The global composite insulator market 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 USD 6,413.1 million, increasing from USD 3,433.3 million in 2023.
The demand for composite insulators is growing due to their enhanced performance and durability over traditional materials. Composed of fiberglass reinforced plastic (FRP) and silicone rubber, these insulators provide superior electrical insulation and mechanical strength. They resist cracking, corrosion, and environmental damage, making them ideal for power transmission, railways, and telecommunications. Their lightweight design also makes them easier to handle, install, and transport compared to ceramic or porcelain insulators.
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.
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 USD 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 USD 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.
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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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