Global composite insulators market is anticipated to surpass US $2.5 billion by 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018 - 2024.
Increasing government investments towards the launch of energy efficient infrastructure coupled with measures for rebuilding of the existing electricity channels will boost composite insulators market growth. The FERC (Federal Energy Regulatory Commission) has announced that an investment of more than US $160 billion was made by electric authorities for the expansion of transmission and distribution (T&D) infrastructure between 2013 to 2016.
The report suggests that high voltage composite insulators industry will register substantial growth on account of development of the current electricity infrastructure to meet growing demand for reliable and safe energy. Factors like light weight, good hydrophobicity, vandalism resistance and high mechanical strength will significantly drive product penetration. Moreover, huge investments made by utilities towards long distance electricity transmission will improve business landscape.
Growing focus towards grid upgradation along with addition of electricity generation capacities will fuel composite insulators market growth. Furthermore, increasing strictness of regulatory authorities towards adoption of energy efficient systems for power conservation will drive business outlook. In the year 2016, electric utilities strategized on investing US $3.2 trillion to develop the global transmission and distribution infrastructure by 2026.
According to the study, the U.S. composite insulators market will record a growth of more than 6% by the year 2024. Substantial investments towards grid upgradation activities accompanied by strict regulatory measure to replace old transmission lines will boost market growth. According to the World Energy Outlook, total investment in the U.S. for the replacement of old transmission channels increased to US $3.7 billion in 2017 from US $3.1 billion in 2015.
China composite insulators market was also valued more than US $300 million in 2017. Rapid development of overhead channels across the region will positively influence market growth. Improved government efforts towards the adoption of sustainable power generation sources coupled with financial aid offered for transmission and distribution (T&D) network expansion will drive regional business landscape. In 2016, China State Grid Corporation announced a rise in investments by 28% until 2021 to expand electrical transmission infrastructure.
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Widespread applicability across low voltage areas along with the ability to provide efficient operations in comparison to its competitors will enhance shackle composite insulators market size. Less maintenance requirements coupled with the ability to meet electricity demand in a cost-effective method are some of the highlighting factors stimulating product adoption.
Growing electricity demand from urban establishments on account of rapidly increasing population will fuel the 11kV composite insulators market growth. Moreover, ability to deliver reliable and safe operation across urban embodiments will boost product demand.
Prominent companies functioning in composite insulators market include Lapp Insulators, General Electric, ABB, Deccan Enterprises, TE Connectivity, Seves Group and Olectra Greentech. The company profiles of these industry partakers are mentioned in the report along with their product benchmarking, financials, business overview, and recent developments.