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Industry Trends
Composite Insulators Market Size valued at USD 2 billion in 2021 and is projected to grow at a CAGR of over 7% from 2022 to 2028. Increasing investments to revamp aging grid networks, especially in the developed nations, along with the rapid adoption of smart grid technology will augment the market growth.
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Grid modernization coupled with government measures to replace unreliable infrastructures to mitigate power interruptions will drive the composite insulators market expansion. Encouraging investments through regulatory authorities in conjunction with favorable regulatory framework for the acceptance of unfailing & abiding insulators will positively cater to the business dynamics. Moreover, the replacement and refurbishment of prevailing & old electrical systems will complement the industry growth.
Growing deployment of sustainable and energy-efficient technologies to stimulate the composite insulators market revenue
The COVID-19 crisis had a considerable impact on the overall industry demand. Delays in various infrastructure projects and the shutting of various industrial & manufacturing facilities affected the overall demand for different types of composite insulators. Delays in the electric grid expansion projects coupled with the replacement of aging electrical networks witnessed slow growth during the crisis.
However, the need for a robust & new electrical network began flourishing after government relaxations were announced on imposed lockdowns. Furthermore, industrial work resumption along with excessive vaccination drives to restraint the virus spread has also boosted the industry size. Moreover, the industry will showcase a surge in product demand owing to the need for a new & uninterrupted supply of electricity globally.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 2 Billion (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 7% |
| 2028 Value Projection: | 3 Billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 700 |
| Tables, Charts & Figures: | 1,252 |
| Segments covered: | Voltage, Application, Product, End-use, Rating, Installation |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing investments in power generation in line with the rising electricity demand will fuel the market progression
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The composite insulators market is slated to experience substantial growth on account of high sustainability and cost-effectiveness. Delivering reliable, clean & affordable modes of electrical networks across the U.S. coupled with government measures to improve the electrical infrastructure in the country, which is affected due to extreme weather events including hurricanes, freeze & wildfire, will propel product demand. Furthermore, the paradigm shift toward cost-competitive renewable energy sources to produce electricity for the burgeoning population across the globe will foster the industry expansion.
The medium & low voltage composite insulators market size will witness significant growth owing to the safe and reliable power requirements across the globe. Durability, lightweight, resistance against vandalism, and optimized hydrophobicity are some of the noteworthy product characteristics that are contributing to the increased production of medium & low voltage lines. In addition, the growing focus to update the current transmission infrastructure across developed and emerging economies to support safe power will sway the high voltage segment growth.
Government investments for the development of smart grid networks to spur the composite insulators market value
The pin insulators product is anticipated to showcase 6% growth rate through 2028. The continuous product usage in overhead lines for voltage ranging up to 33 kV coupled with its preference across distribution & sub-transmission lines will further influence the industry expansion. High anti-fog performance, operational flexibility, and ease of manufacturing are a few of the key parameters stimulating product adoption across the globe. Additionally, widespread applications of suspension composite insulators across high-voltage areas coupled with their ability to offer economical operations will boost the product landscape.
The shackle composite insulators market is poised to observe exponential growth led by the rapid industrialization and urbanization. The increasing investments in the development of new electrical networks & smart grid systems will propel product demand during the forecast timeline. Strict government regulations on transmission & distribution losses will further sway the industry progression. Growing emphasis on wide-ranging transmission lines with low loss will further increase product acceptance in the market.
APAC region will observe growth attributed to the growing electricity demand by the rapidly developing urban population
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Asia Pacific composite insulators market is predicted to reach USD 1 billion by 2028. The shifting inclination toward support mechanisms and endowments offered by state-owned utilities for the expansion of T&D infrastructure will propel the market demand. In addition, favorable government policies & plans for urbanization and development processes will accelerate product demand in countries including China, India, Japan, Indonesia, the Philippines, Thailand, and South Korea.
The U.S. composite insulators market is estimated to attain a CAGR of 6% till 2028. Increasing investments favoring infrastructure deals along with ongoing government efforts to offer a clean energy future will further encourage product adoption across the region. For instance, in November 2021, as per the Bipartisan Infrastructure deal, the U.S. will register an investment of over USD 62 billion to expand access to clean and efficient energy within the country. The new deal is designed to include a dedicated Smart Grid Investment Matching Grant Program with a worth of USD 3 billion to expand the grid infrastructure. The upgrading of existing transmission & distribution systems along with an increasing preference for clean energy by grid accommodation will further complement the industry value.
Strategic implications including agreements and partnerships will sway the market presence of key players
Major companies operating across the composite insulators market include 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, INCAP, TAPOREL, Zhengzhou Orient Power Co., Ltd., Hitachi Energy Ltd., Hubbell, Gamma Insulators, Peak Demand Inc., GK Xianghe Electricals Pvt. Ltd., and Seves. New product launches & innovations, mergers & acquisitions, collaborations, and agreements among key leaders across the industry will impel the business spectrum.
The composite insulators market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Million Units’ & USD Million’ from 2022 to 2028 for the following segments:
Market, By Voltage
- High voltage
- Medium voltage
- Low voltage
Market, By Application
- Cables & transmission lines
- Switchgears
- Transformers
- Bus bars
- Others
Market, By Product
- Pin insulators
- Suspension insulators
- Shackle insulators
- Other insulators
Market, By End-use
- Residential
- Commercial & Industrial
- Utilities
Market, By Rating
- <11 kV
- 11 kV
- 22 kV
- 33 kV
- 72.5 kV
- 145 kV
- 220 kV
- 400 kV
- 800 kV
- 1200 kV
Market, By Installation
- Distribution
- Transmission
- Substation
- Railways
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Sweden
- Austria
- Netherlands
- Denmark
- Finland
- Norway
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Philippines
- Thailand
- Malaysia
- Singapore
- New Zealand
- Middle East & Africa
- Saudi Arabia
- UAE
- Iran
- Kuwait
- Qatar
- Bahrain
- Oman
- Jordan
- Turkey
- Egypt
- Nigeria
- South Africa
- Algeria
- Latin America
- Brazil
- Argentina
- Chile
- Venezuela
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