Electric Insulator Market 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): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global electric insulator market size was valued at $12.6 billion in 2021, and projected to reach $20.8 billion by 2031, with a CAGR of 5.2% from 2022 to 2031.
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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