Selbyville, Delaware, United States, October 30 2020 (Wiredrelease) Global Market Insights, Inc –:The composite insulators market is expected to garner notable growth on account of increasing federal investments geared towards the establishment of energy-efficient T&D infrastructures. With growing demand for sustainable energy, several countries across the globe are shifting their focus on revamping existing electricity infrastructures.
As a matter of fact, the Federal Energy Regulatory Commission had revealed that electric authorities raised an investment of more than USD 160 billion for the advancement of T&D infrastructure between 2013-2016.
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Rapid expansion of power generation capacities along with increasing efforts to overhaul existing grids could propel composite insulators market share over the course of time. Whereas growing imposition of stern regulatory norms to promote the adoption of energy-efficient systems for the conservation of power could strengthen industry outlook.
In 2016, the electric utilities had planned to invest nearly USD 3.2 trillion to develop the global distribution & transmission infrastructure by the final quarters of 2026. Meanwhile, shackle composite insulators are recording prominent demand on account of offered features like the ability to provide comparatively reliable operations when equated against its counterparts and a broad range of applicability across low voltage applications.
Its ability to support overall electricity demand in a cost-effective way could play a crucial role in deepening product penetration in emerging economies. Besides, these insulators also require limited maintenance, a beneficial factor that might aid its adoption across developing nations. Considering theses aspects, Global Market Insights, Inc., estimates that the global composite insulator market may cross USD 2.5 billion by 2024.
Currently, prominent players like Lapp Insulators, ABB, Olectra Greentech, Deccan Enterprises, TE Connectivity, General Electric, and Seves Group are heavily investing in R&D activities to enhance the specifications of composite insulators.
In terms of voltage, the composite insulators market is categorized under medium, high and low. Out of these, high voltage composite insulators are projected to witness exponential demand owing to the overhauling of existing electricity infrastructure. In a bid to satisfy the mounting demand for reliable and safe power, governments are upgrading their old electricity grid with high voltage composite insulators.
The product’s remarkable features like lightweight, high mechanical strength, good hydrophobicity, and vandalism resistance could help support market expansion. Meanwhile, large-scale investment activities carried out by utility companies to extend long-distance power transmission could improve the outlook of high voltage composite insulators market.
Elaborating on the regional landscape, China composite insulators market is set to record remarkable gains in the coming years, following its astounding valuation of over USD 300 million in 2017. Surging expansion of overhead networks is one of the key factors propelling product penetration across China. Dedicated federal efforts toward the implementation of renewable energy infrastructures coupled with increasing financial aid to expand T&D networks could strengthen the business landscape China composite insulators market.
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