Mar 07, 2022, 05:30 ET
- Major composite insulator market players include GIPRO GmbH, INCAP, Saravana Global Energy Limited, General Electric, Spark Insulators, Izoelektro, ABB, Deccan Enterprises Limited, Seves, Bharat Heavy Electricals Limited (BHEL), Doubletree Systems, Inc., Lapp Insulators Group, Gamma Insulators, INAEL Electrical Systems, Peak Demand Inc., Meister International, Siemens Energy, Olectra Greentech Limited, Zhengzhou Orient Power Co., Ltd., Newell, CYG Insulator, TE Connectivity, Hubbell, TAPOREL, Hitachi Energy Ltd., and GK Xianghe Electricals Pvt. Ltd.
SELBYVILLE, Del., March 7, 2022 /PRNewswire/ -- The composite insulator market size is anticipated to record a valuation of USD 3 billion by 2028, according to the most recent study by Global Market Insights Inc. Increasing demand for sustainable energy networks in line with favorable regulatory frameworks for the adoption of renewables accelerated the market growth. Rising expenditure spending for the modernization of existing grid networks along with a shifting focus toward energy-efficient technologies will complement the business landscape. The growing need for restoration of prevailing electrical systems and shifting focus toward enhancing power generation capacity have fueled the industry dynamics.
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The suspension insulators demand is projected to grow significantly owing to its extensive applicability across high voltage transmission & distribution networks. The ability of these units to provide economical operation compared to their available counterparts is poised to foster the product demand. Moreover, flexible operational characteristics and ease of manufacturing are some of the prominent factors stimulating product acceptance.
The 800 kV composite insulator market is estimated to witness significant momentum on account of the expansion & development of high-capacity long-route networks for power supply and the need to improve energy access. The rising applicability of these units across transmission energy networks along with the ability to resist numerous mechanical loads will boost the industry growth. Furthermore, rapid industrialization & urbanization along with rising electricity demand across remote areas will drive the market expansion.
The cables & transmission lines segment in the composite insulator market is predicted to grow due to the rising expansion and development of HVDC lines along with the refurbishment of existing grid networks. Statutory support for the expansion of transborder transmission systems is slated to propel the industry landscape. Rising electric infrastructure spending & investments by government authorities to reduce transmission losses along with ongoing industrial expansion across emerging nations augmented the business outlook.
The installation of composite insulators across transmission & distribution infrastructures will showcase significant momentum on account of the development of new grid networks and rising energy demand. For instance, in April 2021, Olectra Greentech Limited was awarded orders worth over USD 4 million including USD 2 million of export orders. The domestic order was received from an Indian Power Transmission organization to deliver long rod composite insulators with a capacity of 765 kV.
The Asia Pacific composite insulator market is expected to grow substantially led by the rising energy demand across emerging nations along with increasing investments in power generation facilities. Favorable measures offered by respective governments including financial & resiliency incentives and tax rebates are some of the prominent factors impelling the industry expansion. Additionally, ever-increasing expenditure on the development of production facilities coupled with refurbishing operations to upgrade or replace prevailing technologies will escalate product demand.
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Eminent companies operating across the composite insulator market include GIPRO GmbH, INCAP, Saravana Global Energy Limited, General Electric, Spark Insulators, Izoelektro, ABB, Deccan Enterprises Limited, Seves, Bharat Heavy Electricals Limited (BHEL), Doubletree Systems, Inc., Lapp Insulators Group, Gamma Insulators, INAEL Electrical Systems, Peak Demand Inc., Meister International, Siemens Energy, Olectra Greentech Limited, Zhengzhou Orient Power Co., Ltd., Newell, CYG Insulator, TE Connectivity, Hubbell, TAPOREL, Hitachi Energy Ltd., and GK Xianghe Electricals Pvt. Ltd., amongst others.
Table of Contents (ToC) of the report:
Chapter 3 Composite Insulator Market Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.4.1 Top 10 countries impacted by COVID- 19
3.4.2 Overall view
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
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