The global composite insulators market is expected to gain major traction on account of the fact that the world is becoming increasingly reliant on electric power for everyday activities as well as for reducing carbon emissions.
Sellbyville, DE -- (SBWIRE) -- 02/19/2019 -- Composite Insulators Market will surpass USD 2.5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Surging electricity demand to meet the energy needs of the growing population coupled with rising measures toward the refurbishment and expansion of power systems will drive the composite insulators market growth. Lack of effective grid infrastructure across developing nations along with the growing demand for capacity expansion will further fuel the industry outlook.
Rising demand for the restoration of prevailing electrical networks along with an increased focus toward the addition of power generation capacity will boost the composite insulators market. Enhanced focus by regulatory authorities to increase the investment for grid upgradation coupled with stringent energy efficient protocols for power conservation will further stimulate the industry growth. The electric utilities plan to invest USD 3.2 trillion for the development of global T&D infrastructure by the year 2026.
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Shackle composite insulators market will witness growth on account of their extensive applicability in low-voltage distribution lines. The ability of these insulators to reduce the possibility of breakage when heavily loaded and to meet the electricity demand in a cost-effective manner by evenly distributing the load will favor the product adoption.
The U.S. composite insulators market is anticipated to grow over 6% by 2024. Enhanced efforts by regulatory authorities for the rehabilitation and development of electric grid will boost the industry growth. Spending proposals and investments to strengthen the grid system will further propel the industry growth. According to the World Energy Outlook, the total transmission investments in the U.S. for the replacement of old transmission lines have increased from USD 3.1 billion in 2015 to USD 3.7 billion by 2017.
400 kV composite insulators market held over 8% of the global market share in 2017. Expansion of high-tension networks for long-route electrical supply will stimulate the product demand. Rising demand across the primary and secondary transmission networks along with their ability to withstand mechanical loads will further boost the industry landscape.
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Significant focus toward the expansion of electricity networks coupled with growing electricity demand owing to rapid industrialization, urbanization and economic growth will drive the composite insulators market. The need to improve the energy access and diversify energy mix will further propel the industry landscape.
Lack of effective grid infrastructure across war-affected countries along with government efforts to meet the energy crisis in underdeveloped nations will stimulate the Middle East & Africa composite insulators market growth. Requirement of additional capacity to meet the economic needs of the people along with the development of distribution networks to enhance and leverage the existing capabilities will further boost the industry outlook.
Key participants in the composite insulators market
- ABB
- GE
- Siemens
- SEVES
- TE Connectivity
- Deccan Enterprises Ltd.
- CYG INSULATOR CO., LTD
- GE
- Siemens