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High Voltage Composite Insulators Market Size

Report ID: GMI8313
Published Date: Feb 2024
Report Format: PDF

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High Voltage Composite Insulators Market Size

High Voltage Composite Insulators Market was valued at USD 846 million in 2023 and is set to grow at over 6.9% CAGR from 2024 to 2032. Ongoing efforts for grid modernization and government initiatives to replace unreliable infrastructures, reducing power interruptions will significantly contribute to industry expansion.

High Voltage Composite Insulators Market

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For instance, in November 2023, the European Commission introduced an Action Plan designed to enhance the efficiency, expansion, and rapid deployment of electricity grids. Building upon an existing supportive legal framework for grid rollout in Europe, the plan specifically tackles key challenges related to the digitization, and improved utilization of the EU electricity transmission and distribution grids. Moreover, increasing demand for energy-efficient units coupled with the ongoing replacement of traditional electrical components for smoother and more reliable transmission operations, will further propel the industry growth.

High Voltage Composite Insulators Market Report Attributes
Report Attribute	Details
Base Year:	2023
High Voltage Composite Insulators Market Size in 2023:	USD 846 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.9%
2032 Value Projection:	USD 1.55 Billion
Historical Data for:	2019 to 2023
No. of Pages:	280
Tables, Charts & Figures:	404
Segments covered:	Application, End-Use, Rating, and Region
Growth Drivers:	Rising electric infrastructure spending Refurbishment and expansion of existing grid networks Increasing adoption of smart grid Increasing investments toward power generation
Pitfalls & Challenges:	Fluctuating raw material cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market valuation of the high voltage composite insulators was reached USD 846 million in 2023 and is expected to register over 6.9% CAGR from 2024 to 2032, owing to ongoing efforts for grid modernization and government initiatives to replace unreliable infrastructures worldwide.

The cables & transmission lines segment held over 30% share of the high voltage composite insulators industry in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to their role in ensuring reliable operations and maintaining power grid integrity.

Asia Pacific market for high voltage composite insulators is expected to cross USD 700 million by 2032, due to population expansion, rising power generation capacity, and increased demand for efficient & reliable electricity across emerging nations in the region.

Hitachi Energy Ltd., KUVAG GmbH & Co KG, Maschinenfabrik Reinhausen GmbH, Nanjing Electric Technology Group Co., Ltd., Navitas Insulators Pvt Ltd, and PFISTERER Holding SE, are some of the major high voltage composite insulators companies worldwide.