmit electricity from renewable energy sources to the grid, and the growth of the renewable energy sector is expected to continue to drive demand for overhead conductors. In addition, the increasing adoption of electric vehicles is also expected to contribute to the growth of the overhead conductor market, as electric vehicles require a reliable and efficient electricity infrastructure.
Growing Need for Grid Expansion and Upgradation
The growing need for grid expansion and upgradation is another major factor driving the growth of the Overhead Conductor market. The increasing population and economic growth are leading to an increase in electricity demand, which is putting pressure on the existing grid infrastructure. As a result, there is a need for grid expansion and upgradation, which is creating opportunities for the overhead conductor market.
Technological Advancements
Technological advancements are also playing a significant role in the growth of the Overhead Conductor market. The development of new materials and technologies is leading to the development of more efficient and reliable overhead conductors. For example, the development of high-temperature low sag (HTLS) conductors is expected to drive the growth of the overhead conductor market, as HTLS conductors can transmit more electricity with less sag than traditional conductors.
Overhead Conductor Market Segment Insights
Overhead Conductor Market Material Type Insights
The Overhead Conductor Market is segmented based on Material Type into Aluminum Conductor Composite Reinforced (ACCR), Aluminum Conductor Steel Reinforced (ACSR), Copper Conductor Steel Reinforced (CCSR), Composite Core Conductor (CCC), and Galvanized Steel Conductor (GSC). The ACCR segment held the largest market share in 2023 and is expected to continue to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing demand for high-strength, lightweight, and durable conductors for overhead transmission lines.
The ACSR segment is expected to witness significant growth during the forecast period, owing to its cost-effectiveness and high performance. The CCSR segment is also expected to grow steadily, driven by the increasing demand for copper conductors in underground distribution networks. The CCC segment is expected to gain traction during the forecast period due to its superior electrical and mechanical properties. The GSC segment is expected to remain niche but is likely to witness moderate growth during the forecast period. The Overhead Conductor Market revenue is expected to reach USD 26.42 billion by 2024, exhibiting a CAGR of 4.2% during the forecast period.
The increasing investment in renewable energy projects, coupled with the growing demand for electricity, is expected to drive the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Overhead Conductor Market Application Insights
The Application segment plays a crucial role in the Overhead Conductor Market, with diverse applications driving market growth. Transmission Lines, accounting for a significant revenue share, are primarily used to transmit electricity over long distances, forming the backbone of power grids. Distribution Lines, responsible for distributing electricity to consumers, hold a substantial market share. Subtransmission Lines bridge the gap between transmission and distribution networks, ensuring efficient power delivery to substations. Renewable Energy Projects, particularly solar and wind farms, are driving demand for Overhead Conductors due to their ability to transmit electricity generated from renewable sources.
Lastly, Industrial and Commercial Buildings utilize Overhead Conductors for internal power distribution, supporting various industrial processes and commercial operations. With increasing urbanization and expanding electricity infrastructure, the Application segment is poised for steady growth in the coming years.
Overhead Conductor Market Insulation Type Insights
The Overhead Conductor Market is segmented based on Insulation Type into Bare Conductor, Insulated Conductor, Covered Conductor, and Self-Supporting Insulated Conductor (SSIC). The Insulated Conductor segment is expected to witness significant growth over the forecast period, owing to its superior electrical insulation properties and increased demand for reliable power transmission. In 2023, the Insulated Conductor segment accounted for a market share of around 35%, and it is projected to grow at a CAGR of 4.2% during the forecast period.
The Bare Conductor segment held the largest market share of around 40% in 2023, primarily due to its cost-effectiveness and wide application in overhead power lines. Covered Conductor and SSIC segments are also expected to witness steady growth, driven by increasing demand for enhanced safety and reliability in power transmission and distribution networks.
Overhead Conductor Market Usage Insights
The Overhead Conductor Market is segmented by usage into new construction, replacement and refurbishment, and maintenance and repair. In 2023, replacement and refurbishment accounted for the largest share of the market, at 38.2%. This is due to the increasing age of the existing overhead conductor infrastructure, which is leading to a need for replacement and refurbishment. New construction is expected to be the fastest-growing segment, with a CAGR of 5.4% over the forecast period. This growth is being driven by the increasing demand for electricity in developing countries and the need to upgrade the existing infrastructure in developed countries.
Maintenance and repair are also expected to see significant growth, with a CAGR of 4.6% over the forecast period. This growth is being driven by the need to maintain the existing infrastructure and to prevent outages.
Overhead Conductor Market Regional Insights
The regional segmentation of the Overhead Conductor Market offers insights into the market's geographic distribution and growth dynamics. In 2023, North America held the largest market share, accounting for around 35.6% of the global revenue. Europe and APAC followed with significant shares, driven by growing infrastructure development and energy demand. South America and MEA are expected to witness steady growth in the coming years due to increasing urbanization and industrialization. The rising demand for reliable and efficient electricity transmission and distribution networks is a key growth factor across all regions, contributing to the overall expansion of the Overhead Conductor Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Overhead Conductor Market Key Players And Competitive Insights:
Major players in the Overhead Conductor Market industry are continuously innovating and developing new products to meet the evolving needs of customers. Leading Overhead Conductor Market players are investing heavily in research and development to enhance the performance and efficiency of their products. The market is expected to witness significant growth in the coming years due to increasing demand for overhead conductors in various applications, such as power transmission and distribution networks. Overhead Conductor Market development is being driven by factors such as rising energy consumption, growing population, and urbanization. The competitive landscape of the Overhead Conductor Market is fragmented, with several major players operating in the market. Some of the key players in the Overhead Conductor Market include Prysmian Group, Nexans, LS Cable & System, NKT, and Sumitomo Electric Industries.
