Sellbyville, DE -- (SBWIRE) -- 03/04/2019 -- The U.S. composite insulators market is anticipated to grow over 6% by 2024. Enhanced efforts by regulatory authorities for the rehabilitation and development of electric grid will boost the industry growth. Spending proposals and investments to strengthen the grid system will further propel the industry growth. According to the World Energy Outlook, the total transmission investments in the U.S. for the replacement of old transmission lines have increased from USD 3.1 billion in 2015 to USD 3.7 billion by 2017.

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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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.

Shackle composite insulators market will witness growth on account of their extensive applicability in low-voltage distribution lines. The ability of these insulators to reduce the possibility of breakage when heavily loaded and to meet the electricity demand in a cost-effective manner by evenly distributing the load will favor the product adoption.

Surging electricity demand to meet the energy needs of the growing population coupled with rising measures toward the refurbishment and expansion of power systems will drive the composite insulators market growth. Lack of effective grid infrastructure across developing nations along with the growing demand for capacity expansion will further fuel the industry outlook.

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Lack of effective grid infrastructure across war-affected countries along with government efforts to meet the energy crisis in underdeveloped nations will stimulate the Middle East & Africa composite insulators market growth. Requirement of additional capacity to meet the economic needs of the people along with the development of distribution networks to enhance and leverage the existing capabilities will further boost the industry outlook.

Key participants in the composite insulators market ABB, GE, Siemens, SEVES, GIPRO Insulators and Bushings, CECEC Nanjing Electric Co.,ltd., TE Connectivity, Zhengzhou Orient Power Co., Ltd, INAEL Electrical Systems & Spark Insulators.