Massive Growth of Utility Poles Market due to Innovation Strategy
Global utility poles market was valued at $45.6 billion in 2018, and is projected to reach $58.8 billion by 2026, growing at a CAGR of 3.2% from 2019 to 2026. Utility pole is an end to end connection of electrical wires that carries and distributes electricity as per the convenience. Therefore, utility poles are designed to be durable in nature. The normal life cycle of a utility pole ranges from 30 to 50 years but this life span varies based on the material used. Traditionally, wood poles were preferred mostly in response to material suitability but gradually wooden poles are getting replaced by steel and now composite based poles due to enhanced properties and benefits associated with them.
The global utility poles market is highly established in nature and it is expected to register a single-digit growth of 3.2% during the forecast period. Countries with higher population density and increasing electricity access rates have been generating higher demand for utility poles. On the other hand, established country-level markets such as the U.S., China, UK, India, and others have already established an electricity distribution network, where revenue is coming from pole replacement activities.
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