Composite Insulators Market
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Composite Insulators Market was valued at USD 2.4 billion in 2023 and is set to grow at CAGR of over 6.9% between 2024 and 2032. Ongoing grid modernization efforts and government initiatives to replace unreliable infrastructure, aimed at reducing power interruptions, will drive industry growth. Favorable regulations, investments in technology development, and power network expansion positively influence the industry landscape.
For instance, in November 2023, European Commission announced an action plan to enhance the efficiency, rapid deployment and expansion of electricity grids. It builds on existing supportive legislation, addressing challenges in digitizing & optimizing the EU's electricity transmission and distribution grids. Rising demand for reliable insulator units and initiatives to replace prevailing electrical components for smoother operations, will propel the business landscape.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Composite Insulators Market size in 2023: | USD 2.4 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.9 |
| 2023 Value Projection: | USD 4.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 90 |
| Tables, Charts & Figures: | 50 |
| Segments Covered: | Voltage, Application, Product, End-Use, Rating, Installation, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The composite insulators industry is anticipated to grow on account of rising electricity demand along with expansion of T&D grid networks. Initiatives by respective governments to improve electrical infrastructure, in areas prone to extreme climatic conditions further affecting the reliability of conventional units which will fuel the product demand. Moreover, growing deployment of smart grids flourishing investment toward strengthening the power grid infrastructure will augment the electric insulators industry landscape.
Cables & transmission lines application is anticipated to surpass USD 1 billion by 2032. Growing demand for reliable transmission network, to meet increasing electricity demand along with ongoing expansion of grid networks will complement the business landscape. The ability of these units to offer superior insulation over traditional insulators, prevent leakage currents and enhance transmission line performance. Favorable initiatives by the authorities for the deployment of electrical networks across remote areas together with ongoing refurbishment and replacement of prevailing electrical components to ensure reliable and effective electricity supply will further proliferate the industry outlook.
High voltage composite insulators market is set to witness significant momentum owing to increasing expansion of high voltage electrical networks along with shifting inclination to reduce power outages. Growing adoption of renewable energy integration along with favorable initiatives by respective governments toward ensuring grid stability driving the demand for these units able to withstand mechanical and electrical stress.
The utilities segment is set to register about 6.5% CAGR through 2032. Rising investments in high voltage transmission networks, driven by urban population growth, along with government support for energy-efficient infrastructures and frequency transmission links will favor the industry growth. Ongoing initiatives to enhance power infrastructure’s efficiency and resilience and large-scale deployment of renewables will influence the industry outlook. Moreover, accelerating expenditures on electrical infrastructure to reduce power outages and will fuel the product adoption.
Asia Pacific composite insulators market revenue to cross USD 2 billion through 2032. Rapidly increasing population, urbanization and accelerating power demand across various sectors including residential, commercial and industrial is favoring the industry growth. Flourishing investment toward expansion of electrical networks, deployment of renewable integrated grid networks will complement the business landscape. Moreover, stringent regulatory landscape toward limiting T&D losses and favorable policies by authorities toward increasing power generation capacity will positively influence the Asia Pacific electric insulator industry dynamics.
Major players operating in the composite insulators industry are aiming to introduced new technologies and products to strengthen their market position and pursuing strategic agreements, partnerships, collaborations accompanied by mergers and acquisitions to gain the competitive edge over the others. Hitachi Energy Ltd., Sediver, Siemens Energy, Hubbell, PFISTERER Holding S and TE Connectivity, holds majority share of the composite insulators.
Key industry players operating across industry include:
Market, By Voltage
Market, By Application
Market, By Product
Market, By End-Use
Market, By Rating
Market, By Installation
The above information has been provided for the following regions and countries:
ABB, General Electric, Siemens Energy, LAPP Insulators GmbH, Seves, GIPRO GmbH, Bharat Heavy Electricals Limited (BHEL), Olectra Greentech Limited, TE Connectivity, Hitachi Energy Ltd., and PFISTERER Holding AG among others.
Asia Pacific composite insulators market is projected to hit USD 2 billion by 2032, backed by the growing population, increasing power generation capacity, and elevating demand for efficient & reliable electricity in several emerging nations across the region.
The market size of composite insulators was reached USD 2.4 billion in 2023 and is anticipated to observe a growth rate of over 6.9% through 2032, owing to the grid modernization efforts, coupled with the government initiatives aimed at replacing unreliable infrastructures to reduce power interruptions.
The utilities segment is set to witness a CAGR of over 6.5% through 2032, backed by the rising investments in high voltage transmission networks, driven by urban population growth, along with government support for energy-efficient infrastructures.