The global Composite Insulators Market witnessed significant growth, with its size surpassing US$ 2,975.7 million in 2018. Following a steady increase, demand for composite insulators expanded by 4.1% in 2022, projecting a market value of US$ 3,433.3 million in 2023.
Anticipating continuous growth, the worldwide demand for composite insulators is forecasted to demonstrate a robust 6.4% Compound Annual Growth Rate (CAGR) throughout the evaluation period spanning from 2023 to 2033. By the culmination of 2033, this trend is expected to culminate in a substantial market size of US$ 6,413.1 million.
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.
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 are:
- 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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