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Low Voltage Composite Insulators Market by End-Use (Residential, Commercial & Industrial), by Rating (≤ 11 kV, > 11 kV to ≤ 22 kV, > 22 kV to ≤ 33 kV, > 33 kV to ≤ 72.5 kV, >72.5 kV), by North America (U.S., Canada, Mexico), by Europe (UK, Germany, France, Spain, Italy, Russia), by Asia Pacific (China, Japan, India, South Korea, Australia), by Middle East & Africa (Saudi Arabia, UAE, South Africa), by Latin America (Brazil, Argentina) Forecast 2025-2033
The market size for Low Voltage Composite Insulators is $587.8 million and has increased steadily at a compound annual growth rate of 7.3%. The significant growth drivers of the market have been the merits of composite insulators, comprising lightweight design, high mechanical strength, pollution resistance, and vandal-proofing. The insulators offer excellent hydrophobicity and are thus suitable for a variety of environments. Increasing investments in transmission and distribution networks, especially in developing regions where infrastructure is rapidly growing, are putting increased demand on these insulators. As countries try to enhance their electricity supply systems, the requirement for safe and reliable electrical networks is increasing. These factors enhance the adoption of composite insulators, further fueling the market's growth. This confluence of technological advancements and increasing infrastructure requirements is pushing the market to unprecedented heights
The market is fragmented, with a large number of players competing for market share. Key players include CYG Insulator Co., Ltd., Dalian Hivolt Power System Co., Ltd., DECCAN ENTERPRISES PRIVATE LIMITED, ENSTO, Hitachi Energy Ltd., Jiangxi Johnson Electric Co. Ltd., KUVAG GmbH & Co KG, Nooa electric co., ltd., PFISTERER Holding SE, SAA Grid Technology Co., Ltd., SAVER S.p.A., SHEMAR, Siemens Energy, Taporel Electrical Insulation Technology Co., Ltd., and Vexila (Pty) Ltd.
Product innovation is a key competitive factor in the market, with companies focusing on developing insulators with improved performance and reliability. The market is characterized by a high level of M&A activity, as companies seek to consolidate their market position and expand their geographic reach.
Asia Pacific is the largest market for low voltage composite insulators, due to the region's rapid economic growth and increasing investment in infrastructure. China is the largest country market in the region, followed by India and Japan.
The rating 22 kV to 33 kV is expected to dominate the market, due to the increasing adoption of this voltage level in distribution networks. The residential end-use segment is the largest end-use segment, due to the growing demand for electricity in residential areas.
The report provides a comprehensive overview of the low voltage composite insulators market, including market size, market share, and growth forecasts. The report also includes a detailed analysis of the market by region, product type, and end-use. Key market trends and developments are also discussed in the report.
The market size for low voltage composite insulators is estimated to be 587.8 Million in 2022. The market is expected to grow at a CAGR of 7.3% from 2022 to 2028, reaching a market size of 937.5 Million by 2028.
Asia Pacific is the largest market for low voltage composite insulators, accounting for a market share of 47.5% in 2022. The region is expected to maintain its dominance throughout the forecast period. Europe is the second largest market, with a market share of 25.2% in 2022. North America is the third largest market, with a market share of 19.6% in 2022.
The rating 22 kV to 33 kV is the largest product segment, accounting for a market share of 36.5% in 2022. The segment is expected to maintain its dominance throughout the forecast period. The residential end-use segment is the largest end-use segment, accounting for a market share of 52.9% in 2022. The segment is expected to maintain its dominance throughout the forecast period.
The growth of the low voltage composite insulators market is driven by a number of factors, including:
The growth of the low voltage composite insulators market is facing a number of challenges, including:
Despite these challenges, the low voltage composite insulators market is expected to grow in the coming years. This growth will be driven by a number of emerging trends, including:
In October 2023, Shemar announced to expand its operations with an investment of USD 80 million into a project in Brazil, establishing a showroom for its offerings. These products encompass insulator solutions tailored for lines and substations, utilizing composite materials as a substitute for traditional glass and porcelain. The company assures a significant reduction in capital expenditure and a near-total elimination of operational expenditure for the projects.
In August 2023, Modern Insulators Limited approved a proposal to set up a wholly owned subsidiary named Modern Composites Private Limited, dedicated to manufacturing composite insulators. Once incorporated, this subsidiary will be classified as a related party company. Any transactions with this related party will adhere to an arm's length basis. The acquisition was expected to be finalized by the second quarter of 2023-24. The entire share capital subscription would be made in cash, with the company planning to inject up to INR 50 million in equity share capital, potentially in multiple tranches.
The key players in the low voltage composite insulators market include:
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 7.3% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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