Global Composite Insulator Market Size is Set to Achieve 6.4% CAGR, Reaching US$ 6.4 Billion by 2033

Posted on 2024-07-29 by Future Market Insights in Industrial // 0 Comments

Composite Insulator Market

The global Composite Insulators Market witnessed significant growth, with its size surpassing US$ 2,975.7 million in 2018. Following a steady increase, demand for composite insulators expanded by 4.1% in 2022, projecting a market value of US$ 3,433.3 million in 2023.

Anticipating continuous growth, the worldwide demand for composite insulators is forecasted to demonstrate a robust 6.4% Compound Annual Growth Rate (CAGR) throughout the evaluation period spanning from 2023 to 2033. By the culmination of 2033, this trend is expected to culminate in a substantial market size of US$ 6,413.1 million.

Why do End Users Prefer Composite Insulators Over Traditional Insulators?

Several reasons end users prefer composite insulators as compared to traditional insulators, including:

High Durability and Strength: The composite insulators are lightweight, better strengthened, and highly durable than traditional ones. The traditional insulators are made up of glass, making them easily damaged.
Excellence Performance: The demand for composite insulators is increasing due to their better environmental conditions, withstanding hot temperature, and protection from UV radiation.
Easy to Handle: Composite insulators are light in weight and may handle easily compared to other insulators. They are easy to transport, reduce maintenance and labor costs, and install quickly.
Electrical Performance: composite insulators have excellent electrical properties that lower the risk of short circuits and improve efficiency.

Find an overview of market size and forecast along with the research methodology. The Sample report is available in PDF format.

These are a few reasons or benefits that end users prefer composite insulators to traditional insulators. Composite insulators are a prior choice in several end-use industries such as residential, railways, telecommunication, and utilities.

Key Takeaways:

The composite insulators market is anticipated to capture a valuation of US$ 3.7 billion with a CAGR of 5.8% by 2033.
The United States is anticipated to secure a share of 15.1% in the global market by 2033.
Germany is significantly growing the global market by registering a share of 4.8% during the forecast period.
Historically, the market registered a valuation of US$ 2 billion in 2022.
In the historic period, the market captured a share of 3.9% between 2018 and 2022.

Other Prominent Players in the Market are:

Siemens AG
Seves Group
Hubbell Incorporated
General Electric Company
Aditya Birla Nuvo Ltd
Bharat Heavy Electricals Limited
TE Connectivity Ltd
Alstom SA
ABB Ltd
Lapp Insulators GmbH

Recent Developments in the Global Composite Insulators Market are:

In 2021, Lapp Insulators announced its new project in Brazil. The company supplies composite insulators for 100km transmission construction in the country.
In 2020, General Electric announced its newly launched highly voltage disconnection switch. It is made to use as a composite insulator.
In 2021, TE Connectivity announced to launch its new composite insulators for railways. The insulators are long-lasting, high-performance, reliable, and reduce carbon footprints.
In 2021, Siemens Energy launched its new composite insulator with a high voltage. These insulators are designed for high weather conditions such as heavy ice loads.
In 2021, General Electric launched its new composite insulators that reduce electric risk, track electricity and improve reliability.

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Market by Category

By Voltage:

High Voltage
Medium Voltage
Low Voltage

By Application:

Cables & Transmission Lines
Switchgears
Transformers
Bus Bars

By Product:

Pin Insulators
Suspension Insulators
Shackle Insulators

By End Use:

Residential
Utilities

Region:

North America
Europe
Latin America
Asia Pacific
The Middle East and Africa

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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