The composite insulators market in the U.S. will witness growth of over 6% by 2024. Significant investments toward grid modernization activities complemented by stringent regulatory measures to replace the old transmission lines will propel the industry growth. The World Energy Outlook announced that the overall investment in the U.S., for replacement of outdated transmission networks grew to USD 3.7 billion in 2017 from USD 3.1 billion in 2015.
Selbyville, DE -- (SBWIRE) -- 01/15/2019 -- Market Study Report recently introduced new title on "2018-2024 Global Composite Insulators Market Report" that provides an in-depth overview of industry and competitive landscape, covering multiple market segments and elaborates market outlook and status to 2024.
Extensive applicability across low voltage areas coupled with the ability to offers reliable operations in comparison to its counterparts will boost the shackle composite insulators market. Limited maintenance requirements along with the ability to meet the electricity demand in a cost effective manner are some of the underlying features stimulating the product adoption.
Increasing electricity demand from residential establishments on account of rapidly growing population will drive the 11 kV composite insulators market growth. In addition, ability to deliver safe and reliable operation across residential embodiments will further drive the product demand.
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Composite Insulators Market is anticipated to exceed USD 2.5 billion by 2024. Rising government investments toward the establishment of energy efficient infrastructure along with measures for the revamping of the existing electricity networks will stimulate the composite insulators market. The Federal Energy Regulatory Commission announced that an investment of over USD 160 billion was made by electric authorities for the development of T&D infrastructure from 2013 to 2016.
High voltage composite insulators market will grow on account of development of the existing electricity infrastructure to meet the demand for safe and reliable energy. High mechanical strength, light weight, vandalism resistance and good hydrophobicity are some of the prominent features that will significantly fuel the product penetration. Furthermore, massive investments by the utilities toward long distance electricity transmission will enhance the business outlook.
Rising focus toward the grid upgradation coupled with the addition of electricity generation capacities will drive the composite insulators market growth. In addition, increasing stringency of the regulatory authorities toward the adoption of energy efficient systems for power conservation will complement the business outlook. In 2016, electric utilities planned on investing USD 3.2 trillion to develop the global transmission & distribution infrastructure by the end of 2026.
Notable industry players across the composite insulators market includes ABB, Lapp Insulators, Deccan Enterprises, Olectra Greentech, Seves Group, TE Connectivity and General Electric amongst others.
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China composite insulators market, in 2017 was valued at over USD 300 million. Rapid expansion of overhead networks across the region will positively influence the industry growth. Enhanced government efforts toward the adoption of renewable power generation sources along with financial aid provided for T&D network expansion will propel the business landscape. In 2016, the China State Grid Corporation announced an increase of investments by 28% for the next five years to expand the electrical transmission infrastructure.
Complete report for 2018-2024 on Composite Insulators market is now available at https://www.marketstudyreport.com/reports/composite-insulators-market
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