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According to the study, the overall telecom tower power system market worth is expected to reach US$ 6.7 Bn by 2031. While outdoor telecom tower power systems are expected to remain dominant, indoor telecom tower power system will witness a surge in demand, exhibiting growth at 7.1% CAGR in 2021.
According to Future Market Insights, expansion of telecom infrastructure facilities to cover rural and other remote areas has led to stronger demand for telecom tower power systems. Rapid technological advancements in production technologies are also projected to complement market growth in the near future.
In spite of the recessionary effect of the COVID-19 pandemic in 2020, the telecommunication industry in terms of essential service sector has remained unaffected. With the continual demand for high energy efficient solutions, growth of telecom tower power systems is expected to reflect an upward trajectory for the foreseeable future.
Demand for telecom tower power systems is increasing with the rise in the volume of telecom tower networks in recent years. This can be attributed to an increase in investments and expansion of new telecom infrastructure projects in developing nations.
The growing requirement of mass production has resulted in increased importance of process automation. The market is shifting towards Industry 4.0 norms, leading to the promotion and universal adoption of new production technologies.
Increasing number of players focusing on research and development related to telecom tower power systems is anticipated to contribute towards market growth in the years to come.
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Key Takeaways from Telecom Tower Power System Market Study
- Outdoor telecom tower power systems are projected to hold over 54% of the global market share in 2021, supported by the availability of superior configurations.
- The diesel generator + battery segment is set to hold over 41% of the market share as a power source by 2031-end, supported by investments into renewable energy systems.
- The U.S. will remain a primary market, backed by rising demand from the energy sector. It is expected to account for over 86% of the demand registered in North America in 2021.
- The markets in India and China are set to surge at CAGR of approximately 8% and 7% over the coming decade.
- Russia is emerging as a key market in Europe, with a valuation of over US$ 154.5 Mn in 2021, driven by presence of massive telecom infrastructure network.
“The telecom tower power system market is growing at a strong pace driven largely by increasing demand for energy efficient power systems. Increasing investments in the telecommunication industry for the expansion of telecom infrastructure projects will create extensive opportunities for telecom tower power system manufacturers. Industry participants are investing in expansions, strategic alliances, and energy efficient solutions to gain a competitive advantage,” says a Future Market Insights analyst.
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Companies operating in the telecom tower power system market are aiming for strategic collaborations and partnerships with other manufacturers to expand their product manufacturing capacity to address the growing demand of an expanding consumer pool.
- Delta Electronics Inc.
- Cummins Inc.
- Huawei Technologies Co., Ltd
- Eaton Corporation PLC
- Vertiv Group Corporation
- STMicroelectronics NV
- ZTE Corporation
- ABB Ltd