Press release
Global Composite Insulators Market Size Predicted To Develop At A CAGR Of 7.00% During The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Composite Insulators Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 2 billion
• Forecast CAGR (2023-2028): 7.00%
Power distribution networks are expanded globally to increase power-producing capacity and meet rising energy demand, which has resulted in the global adoption of composite insulators in the commercial, residential, and industrial sectors.
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These factors are anticipated to fuel the expansion of the composite insulator market throughout the course of the anticipated period, along with the various applications for composite insulators.
Composite insulators are used in both the transmission and distribution of electricity in a variety of power systems. Because of the increased need for energy caused by the expanding population, the sector of power transmission and distribution is anticipated to have a steady growth. During the anticipated period, the market for composite insulators is anticipated to be driven by the expansion of the power transmission and distribution sector.
Composite Insulators Industry Definition and Major Segments
A composite insulator is an insulation control component which consists of at least two insulating materials where they provide electrical properties and mechanical properties. The most popular polymeric insulating material for high-voltage goods is silicone rubber. Composite insulators with silicone rubber insulation are used because of their special qualities.
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The segments of the market, based on product, include the following:
• Suspension
• Pin
• Shackle
• Others
Based on the installation, the market can be bifurcated into:
• Railways
• Substation
• Transmission and Distribution
• Others
On the basis of voltage, the market for composite insulators can include the following:
• High Voltage
• Medium Voltage
• Low Voltage
Based on application, the market is classified into the following:
• Switch Gears
• Transmission Lines
• Busbars
• Transformers
• Others
Based on region, the market for composite insulators can be segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Composite Insulators Market Trends
Every year, there are a number of instances of catastrophic equipment failures that cause property damage and human casualties, such as explosions, internal arcing, seismic stresses, or short circuit displacement of bus supports. This is mainly because a ceramic hollow insulator experienced a strong explosion that caused shards to fly out quickly.
Composite hollow insulators maintain their mechanical integrity in the event of a puncture, assuring optimum safety at the substation and preventing harm to nearby equipment or persons. Therefore, it is anticipated that crucial safety concerns for electric utilities would result in a stronger demand for composite hollow insulators, driving the market for these products overall.
The market growth for composite insulators is being accelerated by several government initiatives to replace porcelain or glass insulators with composite insulators due to their advantageous features.
For instance, the Indian Railways are switching more and more from glass or porcelain to composite insulators because of their many benefits, including good contamination and pollution performance, minimal maintenance requirements, economic effectiveness, lightweight design, and damage resistance.
Key Market Players
The major players in the composite insulators market report are:
• Radpol S.A.
• Wish Composite Insulator Co., Ltd.
• Doubletree Systems, Inc.
• Saver SpA
• Bonomi Eugenio SpA
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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