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Composite Insulators Market Size
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 Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 2.4 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 6.9% |
2032 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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Composite Insulators Market Trends
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.
Composite Insulators Market Analysis
![Composite Insulators Market Size, By Application, 2022 - 2032 (USD Billion) Composite Insulators Market Size, By Application, 2022 - 2032 (USD Billion)](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/composite-insulators-market-size-by-application-2024-2032.webp)
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.
![Composite Insulators Market Revenue Share, By End-Use, 2023 Composite Insulators Market Revenue Share, By End-Use, 2023](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/composite-insulators-market-revenue-share-by-end-use-2024-2032.webp)
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 Size, 2022 - 2032 (USD Billion) Asia Pacific Composite Insulators Market Size, 2022 - 2032 (USD Billion)](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/asia-pacific-composite-insulators-market-size-2024-2032.webp)
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.
Composite Insulators Market Share
![Composite Insulators Company Market Share Analysis, 2023 Composite Insulators Company Market Share Analysis, 2023](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/composite-insulators-company-market-share-analysis-2024-2032.webp)
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.
Composite Insulators Market Companies
Key industry players operating across industry include:
- Bonomi Eugenio SpA
- CYG Insulator Co., Ltd.
- DECCAN ENTERPRISES PRIVATE LIMITED
- Gamma Insulators
- GIPRO GmbH
- Hitachi Energy Ltd.
- Hubbell
- Izoelektro
- KUVAG GmbH & Co KG
- Navitas Insulators Pvt Ltd
- Nanjing Electric Technology Group Co., Ltd.
- Newell Porcelain
- Olectra Greentech Limited
- Peak Demand Inc.
- PFISTERER Holding SE
- Rayphen
- Sediver
- Siemens Energy
- Taporel Electrical Insulation Technology Co., Ltd.
- TE Connectivity
Composite Insulators Industry News
- In October 2023, CLEAVES-BESSMER-MARIETTI, INC. announced the completion of PLP's full range of polymer line post insulators, including the IP-51-4F model. These insulators are lightweight and highly impact-resistant, weighing half as much as porcelain counterparts and capable of withstanding transportation without chipping or breaking. Manufactured in Rogers, AR, these USA-made insulators exemplify PLP's commitment to quality and durability in power distribution solutions.
- In December 2022, DECCAN Enterprises formed a joint venture with KUVAG GmbH to build a cutting-edge production facility in Hyderabad, India, for manufacturing composite hollow core insulators. This initiative aims to meet increasing global demand for these products. Scheduled to start operations by mid-2023, the facility will supply advanced composite insulators to both domestic and international markets.
This composite insulators market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032 for the following segments:
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Market, By Voltage
- High voltage
- Medium voltage
- Low voltage
Market, By Application
- Cables and transmission lines
- Switchgears
- Transformer
- 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 to ≤ 22 kV
- > 22 kV to ≤ 33 kV
- > 33 kV to ≤ 72.5 kV
- > 72.5 kV to ≤ 145 kV
- > 145 kV to ≤ 220 kV
- > 220 kV to ≤ 400 kV
- > 400 kV to ≤ 800 kV
- > 800 kV to ≤ 1,200 kV
- > 1,200 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
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Latin America
- Brazil
- Argentina
Frequently Asked Questions (FAQ) :