Prysmian Group, a leading Overhead Conductor Market player, offers a wide range of overhead conductors for various applications. The company has a strong presence in the global market and is known for its innovative products and solutions. Prysmian Group continuously invests in research and development to enhance the performance and efficiency of its products. The company's commitment to innovation has enabled it to maintain a leading position in the Overhead Conductor Market.
Nexans, another prominent player in the Overhead Conductor Market, provides a comprehensive range of overhead conductors for power transmission and distribution networks. The company has a global presence and is known for its high-quality products and services. Nexans focuses on developing innovative solutions to meet the evolving needs of its customers. The company's commitment to customer satisfaction has helped it gain a strong reputation in the Overhead Conductor Market.
Key Companies in the Overhead Conductor Market Include:
- Nexans
- Sumitomo Electric Industries
- Cablex
- Jilin Copper
- LS Cable System
- Furukawa Electric
- Southwire
- Prysmian
- Taihan Electric Wire
- General Cable
- HUBEI FANGYUN ELECTRIC CONDUCTOR
- Brugg Kabel
- NKT
- Hitachi Metals
- Sterlite Technologies
Overhead Conductor Industry Developments
The Overhead Conductor market is projected to grow from USD 24.02 billion in 2023 to USD 33.2 billion by 2032, exhibiting a CAGR of 3.66% during the forecast period. This growth is attributed to the increasing demand for electricity, rising urbanization, and growing investments in renewable energy projects. The Asia-Pacific region accounted for the largest market share in 2023, and it is expected to continue dominating the market throughout the forecast period.
Recent news developments and current affairs in the Overhead Conductor market include:
In January 2023, Prysmian Group announced the launch of its new high-voltage overhead conductor, the P-720. The P-720 is designed to meet the growing demand for high-capacity transmission lines.
In March 2023, Nexans announced the completion of a major overhead conductor project in Saudi Arabia. The project involved the installation of over 1,000 kilometers of overhead conductor.
In June 2023, NKT announced the acquisition of Brugg Cables. The acquisition strengthens NKT's position in the overhead conductor market.
Overhead Conductor Market Segmentation Insights
Overhead Conductor Market Material Type Outlook
- Aluminum Conductor Composite Reinforced (ACCR)
- Aluminum Conductor Steel Reinforced (ACSR)
- Copper Conductor Steel Reinforced (CCSR)
- Composite Core Conductor (CCC)
- Galvanized Steel Conductor (GSC)
Overhead Conductor Market Application Outlook
- Transmission Lines
- Distribution Lines
- Subtransmission Lines
- Renewable Energy Projects
- Industrial and Commercial Buildings
Overhead Conductor Market Insulation Type Outlook
- Bare Conductor
- Insulated Conductor
- Covered Conductor
- Self-Supporting Insulated Conductor (SSIC)
Overhead Conductor Market Usage Outlook
- New Construction
- Replacement and Refurbishment
- Maintenance and Repair
Overhead Conductor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
23.17(USD Billion) |
| Market Size 2023 |
24.02(USD Billion) |
| Market Size 2032 |
33.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.66% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Nexans, Sumitomo Electric Industries, Cablex, Jilin Copper, LS Cable System, Furukawa Electric, Southwire, Prysmian, Taihan Electric Wire, General Cable, HUBEI FANGYUN ELECTRIC CONDUCTOR, Brugg Kabel, NKT, Hitachi Metals, Sterlite Technologies |
| Segments Covered |
Material Type, Application, Insulation Type, Usage, Regional |
| Key Market Opportunities |
Renewable Energy Expansion Smart Grid Development Aging Infrastructure Modernization Urbanization and Industrialization Growing Demand for Reliable Power Transmission |
| Key Market Dynamics |
Increased demand for renewable energy Stringent regulations for grid modernization Advancements in conductor technology Growing emphasis on energy efficiency Rising urbanization and industrialization. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Overhead Conductor market is expected to reach USD 33.2 billion by 2032, growing at a CAGR of 3.66% from 2024 to 2032.
North America is expected to dominate the Overhead Conductor market throughout the forecast period.
Increasing demand for electricity, growing infrastructure development, and rising investments in renewable energy projects are the key factors driving the growth of the Overhead Conductor market.
Overhead conductors are primarily used in the transmission and distribution of electricity, as well as in railway electrification systems.
Some of the key players in the Overhead Conductor market include Prysmian Group, Nexans, NKT, Southwire Company, and General Cable.
The Overhead Conductor market is estimated to be around USD 24.02 billion in 2023.
The Overhead Conductor market is projected to grow at a CAGR of 3.66% from 2024 to 2032.
The transmission and distribution segment is expected to hold the largest market share in the Overhead Conductor market throughout the forecast period.
Asia-Pacific is expected to witness the highest growth rate in the Overhead Conductor market during the forecast period.
Increasing adoption of smart grid technologies, growing focus on energy efficiency, and rising demand for renewable energy sources are some of the key trends shaping the Overhead Conductor market.
