The North America Composite Insulators Market would witness market growth of 3.8% CAGR during the forecast period (2024-2031).
The US market dominated the North America Composite Insulators Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,025.6 million by 2031. The Canada market is experiencing a CAGR of 6.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.2% during (2024 - 2031).
In recent years, the market has experienced remarkable growth and evolution, driven by advancements in materials science, increasing demand for reliable power infrastructure, and the need for sustainable and cost-effective solutions in the energy sector. These insulators, also known as polymer insulators or non-ceramic insulators, have emerged as a viable alternative to traditional porcelain or glass insulators, offering superior performance, durability, and versatility across various applications.
The adoption of these insulators has gained momentum across various industries and sectors, including power transmission and distribution, railways, renewable energy, and industrial applications. Utilities, infrastructure developers, and engineering firms are increasingly recognizing the benefits of these insulators in terms of reliability, safety, and lifecycle cost savings. As a result, these insulators are being integrated into new infrastructure projects and retrofitting initiatives, replacing outdated and less efficient porcelain or glass insulators.
As per the data from the International Trade Administration, in 2022, the installed capacity of Mexico’s clean energy plants (renewable and non-renewable) was 31,369 MW, which represented an increase of 1.81 percent in comparison to the previous year, when the installed capacity of clean energy accounted for 30,812 MW. Furthermore, as per Statistics Canada, in 2021, manufacturing revenues reached $15.5 billion compared to $14.4 billion in 2020, an increase of 8.1%. Total revenues were $17.9 billion in 2021, increasing from $16.3 billion in 2020. In 2021, net revenues reached $2.02 billion compared to $1.96 billion in 2020, which increased by 3%. Therefore, the growing manufacturing and renewable energy sectors in North America will assist in the expansion of the regional market.
Free Valuable Insights: The Composite Insulators Market is Predict to reach USD 4.9 Billion by 2031, at a CAGR of 4.2%
Based on Voltage, the market is segmented into Medium, High, and Low. Based on Product, the market is segmented into Pin, Suspension, Shackle, and Others. Based on End Use, the market is segmented into Utilities, Industries, and Others. Based on Application, the market is segmented into Transformers, Cables, Switchgears, Busbars, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Voltage
By Product
By End Use
By Application
By Country
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