Hollow Core Composite Insulators Market Analysis | 2020-2025

Market Insights

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.

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Market Dynamics

Introduction

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.

Market Drivers

The hollow core composite insulators 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.

Segment Analysis

By Application Type

"The circuit breaker segment accounted for the largest market share during the forecast period"

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.

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By Shed Material Type

"The HTV segment accounted for the largest market share during the forecast period"

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.

By Voltage Type

"The more than 600kV segment accounted for the largest market share during the forecast period"

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. More than 600kV is likely to grow at the highest rate in the market during the forecast period. 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       

"Asia-Pacific accounted for the largest market share during the forecast period"

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.

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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.
• Mascheinfabrick Reinhausen
• Pfisterer SEFAG
• Shemar Electric Co. Ltd.
• 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.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The hollow core composite insulators market is segmented into the following categories:

By Application Type 

• Cable Terminations
• Instrument Transformers
• Circuit Breakers
• Surge Arresters
• Bushings
• Others

By Shed Material Type 

• HTV
• LSR
• Others

By Voltage Type 

• Less than 300kV
• 300kV-600kV
• More than 600kV

By Process Type 

• Pultrusion
• Filament Winding

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s hollow core composite insulators market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 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.

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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