Composite Line Post Insulators Market Forecast and CAGR
According to research estimates, the Composite Line Post Insulators market is projected to expand between 5% and 7% CAGR during the 2021 to 2031 assessment period.
The Composite Line Post Insulators market is anticipated to observe moderate growth rate in the forecast period on the back of ageing grid infrastructure overhaul process, coupled with increasing integration of T&D lines and renewable technologies into grid infrastructure.
What is Driving Demand for Coe Post Insulators?
Composite Line Post insulators is a High Voltage (HV) type of insulator which is used in distribution and transmission line and designed based on the IEC, ANSI and other standards. This insulator is constructed from composite materials (silicone rubber) or one piece of porcelain. The post insulator is extensively used in different applications because of its excellent mechanical properties.
As composite line post insulators play crucial part in proper transmission and distribution, with increase in energy demand, line post insulator market is also anticipated to flourish. Increasing Energy demand from commercial and industrial utilities is one of the key factor driving the market, with increasing rate of electrification network architecture set to touch record high in coming years.
According to IEA, after falling by about 1% in 2020 due to the impacts of the Covid-19 pandemic, global electricity demand is set to grow by close to 5% in 2021 and 4% in 2022 – driven by the global economic recovery.
Additionally ageing grid and refurbishment of existing grid infrastructure and increasing integration of renewable energy into grid infrastructure to increase cost effectiveness and efficiency will demand for this insulators in the forecast period.
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Which Opportunity is going to profit Composite Line Post Insulators Market most?
The growing number of smart city initiatives around the world gives a great opportunity for technology firms, service providers, utility companies, and consultancy firms.
Smart cities use technology and optimal resource utilization to manage critical services such as utility, safety, transportation, and health more efficiently and intelligently and therefore smart cities are likely to be very dependable on smart grids for proper working of its activities and functions.
Since smart grids and composite line post insulators are set to grow synchronously, increase in grids or smart grids will pose positive impact on the market.
US Composite Line Post Insulators Market Growth Outlook
US is one of the top nations in energy consumptions and according to EIA, in 2019, the average annual electricity consumption for a U.S. residential utility customer was 10,649 kilowatt-hours (kWh), an average of about 877 kWh per month.
The US has been known to record a higher rate of power blackouts than any other developed country. The cost of these blackouts to American firms is estimated to be over USD 150 billion per year. 75% of transmission lines and transformers are 25 years old or older, according to the US Department of Energy, owing to which US government is planning to invest large sum to upgrade grid infrastructure and this will significantly impact the market.
APAC Demand Potential for Composite Line Post Insulators
According to U.S. Energy Information Administration (EIA) the world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries that are not in the Organization for Economic Cooperation and Development (OECD), and this growth is focused in regions where strong economic growth is driving demand, particularly in Asia.
It is estimated that APAC will observe very significant growth rate in the forecast period. Since APAC has world’s top two populated countries i.e. China and India respectively. The energy demand will increase tremendously and so will demand for composite line post insulators.
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Who are the Key Manufacturers and Suppliers of Composite Line Post Insulators?
Some of the leading manufacturers and suppliers of
- Hitachi ABB
- TE Connectivity
- Hunan Yangdong Porcelain Insulators and Electric Co. Ltd
- NGK INSULATORS LTD.
- WINNING ELECTRICAL CO.
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