Composite Insulators Market is set to grow from its current market value of more than USD 1.5 Billion to over USD 2.5 Billion by 2024; according to a new research report by Global Market Insights, Inc.
The global composite insulators market is expected to gain major traction on account of the fact that the world is becoming increasingly reliant on electric power for everyday activities as well as for reducing carbon emissions. Therefore, the electric grid is garnering increased government attention as it has proved to be one of the basic blocks supporting the economy. As refurbishment of older power grids is gaining importance and expansion of newer grid systems is becoming a necessity for development of a country, it is expected that the composite insulators market will witness significant expansion over 2018-2025.
UK Composite Insulators Market Size, By Product, 2017 & 2024 (USD Million)
It is important to note the fact that the 21st-century economy cannot be expected to thrive on 20th-century infrastructure. With the rising concerns for global warming and increasing pollution being caused by the use of fossil fuels, coal-powered plants are becoming less economically viable and utility companies across the world are revamping their transmission networks to include the benefits of cheaper fuel sources such as solar, wind and natural gas. Shifting energy landscape as well as technological advancements like rooftop solar panels have created economic opportunities that not only improve energy efficiency but also change the way power is sourced and used. Therefore, grid modernization is taking a front seat in political and economic agenda of most regions that already have an established grid network in place, in turn adding impetus to the composite insulators market.
Such grid modernization has already proved to be extremely effective. For instance, when Florida was hit by Category 3 Hurricane Wilma in 2005, 75% of the FPL (Florida Power and Light) customers lost access to power. In other words, 4.3 million people were left without power for nearly 5 days. As a response to the devastation the state government urged FPL to strengthen its electric grid and improve response time in case of natural disaster which resulted in the investment of nearly $3 billion in the Florida power grid over the next decade. In 2017, when Florida was hit by Category 5 Hurricane Irma, though 90% of FPL’s five million customers lost power, the average power outage lasted only two days. Considering that the service territory of Florida generates an estimated $1 billion in GDP per day, it can be said that FPL’s $3 billion investment has already paid off. With such instances abound, a stronger case for grid overhaul is formed every day, propelling composite insulators market expansion.
Widespread urbanization has also added a major boost to the composite insulators market as since 2007, for the first time in human history, it was estimated that more than half of the population of the world has been living in cities. Although cities cover only 2% of the earth’s surface, they are responsible for 75% of the world’s consumption of resources, a trend that is expected to intensify over the next decades as a result of rapid urbanization especially in Asia and Africa. Various sectors of urbanization within the different mechanisms of the economy lead to a considerable increase in urban energy demand and brings about a change in the fuel mix.
Over the next decades, megacities in countries with emerging economies are expected to play a significant role in the development and distribution of energy demand and supply. Hence, urban energy planning is anticipated to be pivotal for the creation of the right framework for a sustainable energy future. As the governments of emerging economies spend more efforts on building efficient power networks, composite insulators market will inevitably gather profits from such developments.
Recently, Hitachi, one of the largest technology companies in the world, announced that it will be offering deviant innovative energy solutions by combining ABB’s world-class power grids products, software, systems and service solutions with its own advanced digital technology. Apparently, Hitachi has acquired 80.1% stake in ABB’s power grids business, a move that indicates the future of power grids which are increasingly leaning towards the inclusion of smart solutions to support a technological revolution that is about to be witnessed in the coming decades. With the evolution of power grids, the composite insulators market is anticipated to expand exponentially over 2018-2025.
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