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Composite Insulators Market Size

Report ID: GMI3029
Published Date: Jul 2024
Report Format: PDF

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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.

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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.

Composite Insulators Market Report Attributes
Report Attribute	Details
Base Year:	2023
Composite Insulators 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:	Increasing investment for power generation and development of electric infrastructure Ongoing expansion and refurbishment and expansion of existing grid networks Growing adoption of smart grid networks and integration of renewables
Pitfalls & Challenges:	Fluctuating raw material cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of composite insulators was reached USD 2.4 billion in 2023 and is anticipated to observe a growth rate of over 6.9% through 2032, owing to the grid modernization efforts, coupled with the government initiatives aimed at replacing unreliable infrastructures to reduce power interruptions.

The utilities segment is set to witness a CAGR of over 6.5% through 2032, backed by the rising investments in high voltage transmission networks, driven by urban population growth, along with government support for energy-efficient infrastructures.

Asia Pacific composite insulators market is projected to hit USD 2 billion by 2032, backed by the growing population, increasing power generation capacity, and elevating demand for efficient & reliable electricity in several emerging nations across the region.

ABB, General Electric, Siemens Energy, LAPP Insulators GmbH, Seves, GIPRO GmbH, Bharat Heavy Electricals Limited (BHEL), Olectra Greentech Limited, TE Connectivity, Hitachi Energy Ltd., and PFISTERER Holding AG among others.