Composite Insulators Market

Composite Insulators Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Composite Insulators Market grew at a CAGR of 5.4% between 2017-2021 and is estimated to be US$ 2,561.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.2% and is expected to reach a valuation of US$ 4,674.4Mn by 2032 end.

The size of the worldwide composite insulators market will increase due to rising investments in updating antiquated grid networks throughout developed nations and the expanding use of smart grid technology.

The advantages of composite insulators, the increased focus on grid network expansion, and significant investments by regulatory bodies in developing effective electric infrastructure will drive the growth of the composite insulators market.

Furthermore, the worldwide composite insulators market is projected to grow due to favorable changes in power distribution and rising industrialization and commercialization.

Market Dynamic

INCREASED ADOPTION OF SUSTAINABLE AND ENERGY-EFFICIENT TECHNOLOGIES WILL DRIVE REVENUE GROWTH IN THE COMPOSITE INSULATORS MARKET

Power distribution networks are being expanded globally to increase power generating capacity and meet rising energy demand, resulting in the global adoption of composite insulators in the commercial, residential, and industrial sectors.

These factors are anticipated to fuel the expansion of the composite insulator market throughout the anticipated period, along with the numerous applications for composite insulators.

COMPOSITE INSULATORS MARKET EXPANSION WOULD BE HAMPERED BY VARIABLE RAW MATERIAL COSTS AND EXCESSIVE MAINTENANCE

Variable raw material costs and high maintenance would limit the market growth of composite insulators. The total expansion of the worldwide composite insulators market is also significantly constrained by a lack of skilled workers, technicians, and standard processes.

GROWING DEPLOYMENT OF SUSTAINABLE AND ENERGY-EFFICIENT TECHNOLOGIES TO STIMULATE THE COMPOSITE INSULATORS MARKET REVENUE

The COVID-19 disaster significantly impacted the total industry demand. The closure of some industrial & manufacturing operations and delays in several infrastructure projects affected the total market for various composite insulators. During the crisis, growth was modest due to delayed efforts to expand the electric grid and replace aging electrical networks.

However, as the government announced relaxations on enforced lockdowns, the need for a strong and new electrical network started to develop. The industry size has also increased due to the extensive vaccination campaigns to stop the virus from spreading and the return to industrial labor. Additionally, the industry will see an increase in product demand due to the requirement for a fresh and reliable supply of electricity worldwide.

Market Segments Covered in Report

By Power Rating:

• <11 kV
• 11 kV
• 22 kV
• 33 kV
• 5 kV
• 145 kV
• 220 kV
• 400 kV
• 800 kV
• 1200 kV

By End-User:

• Residential
• Commercial & Industrial
• Utilities

By Application:

• Cables & transmission lines
• Switchgears
• Transformers
• Bus bars
• Others

By Voltage:

• High voltage
• Medium voltage
• Low voltage

By Product:

• Pin insulators
• Suspension insulators
• Shackle insulators
• Other insulators

By Installment:

• Distribution
• Transmission
• Substation
• Railways
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which voltage segment is anticipated to dominate the composite insulators market?

The lightweight, resilience, excellent hydrophobicity, and vandal resistance of medium voltage composite insulators are driving factors in demand. Throughout the projection, the medium voltage category is anticipated to increase the fastest. The factors influencing utilities’ large outlays for long-distance power transmission will continue to shape the composite insulators industry.

Which product segment is expected to rise fastest in composite insulators?

Through 2032, growth in the Suspension Insulators product is anticipated to average 6% per year. The product will continue to be used in overhead lines for voltages up to 33 kV, and distribution and sub-transmission lines will favor it, which will affect the expansion of the composite insulators market. High anti-fog performance, operational flexibility, and ease of manufacture are only a few key factors influencing the global market acceptability of composite insulators.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The market for MEA composite insulators is anticipated to grow over $1 billion, with a market share of 29.7%. The market demand will be fueled by the shifting preference for the support mechanisms and endowments provided by state-owned utilities to grow T&D infrastructure.
• According to estimates, the U.S. composite insulators market would grow at a CAGR of 6%. Increased infrastructural expenditures and continuous government initiatives to provide a sustainable energy future will promote product uptake throughout the region.

Competition Analysis

Leading companies in the composite insulators market are developing cutting-edge strategies to increase their capacity for commercial expansion. New product launches, innovations, mergers and acquisitions, partnerships, and agreements among significant industry players will drive the composite insulators market landscape.

The recent developments in the Global Composite Insulators Market:

• In June 2019, the Thai government announced that a rail project costing $7.2 billion would be finished the following month. The government plans to construct a high-speed rail line connecting the Don Mueang, Suvarnabhumi, and U-Tapao airports. In the domestic market, this is anticipated to increase demand for composite insulators.
• In June 2019, Near Dover, Cricket Valley Energy Centre LLC announced that its 1,100 MW natural gas-fired power station was 6% complete. It is projected that the project will enhance demand for composite insulators.

A list of some of the key suppliers present in the market are:

• General Electric
• Siemens Energy
• Bharat Heavy Electricals Limited (BHEL)
• ABB
• INAEL Electrical Systems
• Spark Insulators
• Saravana Global Energy Limited
• Deccan Enterprises Private Limited
• Olectra Greentech Limited
• GIPRO GmbH
• TE Connectivity
• Newell
• Meister International
• CYG Insulator Co., Ltd.
• Izoelektro
• Doubletree Systems, Inc.
• Lapp Insulators Group

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.