Composite Insulators Market Trends, Statistics & Growth Forecast 2022- 2028
Composite insulators market is earmarked to observe significant impetus by 2028, driven by the rising need for, and hefty investments towards refurbishment of grid networks. Additionally, growing adoption of smart grid technology is also slated to foster industry outlook.
According to International Energy Agency, it was reported that the electricity grid investments were anticipated to surpass USD 290 billion in 2021. The level of grid investment in the Net Zero Emissions by 2050 Scenario are estimated to triple by 2030, especially for smart grids, which would account for nearly 40% of the total investments in this decade.
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Composite insulators are perceived as a good alternative to glass and ceramic insulators, as boast of an exceptional self-cleaning performance, and are relatively light in weight. The product's length can be reduced by more or less than 10% in the same voltage, which can result in extensive reduction of labor of workers and field operation.
The global composite insulators industry is classified into voltages, application, product, end-user, rating, installation, and regional segments.
Based on the voltage, the market is bifurcated into high, medium, and low voltage composite insulators. Out of these, high voltage composite insulator segment would gain significant grounds worldwide owing to the ongoing advancements in transmission infrastructure to leverage safe and reliable electricity.
Considering applications, the transformers industry is projected to make considerable use of composite insulators. This can be ascribed to the increasing infrastructure spending, aligned with constant industrial expansion across diverse nations.
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In terms of the end-user segmentation, the industry is categorized into residential, commercial and industrial, and utilities. Amongst these spheres, the residential sector would depict a CAGR of 7% through the forecast timeline.
Speaking of applications, composite insulators market is likely to churn out lucrative gains across the industry as these products are rapidly replacing porcelain counterparts in different electrical substation applications. Surging product developments in the space would foster segmental expansion in the ensuing years with market players shifting towards the product. For instance, Statnett, in 2021, announced reinforcing a new project including the design and installation of composite insulators for 525 kV DC line in new substations.
Geographically, the industry is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Out of these regions, the Middle East and Africa composite insulators market would grow at a rate of 8% over the forecast period.
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The growth in the continent would come from an elevating demand for electricity and growing investments toward power generation in MEA. As per World Data study, the UAE consumes nearly 113.20-billion-kilowatt hour of energy per year, with an average of 11,445 kWh per capita.
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