Composite Insulator Market size is set to surpass USD 3 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing government focus on the development of efficient transmission and distribution networks. Growing industrialization and urbanization coupled with the rising adoption of smart-grid infrastructures to minimize the deterioration of existing electrical networks will positively influence the business dynamics. Favorable government investments and infrastructural projects coupled with the increasing need for electricity in various application segments including residential, commercial & industrial will augment the business scenario.
Rising government focus pertaining to safe & clean energy among various application segments will drive the market expansion
The utility segment is expected to grow due to the growing research & development expenditures on the transformation of the grid network. The rapid acceptance of electrification programs coupled with increasing emphasis on the establishment of wide-ranging transmission links will impel the product demand. Ongoing industrial expansion across emerging economies coupled with increasing electric infrastructure spending will further complement the industry landscape.
The flourishing industrial sector to boost the commercial & industrial segment value
The commercial & industrial end-use segment is projected to observe significant growth. Growing investments across the real estate and commercial industries in line with the surging urban population will accelerate the business potential. Government norms in favor of energy-efficient infrastructures coupled with rising emphasis on the establishment of wide-ranging frequency distribution links will positively impact the industry growth. Additionally, rising government spending on electrical infrastructure to meet the power supply demand from the industrial sector to spur the usage of composite insulators, thereby complementing the industry potential.
The COVID-19 outbreak had a significant impact on the market progression. Governing bodies across the globe have imposed full-scale lockdown, forcing the population to remain indoors to lower the community transmission of this virus. This has further obstructed operations, concerning ongoing and planned electrical infrastructural projects, across all verticals owing to the complete shutdown of industrial & commercial establishments. However, the ongoing research and development of medicines & vaccines to control the spread of this disease will favor the industry demand.
Browse key industry insights spread across 700 pages with 1,233 market data tables & 41 figures & charts from the report, “Composite Insulator Market Size, By Voltage (High Voltage, Medium Voltage, Low Voltage), By Application (Cables & Transmission Lines, Switchgears, Transformers, Bus bars), By Product (Pin Insulators, Suspension Insulators, Shackle Insulators), By End Use (Residential, Commercial & Industrial, Utilities), By Rating (<11 kV, 11 kV, 22 kV, 33 kV, 72.5 kV, 145 kV, 220 kV, 400 kV, 800 kV, 1200 kV), By Installation (Distribution, Transmission, Substation, Railways), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Robust development of commercial establishments will thrust the industry dynamics
Expansion of sustainable electrical networks via unlocking the full potential of renewable sources of energy in conjunction with the modernization of power grids will positively foster the market outlook. In addition, a rapid increase in population, especially in the Asia Pacific region, is increasing the scope of residential & real-estate projects, thereby increasing the demand for energy-efficient electrical networks to entail product acceptance.
A rise in the revamping and retrofitting of exiting grid networks to propel the growth for North America region
North America composite insulator market is anticipated to witness 6% growth rate through 2028. Rising investments in the placement of sustainable technologies along with a shifting focus toward revamping the existing grid network will energize the industry value. Significant economic transformation attributed to the rapid industrialization and commercialization will sway the industry expansion. Increasing measures to adopt energy-efficient systems coupled with infrastructural investments supporting the smart-grid system will further fuel the business landscape.
Key players operating in the market include INAEL Electrical Systems, Siemens Energy, CYG Insulator, General Electric, ABB, Spark Insulators, Hitachi Energy Ltd., Meister International, GIPRO GmbH, Peak Demand Inc., Zhengzhou Orient Power Co., Ltd., Saravana Global Energy Limited, GK Xianghe Electricals Pvt. Ltd., INCAP, Lapp Insulators Group, Deccan Enterprises Limited, Bharat Heavy Electricals Limited (BHEL), Seves, Doubletree Systems, Inc., TE Connectivity, Newell, Izoelektro, TAPOREL, Gamma Insulators, Hubbell, and Olectra Greentech Limited.