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Telecommunications has overtaken financial services as the busiest sector for mergers and acquisitions this year after a string of large deals in the emerging markets have put the sector on track for the best year since 2006.

Mexican telecoms group América Móvil’s $24.3 billion acquisition of Carso Global Telecom, CenturyTel’s $22.3 billion acquisition of Qwest Communications, India’s Bharti Airtel’s $10.7 billion acquisition of Kuwaiti concern Zain’s African operations and the $3.6 billion demerger of the U.K.’s Cable & Wireless have helped push volume to $138.4 billion for the year to date–already more than two thirds of the $203.2 billion of activity in all of last year.

Financial services has been the busiest sector for deals by volume for the past four years, according to Dealogic. Last year, the oil and gas and the health-care sectors also were busier for deal makers than was the telecommunications section.

“There are powerful Darwinian forces at work which are driving activity in emerging markets at the moment,” says Dan Bailey, head of the technology, media and telecoms group for Emea at Citigroup. “Strong, well-capitalized companies are looking to take advantage of weakened rivals and put cash to good use.”

The recent flurry of activity could help reverse a trend in which M&A volume in telecommunications has declined every year since 2005, when the total value of announced transactions was $402.3 billion. There are several large potential deals that could add to this year’s total.

Spain’s Telefónica is looking to buy out the 50% it doesn’t own in Brazil’s Vivo Participacoes from Portugal Telecom, while AT&T and Dubai’s Etisalat are among the parties reported to be in the running for a 26% stake in India’s Reliance Communications. South Africa’s MTN is expected to be on the acquisition trail after failing to secure a deal with Egypt’s Orascom Telecom last week.

“There are overriding strategic and financial issues for the largest global telecoms companies which are looking to emerging markets for enhanced revenue growth and pursuing in-region consolidation to drive free cashflow growth through synergies,” says Jack Callaway, co-head of communications and media at Barclays Capital.