The global composite insulators market is anticipated to depict exponential growth in the foreseeable future on account of growing investments to revamp the outdated grid infrastructure, mainly in developed countries, along with the fast-paced adoption of smart-grids on the global scale.
According to the Federal Energy Regulatory Commission, the electric supply firms in the United States invested more than USD 160 Bn, from 2013 to 2016, to set-up new T&D infrastructure. In the same light, constant development of the transmission architecture to deliver reliable and safe power, specifically across developing economies, would positively influence the commercialization prospects of this business vertical.
Composite insulators are being used by major power suppliers in nations across the globe. Citing an example from China, in the year 2010, the State Grid directed the Geermu to Lhasa power grid assemblage project, and huge quantity of substation composite insulators were employed in the substation converter station during this project. Lately, the development of similar large-scale projects in other developing nations is fueling substation composite insulators market growth.
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The composite insulator is an insulating substance which restricts undesired current flow from a power system and offers a resistive route for the flow of current. These are employed as a source of resistance to ensure optimal mechanical and electrical strength. Shemar, an insulation manufacturing behemoth, has reportedly developed world leading line composite insulator, which strengthens the product life cycle even in the worst conditions. It is thus anticipated that in the future years the revenue share will be propelled by world-changing innovations led by key players in the composite insulators market.
