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.
Key Takeaways
- The pin insulators market segment is expected to be the highest growing sector during the forecast years by a record CAGR of more than 6%.
- Asia Pacific Region is poised to be a market of more than US$ 1 Bn in terms of revenue. Composite post insulators are to be the primary drivers.
- North America will experience a slight slowdown in the growth of composite insulators demand, registering a CAGR of 6% during the forecast years.
- Overall global composite insulator market is predicted to reach up to a valuation of US$ 3 Bn by the end of the year 2028.
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Competitive Landscape
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.
- The government of Thailand announced in June 2019 to complete the rail project worth US$ 7.2 Bn. This rail project linking the Don Mueang, Suvarnabhumi and U-Tapao airports is expected to significantly grow the demand for composite polymer insulators in the local market of the Asia Pacific region.
- Cricket Valley Energy Centre LLC announced to complete the construction of the natural gas-fired power plant in Dover in 2019. The project to complete 75.6% of this 1,100 Mega Watt project is expected to significantly increase the company’s demand for transmission line post insulators.
- For Cable lightening of the high-speed train power supply, the supply of composite insulators and protection devices will be done by Wish Composites Co., Ltd., which won the bidding in March 2019 for it. The company will also supply the composite suspension insulator components for Xi’ a Metro Co., Ltd.
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