“Global Composite Insulators Market to reach a market value of USD 4.9 Billion by 2031 growing at a CAGR of 4.2%”
The Global Composite Insulators Market size is expected to reach $4.9 billion by 2031, rising at a market growth of 4.2% CAGR during the forecast period.
Europe has modernized its power infrastructure to enhance reliability, efficiency, and sustainability. As such, the Europe region would acquire nearly, 30% of the total market share by 2031. Aging infrastructure and the need to integrate renewable energy sources and improve grid resilience have increased investments in transmission and distribution networks.
As environmental sustainability and climate change consciousness have increased, governments, businesses, and communities have begun prioritizing renewable energy sources. Furthermore, renewable energy projects are often located in remote or challenging environments characterized by harsh weather conditions, temperature extremes, and exposure to salt spray, moisture, and UV radiation. Therefore, these factors can lead to increased demand in the market. Additionally, these insulators typically have a longer service life than traditional porcelain or glass insulators. This longevity is due to the inherent properties of composite materials, which offer excellent resistance to degradation from environmental factors such as pollution, moisture, and UV radiation. Moreover, composite materials exhibit high mechanical strength and resilience, allowing these insulators to withstand mechanical loads, vibrations, and external impacts better than porcelain or glass insulators. Thus, owing to these factors, there will be enhanced demand in the market.
However, manufacturing these insulators necessitates specialized equipment tailored to the unique characteristics of composite materials. Moreover, developing composite insulator designs that meet industry standards for electrical performance, mechanical strength, and environmental durability requires extensive research and development efforts. Thus, these factors can limit the expansion of the market.
On the basis of voltage, the market is divided into low, medium, and high. In 2023, the high segment witnessed a 30% revenue share in the market. The growing demand for electricity, the expansion of renewable energy generation, and the need to upgrade aging infrastructure are driving investments in high-voltage transmission lines and substations. High-voltage transmission lines are essential for transmitting bulk power over long distances with minimal losses, connecting power generation sources to load centers, and improving grid reliability and efficiency.
Based on product, the market is segmented into pin, suspension, shackle, and others. In 2023, the suspension segment garnered a 25% revenue share in the market. Utilities and infrastructure developers increasingly prefer suspension insulators made from composite materials for their durability, reliability, and reduced maintenance requirements. Likewise, suspension insulators are critical in supporting overhead transmission lines for renewable energy projects, providing efficient and reliable electricity transmission from remote locations to population centers.
Based on end use, the market is segmented into utilities, industries, and others. In 2023, the industries segment garnered a 30% revenue share in the market. The petrochemical industry relies heavily on these insulators to insulate electrical equipment and infrastructure from corrosive chemicals, moisture, and extreme temperatures. Likewise, the expansion of railway electrification projects worldwide has driven demand for these insulators in the railway industry.
Based on application, the market is divided into cables, switchgears, transformers, busbars, and others. In 2023, the switchgears segment witnessed a 17% revenue share in the market. Switchgears are critical components of power distribution systems, and reliability is paramount in ensuring continuous and uninterrupted electricity supply. These insulators offer advantages such as high electrical insulation resistance, excellent mechanical strength, and resistance to moisture, pollution, and UV radiation, making them well-suited for switchgear applications where reliability and durability are essential.
Free Valuable Insights: Global Composite Insulators Market size to reach USD 4.9 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured 36% revenue share in the market in 2023. The Asia Pacific region is characterized by a burgeoning population, rapid urbanization, and industrial expansion, driving increasing demand for electricity to power homes, industries, and commercial establishments. Governments in countries such as China, India, Japan, and South Korea are investing heavily in expanding and upgrading their power infrastructure to meet growing energy demand, spurring demand for these insulators in power transmission and distribution networks.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.6 Billion |
| Market size forecast in 2031 | USD 4.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.2% from 2024 to 2031 |
| Number of Pages | 264 |
| Number of Tables | 470 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Voltage, Product, Application, End Use, Region |
| Country scope |
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| Companies Included | TE Connectivity Ltd., Hubbell Incorporated, Victor Insulators, Inc., ABB Ltd., General Electric Company, Siemens AG, Olectra Greentech Limited (MEGHA ENGINEERING & INFRASTRUCTURES LIMITED), Yamuna Power & Infrastructure Ltd., METTZ Group and FCI KOMPOZIT SZIGETELŐ KFT. |
By Voltage
By Product
By End Use
By Application
By Geography
This Market size is expected to reach $4.9 billion by 2031.
Growing investments in renewable energy projects are driving the Market in coming years, however, High initial investment costs for composite insulators restraints the growth of the Market.
TE Connectivity Ltd., Hubbell Incorporated, Victor Insulators, Inc., ABB Ltd., General Electric Company, Siemens AG, Olectra Greentech Limited (MEGHA ENGINEERING & INFRASTRUCTURES LIMITED), Yamuna Power & Infrastructure Ltd., METTZ Group and FCI KOMPOZIT SZIGETELŐ KFT.
The expected CAGR of this Market is 4.2% from 2024 to 2031.
The Medium segment is generating the highest revenue in the Market by Voltage in 2023; there by, achieving a market value of $2.4 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; there by, achieving a market value of $1.9 billion by 2031.
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