The composite insulators market is anticipated to register a valuation of US$ 2.1 Billion in 2023 and is predicted to reach US$ 3.7 Billion by 2033. The market is securing a CAGR of 5.8% during the forecast period.
Why do End Users Prefer Composite Insulators Over Traditional Insulators?
Several reasons end users prefer composite insulators as compared to traditional insulators, including:
- High Durability and Strength: The composite insulators are lightweight, better strengthened, and highly durable than traditional ones. The traditional insulators are made up of glass, making them easily damaged.
- Excellence Performance: The demand for composite insulators is increasing due to their better environmental conditions, withstanding hot temperature, and protection from UV radiation.
- Easy to Handle: Composite insulators are light in weight and may handle easily compared to other insulators. They are easy to transport, reduce maintenance and labor costs, and install quickly.
- Electrical Performance: composite insulators have excellent electrical properties that lower the risk of short circuits and improve efficiency.
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These are a few reasons or benefits that end users prefer composite insulators to traditional insulators. Composite insulators are a prior choice in several end-use industries such as residential, railways, telecommunication, and utilities.
Key Takeaways:
- The composite insulators market is anticipated to capture a valuation of US$ 3.7 Billion with a CAGR of 5.8% by 2033.
- The United States is anticipated to secure a share of 15.1% in the global market by 2033.
- Germany is significantly growing the global market by registering a share of 4.8% during the forecast period.
- Historically, the market registered a valuation of US$ 2 Billion in 2022.
- In the historic period, the market captured a share of 3.9% between 2018 and 2022.
How Prominent Players Are Adding Values in the Market?
The present key players highly fragment the market. They are vital in up-surging the market revenue through their marketing strategies. The players invest their precious time and money in research and development activities. They develop a unique product that satisfies end users’ needs through these.
The key players focus on consumers’ desires and create a solution with their newly launched products. These players are experimenting with carrying out an excellent product that meets their consumer’s desires. The key players are adopting various marketing tactics, including collaborations, mergers, agreements, acquisitions, partnerships, and product launches.
Other Prominent Players in the Market are:
- Siemens AG
- Seves Group
- Hubbell Incorporated
- General Electric Company
- Aditya Birla Nuvo Ltd
- Bharat Heavy Electricals Limited
- TE Connectivity Ltd
- Alstom SA
- ABB Ltd
- Lapp Insulators GmbH
Recent Developments in the Global Composite Insulators Market:
- In 2021, Lapp Insulators announced its new project in Brazil. The company supplies composite insulators for 100km transmission construction in the country.
- In 2020, General Electric announced its newly launched highly voltage disconnection switch. It is made to use as a composite insulator.
- In 2021, TE Connectivity announced to launch its new composite insulators for railways. The insulators are long-lasting, high-performance, reliable, and reduce carbon footprints.
- In 2021, Siemens Energy launched its new composite insulator with a high voltage. These insulators are designed for high weather conditions such as heavy ice loads.
- In 2021, General Electric launched its new composite insulators that reduce electric risk, track electricity and improve reliability.
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Market by Category:
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
- Utilities
Region:
- North America
- Europe
- Latin America
- Asia Pacific
- The Middle East and Africa
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