Composite Insulators Market

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Composite Insulators Market Trends, Statistics
Growth Forecast 2022- 2028
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Industry Overview

• 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.
• 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.
• 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.

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• 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.
• 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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Composite Insulators Market

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