According to a new report, published by KBV research, 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.
The Medium segment is generating the highest revenue in the Global Composite Insulators Market by Voltage in 2023; thereby, achieving a market value of $2.4 billion by 2031. The expansion and modernization of medium-voltage infrastructure, particularly in the power transmission and distribution sector, have fueled the demand for composite insulators. Medium-voltage systems typically operate in the range of 1 kV to 69 kV and are critical for supplying electricity to residential, commercial, and industrial consumers. Hence, these factors will lead to increased demand in the composite insulators market.
The Pin segment is registering a CAGR of 3.4 % during the forecast period. As the adoption of composite insulators continues to increase globally, the demand for pin insulators made from composite materials has also grown. Composite insulators offer several advantages over traditional materials like porcelain or glass, including lightweight design, high mechanical strength, resistance to pollution and tracking, and durability in harsh environmental conditions. Thus, these factors will boost the demand in the segment.
The Utilities segment led the Global Composite Insulators Market by End Use in 2023; thereby, achieving a market value of $2.4 billion by 2031. Utilities worldwide are investing in upgrading and expanding their power transmission and distribution networks to meet growing electricity demand, improve reliability, and integrate renewable energy sources. As per the data provided in 2021 by the International Trade Administration, by 2030, the Saudi Arabian government aims to produce 50% of its electricity from renewable sources and 50% from gas. Therefore, these factors will drive the growth of the segment.
The Transformers segment is growing at a CAGR of 3.2 % during the forecast period. Utilities and grid operators are investing in modernizing and upgrading aging power grid infrastructure to improve reliability, efficiency, and resilience. Composite insulators offer advantages such as lightweight design, high mechanical strength, and resistance to pollution and tracking, making them well-suited for transformers. Therefore, these aspects can help in the growth of the segment.
Full Report: https://www.kbvresearch.com/composite-insulators-market/
The Asia Pacific region dominated the Global Composite Insulators Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.9 billion by 2031. The North America region is anticipated to grow at a CAGR of 3.8% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 4% during (2024 - 2031).
By Voltage
By Product
By End Use
By Application
By Geography
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