Insulators have high resistivity and low conductivity. Insulators are not conducive to electrical energy. They are used in every electrical circuit. It avoids leakage of current and ensure safety of the human life and stable operation of the electric appliances. It is used as a mechanical support in power transmission lines to withstand stresses.
Growth in measures to ensure safety & stability along with the increase in electric infrastructure spending across power grid applications is expected to drive the market demand. The refurbishment & replacement of existing networks primarily across the emerging economies, stringent government policies toward the development of sustainable electrical networks to increase power generation through clean energy sources are anticipated to drive the market growth.
The ceramic electric insulator market is anticipated to reach $2.5 billion by 2028 due to the ability of these units to provide optimal mechanical strength, enhanced hydrophobicity properties, lower leakage current, and significant stress resistance. Moreover, these insulators are poised to register a substantial adoption owing to its excellent insulation quality, elevated fire temperature ratings, optimized durability, and cost-effective availability. The introduction of new government schemes & funding for establishing long electrical networks is expected to boost the market.
Ongoing investments toward R&D activities by major industry players to increase the insulation & tensile strength, material density, and expansion coefficient are anticipated to positively influence the product penetration. Legislative ventures to expand power infrastructures coupled with the surge in urbanization & commercialization is expected to augment the demand for electric insulators. Furthermore, as the demand for alternative energy sources grows, so the demand for electric Insulators. However, the volatile price of raw material will hamper the development of the market.
The electric insulator market is segmented on the basis of type, material type, voltage, application, end use, and region.
On the basis of type, the market is fragmented into shackle insulator, pin insulator, suspension insulator, and others. By material type the market is classified into ceramic, composite, glass, and others. On the basis of voltage, it is divided into low, medium and high. On the basis of application, it is segmented into transformer, cables, switchgear, busbar, surge protection devices, and others. On the basis of end use, the market is categorized into utilities, industries and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include ABB Ltd, Siemens Energy, GE Grid Solutions, Hubbell Power Systems, NGK Insulators, Ltd., Aditya Birla Insulators, MacLean-Fogg Company, Elsewedy Electric, Seves Group, BHEL, TE Connectivity, Modern Insulators, Almatis GmbH, Hitachi Energy, Olectra Greentech, Zhengzhou Orient Power, and INCAP. Owing to rapid industrialization, modernization, rise in the demand for portable electronic gadgets, and investment in the renewable energy have fueled the demand for electric Insulator.
Further growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the power generation, transmission, and distribution have led to key developments in the global electric insulator market.
Covid-19 Analysis
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the electric Insulator market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric insulator market analysis from 2021 to 2031 to identify the prevailing electric insulator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric insulator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric insulator market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Shackle Insulator
- Pin Insulator
- Suspension Insulator
- Others
By Material Type
- Ceramic
- Composite
- Glass
- Others
By Voltage
- Low
- Medium
- High
By Application
- Transformer
- Cables
- Switchgear
- Busbar
- Surge Protection Devices
- Others
By End Use
- Utilities
- Industries
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABB Ltd
- Siemens AG
- GE Grid Solutions
- Hubbell Power Systems
- NGK Insulators, Ltd.
- Aditya Birla Insulators
- MacLean-Fogg Company
- Elsewedy Electric
- Seves Group
- BHEL
- TE Connectivity
- Modern Insulators
- Almatis GmbH
- Hitachi Energy
- Olectra Greentech
- Zhengzhou Orient Power
- INCAP
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Table of Contents
Executive Summary
According to the report, titled, “Electric Insulator Market," the electric insulator market size was valued at $12.6 billion in 2021, and electric insulator industry is estimated to reach $20.8 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.An electrical insulator is used in an electrical system to prevent unwanted flow of current. The insulator plays a vital role in the electrical system. It is a very high resistive path through which practically no current can flow. They are made up of materials such as ceramic, composite, glass, and other materials that are used for improving the quality of power and correcting the power factor.
The world electricity demand is expected to grow at 1.85% rate of CAGR and a total of more than 60 million kilometers of transmission & distribution lines are need to be added, refurbished, or replaced to meet the increasing demand. In the power baseline scenario, the global power sector is expected to require about $16.4 trillion in investment during the next 30 years, with transmission & distribution infrastructure that representing the largest sub-sector share. The industrial inclination toward the advancement of existing electrical infrastructure is projected to have positive influence on the electric insulator market growth.
With rise in global population, there has been an increase in the demand for efficient and continuous supply of power to meet the growing commercial and industrial needs. Given their key applications in end use industries such as industrial power generation industries, electric insulators are expected to witness a steady flow of demand during the forecast period. Electricity demand, opportunities to realize efficiency gains, and the potential to lower carbon emissions are some of the key factors that drive the massive global investment in the transmission of electricity infrastructure and electric insulator.
It prevents the passing of high voltage in an electric circuit and helps to reduce the cost of energy. It helps to save the environment and emission of pollutants, which enhances the process performances in electronic system. It protects from getting electric shocks or electrocution. The presence of these advantages is expected to drive the demand in the market.
The electric insulator market forecast is segmented on the basis of type, material type, voltage, application, end use and region.
On the basis of type, the market is fragmented into shackle insulator, pin insulator, suspension insulator, and others. By material type the market is classified into ceramic, composite, glass, and others. On the basis of voltage, it is divided into low, medium, and high. On the basis of application, it is segmented into transformer, cables, switchgear, busbar, surge protection devices, and others. In addition, on the basis of end use, the market is categorized into utilities, industries, and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest electric insulator market share, followed by North America and Europe.
The major companies profiled in this report include ABB Ltd., Siemens Energy, GE Grid Solutions, Hubbell Power Systems, NGK Insulators, Ltd., Aditya Birla Insulators, MacLean-Fogg Company, Elsewedy Electric, Seves Group, BHEL, TE Connectivity, Modern Insulators, Almatis GmbH, Hitachi Energy, Olectra Greentech, Zhengzhou Orient Power, and INCAP. Owing to rapid industrialization, modernization, increase in the demand for portable electronic gadgets, and investment in the renewable energy have fueled the demand for electric Insulator.
Further growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the power generation, transmission, and distribution have led to key developments in the global electric insulator market trends.
Key Findings of the Study
- Asia-Pacific had dominant position in 2021 as per electric insulator market analysis and would continue to maintain the lead over the forecast period.
- By type, pin insulator segment accounted for the largest share in 2021.
- By material type, composite segment accounted for the largest share in 2021.
- By voltage, medium segment is projected as most lucrative segment.
- By application, transformer segment is projected to create abundant revenue opportunity till 2030.
- By end use, utilities segment is projected to grow at a CAGR of 4.1% by 2030.
COVID-19 Analysis
- COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the electric Insulator market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
Companies Mentioned
- Abb Ltd
- Siemens AG
- Ge Grid Solutions
- Hubbell Power Systems
- Ngk Insulators, Ltd.
- Aditya Birla Insulators
- Maclean-Fogg Company
- Elsewedy Electric
- Seves Group
- Bhel
- Te Connectivity
- Modern Insulators
- Almatis GmbH
- Hitachi Energy
- Olectra Greentech
- Zhengzhou Orient Power
- Incap
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 467 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 12.6 billion |
Forecasted Market Value ( USD | $ 20.8 billion |
Compound Annual Growth Rate | 5.1% |
Regions Covered | Global |
No. of Companies Mentioned | 17 |