Global Composite Insulators Market Report and Forecast 2024-2032

Global Composite Insulators Market Outlook

The global composite insulators market size reached a value of over USD 2.14 billion in 2023. The market is further estimated to grow at a CAGR of 7% in the forecast period of 2024-2032.

Rising Adoption of Suspension Insulators to Propel the Market Growth 

Based on product, the increasing adoption of suspension insulators is aiding the composite insulators market growth. There is an increasing availability of different suspension insulators, such as the cap and pin type and the Hewlett or interlink type, offering consumers with diverse choices for different applications. Suspension composite insulators are increasingly used in voltages beyond 33KV as they offer easy installation compared to pin-type insulators. 

There is an increasing need for insulation with the rise in operating voltage, which is surging the adoption of suspension insulators owing to their lower price, high performance, and reduced mechanical stresses in this insulator arrangement. As discs are connected in series with the string in suspension insulators depending on the voltage, the requirement for replacing the whole string during the damage of a unit is eliminated.

Suspension insulators offer flexibility to the transmission line and partly protect conductors that are placed below them from lightning, which is bolstering their adoption. Further, exceptional features of suspension insulators like lightweight, unbreakable, high strength, and strong explosion protection, among others, are accelerating the composite insulators market development.

Market Segmentation

Composite insulators, also called synthetic insulators, are used in the electrical power sector to support conductors, hold them in position, and separate them from one another. Composite insulators limit current flow and protect from the dangerous effect of electricity.

The market for composite insulators, by product, is divided into:

• Suspension

• Pin

• Shackle

• Others

Based on installation, the market is classified into:

• Railways

• Substation

• Transmission and Distribution

• Others

On the basis of voltage, the market is segmented into:

• High Voltage

• Medium Voltage

• Low Voltage

Based on application, the market is classified into:

• Switch Gears

• Transmission Lines

• Busbars

• Transformers

• Others

The regional markets for composite insulators can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Electricity to Drive the Market Growth of Composite Insulators

The rising demand for electricity worldwide is leading to the transmission of power through overhead lines; and composite insulators are increasingly used to electrically isolate these line conductors from the support structure and provide them with mechanical support. The expanding railways across the globe and the application of composite insulators in the overhead rail electric traction system to supply power to the train's locomotives are contributing to the composite insulators market expansion. 

Silicone rubber, the main component of composite insulators, offers excellent ozone resistance performance and stability against different weather conditions, which is propelling the use of composite insulators. Additionally, the short manufacturing process time of composite insulators is significantly reducing their delivery periods. 

Various government initiatives towards replacing porcelain or glass insulators with composite insulators owing to their favourable properties are accelerating the composite insulators market development. For instance, the Indian Railways are increasingly using composite insulators over glass or porcelain due to their multiple advantages, such as excellent contamination and pollution performance, low maintenance, cost-effectiveness, lightweight, and resistance to damages. 

The increasing R&D activities by key market players to offer composite insulators that provide excellent performance in adverse climates and harsh environmental conditions are expected to augment the market over the forecast period.

Key Players in the Global Market for Composite Insulators

The report gives a detailed analysis of the following key players in the global composite insulators market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Radpol S.A.

• Wish Composite Insulator Co., Ltd.

• Doubletree Systems, Inc.

• Saver SpA

• Bonomi Eugenio SpA

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report