Wilmington, Delaware, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Composite Insulators Market by Product (Pin, Suspension, Shackle, and Others), Voltage (Low, Medium, and High), Application (Cables, Switchgears, Transformers, Busbars, and Others), and End Use (Utilities, Industries, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the composite insulators market was valued for $3.7 billion in 2022 and is estimated to reach $5.6 billion by 2032, exhibiting a CAGR of 4.3% from 2023 to 2032.
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Prime determinants of growth
The demand for reliable and efficient electrical transmission & distribution, transition towards renewable energy sources, and versatility of composite insulators fuel the growth of the composite insulators market. The price volatility of raw materials presents a significant hurdle to their market penetration. Furthermore, the Innovations in composite formulations will provide substantial opportunities to expand the composite insulators Market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $3.7 billion |
| Market Size in 2032 | $5.6 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 256 |
| Segments Covered | Product, Voltage, Application, End Use, and Region. |
| Drivers |
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| Restraints |
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| Opportunities |
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Impact Scenario
The Red Sea crisis has cast a substantial shadow across various sectors, with notable repercussions felt in the composite insulator market. The disruption in shipping routes through the Red Sea, particularly the rerouting of vessels away from the Suez Canal, has led to significant supply chain disruptions for the composite insulator industry. This has resulted in elevated freight rates and surcharges, impacting the cost and logistics of transporting essential materials. The economic fallout, including challenges faced by UK corporates and warnings of potential inflation, adds another layer of complexity for companies operating in the composite insulator market. The global trade and supply chain disturbances triggered by attacks on shipping in the Red Sea have further exacerbated the situation. In summary, the Red Sea crisis has not only disrupted the transportation landscape but has also posed challenges for the composite insulator market, requiring strategic adaptability in the face of evolving geopolitical dynamics.
The pin segment to maintain its leadership status throughout the forecast period
By product, the pin segment held the highest market share in 2022, accounting for nearly one-third of the global composite insulators market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the shackle segment is projected to manifest a highest CAGR from 2023 to 2032. The global electricity demand continues to surge with urbanization and industrialization trends, and investments in power infrastructure create opportunities for the adoption of pin and shackle composite insulators.
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The medium segment to maintain its leadership status throughout the forecast period
By voltage, medium segment held the highest market share in 2022, accounting for more than half of the global composite insulators market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, low segment is projected to manifest a highest CAGR from 2023 to 2032.
The robust growth of medium and low-voltage composite insulators is propelled by multiple factors and presents numerous opportunities for industry players. The escalating global demand for electricity, driven by urbanization and industrialization, boosts the necessity for efficient power distribution networks.
The transformers segment to maintain its leadership status throughout the forecast period
By application, the transformers segment held the highest market share in 2022, accounting for more than one-fourth of the global composite insulators market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, other application segment is projected to manifest a highest CAGR from 2023 to 2032. The adoption of composite insulators in transformer applications is gaining momentum due to their compelling growth factors and abundant opportunities in the evolving energy landscape. These insulators, characterized by superior performance, lightweight design, and corrosion resistance, contribute to the enhanced reliability and efficiency of transformers. The advantages of reduced maintenance needs and adaptability to harsh environments position composite insulators as key components in transformer technologies.
The utilities segment to maintain its leadership status throughout the forecast period
By end use, the utilities segment held the highest market share in 2022, accounting for more than half of the global composite insulators market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, other application segment is projected to manifest a highest CAGR from 2023 to 2032. The increasing adoption of composite insulators in the utilities sector is driven by a confluence of factors and presents significant growth opportunities for the industry. These insulators, renowned for their superior performance and durability, are becoming pivotal components in grid modernization initiatives globally. With utilities focusing on upgrading infrastructure and integrating renewable energy sources, the lightweight yet robust nature of composite insulators proves advantageous.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global composite insulators market revenue, and is likely to dominate the market during the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR growth from 2023 to 2032. The Asia-Pacific composite insulators is undergoing significant changes due to technological advancements, energy demands, and a growing focus on sustainable energy. Countries such as China and South Korea have enhanced green energy production, while countries such as India and China have increased investments toward renewable energy. Environmental consciousness and stricter regulations are also driving growth. Strategic partnerships, resource adaptation, and infrastructure development are crucial.
Leading Market Players: -
- ABB Ltd.
- Siemens AG
- General Electric
- TE Connectivity Ltd.
- PPC Insulators
- MacLean Power Systems
- G&W Electric Company
- Southwest Composite Works
- Victor Insulators, Inc.
- Hubbell Inc.
- Expo group
The report provides a detailed analysis of these key players in the global composite insulators market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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