According to the latest research report titled ‘Global Composite Insulators Market Size study, by Product (Pin, Suspension, Shackle, Others), by Voltage (High Voltage, Medium Voltage, Low Voltage), by Installation (Transmission and Distribution, Substation, Railways, Others), by Application (Transmission Line, Switchgear, Transformers, Busbars, Others) and Regional Forecasts 2022-2028’ available with MarketStudyReport, global composite insulators market was valued at USD 2 billion in 2021 and is estimated to reach a valuation of USD 3.22 billion by 2028, registering a CAGR of 7.1% through the forecast duration.

Increasing incorporation of smart grid technologies, and expansion of power transmission & distribution network are the major factors fueling global composite insulators market growth.

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In addition, rise in investments that support the development of electrical infrastructure to meet the ever-increasing electricity demand in industrialized nations are bound to unearth new opportunities for market expansion in the forthcoming years.

However, lack of efficiency in functioning due to direct exposure to environment as well as dearth of skilled technicians, and absence of standardizations may pose as challenges that will impede growth dynamics of the industry over the analysis timeframe.

Moving on, worldwide composite insulators is segmented by product type, voltage range, installation type, and application spectrum. Considering application scope, the railway segment is slated to grow significantly over the analysis period, owing to the constant demand for sturdy composite insulators from flourishing rail transportation sector.

From a regional standpoint, North America market is anticipated to show an impressive growth through 2028, with the U.S. at forefront, owing to factors such as favorable government policies, and increasing expenditure towards building sustainable energy infrastructure.

Meanwhile, Asia Pacific is likely to stand its ground as a promising avenue for market expansion in the coming years, on the back of growing urbanization in countries like India, China, Indonesia, and Thailand, alongside favorable government policies for the same.

Speaking of the competitive framework, major companies in global composite insulators industry are Bharat Heavy Electricals Limited (BHEL), Spark Insulators Pvt Ltd., Siemens Energy AG, General Electric Company, Saravana Global Energy Ltd., GIPRO GmbH, INAEL Electrical Systems, Olectra Greentech Ltd., TE Connectivity Ltd. and Deccan Enterprises Ltd.

These companies are assessed in terms of product offerings, latest developments, and financial standing, alongside strategic pathways such as mergers, acquisitions, and partnership deals to facilitate a proper overview of the marketplace for novices as well as veterans in the field.

For instance, in June 2019, Cricket Valley Energy Centre LLC announced that its natural gas based 1100 MW power plant in Dover had almost reached completion. This plant is expected to further augment demand for composite insulators in the coming years.