According to a research report by Global Market Insights, the composite insulators market is set to grow from its current market value of more than $1.5 Billion to over $2.5 Billion by 2024. As the world is becoming increasingly reliant on electric power for everyday activities and reducing carbon emissions, 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 using 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.
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 because 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.
For more details, grab a copy of the Global Market Insights report.