“Smart Grid Technology” Spur the Industry Demand of Composite Insulators 2024 | Key Company Profiled SEVES, GIPRO Insulators and Bushings, CECEC Nanjing Electric Co.,ltd., TE Connectivity

The U.S. composite insulators market is anticipated to grow over 6% by 2024. Enhanced efforts by regulatory authorities for the rehabilitation and development of electric grid will boost the industry growth. Spending proposals and investments to strengthen the grid system will further propel the industry growth. According to the World Energy Outlook, the total transmission investments in the U.S. for the replacement of old transmission lines have increased from USD 3.1 billion in 2015 to USD 3.7 billion by 2017.

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The global composite insulators market is expected to gain major traction on account of the fact that the world is becoming increasingly reliant on electric power for everyday activities as well as for reducing carbon emissions. Therefore, the electric grid is garnering increased government attention as it has proved to be one of the basic blocks supporting the economy. As refurbishment of older power grids is gaining importance and expansion of newer grid systems is becoming a necessity for development of a country, it is expected that the composite insulators market will witness significant expansion over 2018-2025.

Surging electricity demand to meet the energy needs of the growing population coupled with rising measures toward the refurbishment and expansion of power systems will drive the composite insulators market growth. Lack of effective grid infrastructure across developing nations along with the growing demand for capacity expansion will further fuel the industry outlook.

Shackle composite insulators market will witness growth on account of their extensive applicability in low-voltage distribution lines. The ability of these insulators to reduce the possibility of breakage when heavily loaded and to meet the electricity demand in a cost-effective manner by evenly distributing the load will favor the product adoption.

Growing emphasis toward the expansion of grid networks along with massive investments by regulatory authorities for the development of efficient electric infrastructure will stimulate the market growth. The Canada Infrastructure Bank in conjunction with the local and provincial governments authorized an investment of USD 35 billion to transform the country’s outdated grid infrastructure. Ongoing shift toward cost-competitive renewable energy sources for the generation of electricity for the steeply growing population will further propel the industry dynamics.

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Commercial & industrial composite insulators is expected to grow over 8% by 2024. Growing emphasis on the establishment of wide-ranging frequency distribution links coupled with the establishment of energy-efficiency protocols by the authorities will stimulate the industry landscape.

Key participants in the composite insulators market ABB, GE, Siemens, SEVES, GIPRO Insulators and Bushings, CECEC Nanjing Electric Co.,ltd., TE Connectivity, Zhengzhou Orient Power Co., Ltd, INAEL Electrical Systems & Spark Insulators.

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