New York, USA, April 28, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a latest report to its offering claiming that the global utility poles market is expected to generate $55,360.7 million by 2026, and exhibit a CAGR of 2.7% from 2019 to 2026.
Pre- and Post-Pandemic Growth of the Market by 2026
The global utility poles industry is predicted to witness a decrease in growth rate during the forecast period, owing to the occurrence of COVID-19 pandemic. As per the report, the utility poles market was likely to exhibit a CAGR of 2.9% from 2019 to 2026 before the COVID-19 crisis. On the other hand, due to the COVID-19 pandemic, the global industry is now anticipated to witness a decline in growth and exhibit a CAGR of 2.7% over the forecast period. This is mainly owing to slowing down of operational activities and shutting down of several industries across the globe.
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Current Market State Due to COVID-19
The outbreak of COVID-19 across the globe has affected the global utility poles market in a negative way in 2020. The anticipated size of the utility poles market pre COVID-19 crisis was $47,159.9 million in 2020 and is expected to observe deteriorating growth and reach up to $28,296.0 million due to COVID-19 pandemic. The decrease in the growth rate is majorly attributed to stoppage in construction activities at major sites and shutting down of various industries to curb the spread of the deadly virus. However, improvement in transmission & distribution network in various regions and growing investment in the power sector are the significant factors expected to accelerate the market growth in the coming years.
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Global Market to Recover by Q3/Q4 of 2022
The global utility poles market is anticipated to continue to observe strong growth post-coronavirus pandemic and recover by third or fourth quarter of 2022. This can be majorly owing to growing usage and demand of poles in the electricity and telecommunication sector. Moreover, the emergence of composite utility poles that are cost effective in nature and exhibit superior properties is anticipated to create massive growth opportunities for the global utility poles market in the coming years.
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Key Market Players & Recent Development
Some of the key players operating in the global utility poles industry include
- RS Technologies Inc.
- Valmont Industries Inc.
- Hill & Smith Holdings Plc
- FUCHS Europoles GmbH
- El Sewedy Electric Company
- Stella-Jones
- KEC International
- Nippon Concrete Industries Co. Ltd.
- Skipper Ltd.
- Pelco products Inc.
- Omega Factory.
Further, the report outlines various aspects of these key players such as recent strategic moves, key developments, product portfolio, business performance, and SWOT analysis.
These key players are adopting several strategies such as partnerships, mergers & acquisitions, product developments, and geographical expansion to hold a significant position in the overall industry. For instance, in September 2020, Viance, an innovator in the wood preservation industry, and A Meredith Schneider Co. (AMS) and William C. Meredith Co. (WCM), a 5th generation producer of treated wood utility poles for telecommunication industries, entered into a strategic agreement to produce & distribute ‘UltraPole NXT’ poles that are treated with The Federal Government Data Center Optimization Initiative (DCOI) to most US markets by using Southern Yellow Pine poles.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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