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As per the market analysis report by Future Market Insights (FMI), the global composite insulators market is forecasted to reach a value of US$ 4.2 Bn in 2032 from US$ 2 Bn in 2021 by recording an impressive CAGR of 7% during the forecast years.
The growing demand for revamping the existing electrical network aided with more safety features has been the major factor behind the growing demand for silicone rubber polymer composite insulators in particular and the composite insulators market.
Delivering clean, reliable and affordable sources of electricity requires the establishment of more transmission lines to reduce the wastage in long-distance distribution networks. This situation is expected to foster the global composite insulators market providing the composite long rod insulators used for high voltage wires.
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After discovering vaccines for controlling the Covid-19 spread, national governments are increasingly spending on infrastructure development for reviving a pandemic hit economy.
Electricity supply is the most crucial utility service is focuses on establishing transmission lines for wide distribution, creating a massive demand for composite line post insulators across the geographical regions.
“Growing concern for deploying energy-efficient technologies in distribution and consumption of electrical energy has rendered the silicone composite insulators as the best alternative.”—opines an FMI analyst.
Due to the larger geographical area and a higher population count, the Asia Pacific region is estimated to experience robust growth in the composite insulators market.
State-owned utility companies are at the forefront in the purchase and installation of composite post insulators in their respective area of operation, favouring the growth of the market predicted to reach up to a value of US$ 1 Bn by 2028.
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Some of the major players covered by the market report include GE, Siemens Energy, Lapp Insulators Group, Seves, Bharat Heavy Electricals Limited (BHEL), GIPRO GmbH, Olectra Greentech Limited, TE Connectivity, Hitachi Energy Ltd.
The organized sector in the global composite insulators market catering to large industrial consumers will face a significant challenge from the growing number of unorganized sectors flooding the local markets with cheap alternatives of composite tension insulators.
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3.1.1. COVID-19 Crisis and Impact on Composite Insulators Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Componentulation and Product Development Trends
Explore FMI’s Extensive ongoing Coverage on Oil, And Gas Domain
Sustainable Aviation Fuel Market: The sustainable aviation fuel market is expected to experience tremendous growth during the forecast period of 2022-2032 with a CAGR of 60%.
District Heating Market: The global District Heating System Market is poised to increase at a steady CAGR of 4%, reaching US$ 260 Bn by 2032 from US$ 170 Bn in 2021.
Portable Inverter Generators Market: The global portable inverter generators market is likely to increase at a steady CAGR of 6.9%, reaching US$ 3.74 Bn by 2032 from US$ 1.9 Bn in 2021.
Composite Insulators Market: The composite insulators market size valued at USD 1.97 Bn in 2021 and is projected to reach USD 2.81 Bn by 2026, growing at a CAGR of 7% from 2022 to 2032.
Power Transmission Lines and Towers Market: The power transmission lines and towers market was valued at USD 27.23 billion in 2021 and is expected to reach USD 66.80 billion by 2032, growing at a CAGR of 8.5% from 2022 to 2032.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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