Composite Insulators Market to surpass USD 2.5 billion by 2024

The shackle-type composite insulator market will grow due to its wide application in low-voltage distribution lines. These insulators reduce the possibility of cracking under heavy loads, and the ability to meet power demand in a cost-effective manner by evenly distributing loads will facilitate the adoption of products.

According to the latest research report of Global Market Insights, Inc., the global composite insulator market is expected to exceed US $ 2.5 billion by 2024. In order to meet the energy demand of the growing population, the demand for electricity has surged. At the same time, measures have been taken to renovate and expand electricity. The system will promote the growth of the composite insulator market. The lack of effective power grid infrastructure and the growing demand for capacity expansion in developing countries will further boost the industry’s prospects.

The demand to restore the mainstream electrical network is increasing, and the focus on increasing power generation capacity will also promote the development of the composite insulator market. Regulators’ increased attention to increasing investment in power grid upgrades, coupled with strict energy conservation and energy conservation agreements, will further stimulate the development of the industry. Power companies plan to invest US $ 3.2 trillion by 2026 to develop global transmission and distribution infrastructure.

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