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.
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:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power Rating, End-User, Application, Voltage, Product, Installation, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.2%.
Increased adoption of sustainable and energy-efficient technologies will drive revenue growth in the composite insulators market.
Major global Composite Insulators Market players 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.
Composite insulators market expansion would be hampered by variable raw material costs and excessive maintenance.
MEA is expected to account for the largest market revenue share in the Global Composite Insulators market.
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