Hollow Core Composite Insulators Market Insights
Insulators are electrical equipment that support and separate electrical conductors without enabling current to pass through them. Hollow core composite insulators are proven to be a direct replacement for porcelain and glass insulators, especially in high-voltage applications, owing to properties such as lightweight and superior pollution and insulation performance. They are highly resistant to vandalism and have better hydrophobic performance. These insulators have three major components: FRP rod, sheds, and flanges. FRP rods are generally manufactured from glass fibers impregnated with epoxy resins and enclosed by silicone rubber sheds along with corners covered with aluminum flanges.
The hollow core composite insulators market is estimated to grow at an excellent rate over the next five years to reach an estimated value of US$ 443.9 million in 2025. The market is driven by
- Increasing primary energy consumption,
- growing interest towards high-performance and safer power equipment, and
- the gradual shift from porcelain to composite insulators
A noteworthy trend that is creating a disrupting environment in the market is a sheer interest towards EHV and UHV apparatus, which, in turn, has created a positive impact in the demand for hollow core composite insulators as they are preferably used in such apparatus.
Market Witnessing Gradual Consolidation
In recent years, the market has witnessed a gradual market consolidation as the major players are acquiring other medium- to small-sized players to enhance their product portfolio and to expand their geographical reach.
Some of the foremost mergers & acquisitions that took place in the market include
- the acquisition of Lapp Insulators by Pfisterer SEFAG in 2015
- the acquisition of MacLean Power System France by Mascheinfabrick Reinhausen in 2017
- More recently in 2019, Mascheinfabrick Reinhausen formed a JV with Aditya Birla Insulators, creating Aditya Birla Power Composites Limited, for the manufacture and sale of composite hollow core insulators.
Market Share Analysis
Market Share by Application Type
The market is segmented based on the application type as cable termination, instrument transformer, circuit breaker, surge arrester, bushing, and others. Circuit Breaker is expected to remain the largest segment of the market during the forecast period; however, surge arrester is likely to grow at the highest rate during the same period.
Market Share by Shed Material Type
Based on the shed material type, the market is segmented into HTV, LSR, and others. HTV is likely to remain the largest shed material segment of the market during the forecast period. HTV insulators are generally cost-effective and are widely used in the Asian market, especially in the Chinese market. On the contrary, LSR sheds are preferably used in the European market and dominate the region.
Market Share by Voltage Type
Hollow core composite insulators are used in various applications with a wide range of voltage ratings. The market is segmented based on voltage type into less than 300kV, 300kV-600kV, and more than 600kV. The rating has been designed to meet the application and specific requirements. More than 600kV is likely to grow at the highest rate in the market during the forecast period, owing to the growing interest towards EHV and UHV apparatus with voltage ratings of 720 kV, 800 kV, etc.
Regional Analysis
In terms of region, Asia-Pacific is projected to remain the largest market for hollow core composite insulators during the forecast period. China is the growth engine of the region’s market and has been very active from the past few years in using hollow core composite insulators. The attractiveness of the Chinese market has led to the expansion of the manufacturing footprint in the country by leading players, such as TE Connectivity. Europe is also likely to offer sizeable market opportunities in the market. Various leading players, such as Reinhausen Power Composites, TE Connectivity, and ABB Ltd., have manufacturing bases for hollow core composite insulators in Europe.
Key Players
The supply chain of this market comprises raw material suppliers, hollow core composite insulator manufacturers, distributors, electrical apparatus OEMs, and end-users. The key players in the hollow core composite insulators market are ABB Ltd., Shemar Electric Co. Ltd., Mascheinfabrick Reinhausen, Pfisterer SEFAG, and TE Connectivity. The formation of long-term contracts, the development of highly efficient and lightweight insulators, and strategic alliances are the key strategies adopted by major players to gain a competitive edge in the market.
Research Methodology
Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted about 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s hollow core composite insulators market realities and future possibilities for the forecast period of 2020 to 2025. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as to formulate growth strategies.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Market Segmentation
The hollow core composite insulators market is segmented into the following categories.
Hollow Core Composite Insulators Market, By Application Type:
- Cable Terminations (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Instrument Transformers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Circuit Breakers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Surge Arresters (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Bushings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Hollow Core Composite Insulators Market, By Shed Material Type:
- HTV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- LSR (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Hollow Core Composite Insulators Market, By Voltage Type:
- Less than 300kV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- 300kV-600kV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- More than 600kV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Hollow Core Composite Insulators Market, By Process Type:
- Pultrusion Process (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Filament Winding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Hollow Core Composite Insulators Market, By Region:
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Latin America, The Middle East, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Competitive Assessment
- Competitive Benchmarking of key players (up to three players)
- SWOT analysis of key players (up to three players)
Regional Segmentation
- Current market size (2019) of hollow core composite insulators market in any of the application type by voltage type
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