Electric Insulator Market Size, By Material (Ceramic/Porcelain, Glass, Composite), By Voltage (High, Medium, Low), By Application (Cables & Transmission Lines, Switchgears, Transformers, Busbars), By Product (Pin, Suspension, Shackle, Other Insulators), B

Electric Insulator Market Size, By Material (Ceramic/Porcelain, Glass, Composite), By Voltage (High, Medium, Low), By Application (Cables & Transmission Lines, Switchgears, Transformers, Busbars), By Product (Pin, Suspension, Shackle, Other Insulators), By End-Use (Residential, Commercial & Industrial, Utilities), By Rating (< 11 kV, 11 kV, 22 kV, 33 kV, 72.5 kV, 145 kV, 220 kV, 400 kV, 800 kV, 1,200 kV), By Installation (Distribution, Transmission, Substation, Railways), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global electric insulators market is projected to proliferate at a significant rate through 2028 due to increasing product adoption in key regions across the globe. Additionally, notable infrastructural development of smart grid technology is likely to further support industry expansion over the forecast timeline.

Recently, key industry players have been implementing profitable strategies to address the surging demand for low voltage power distribution across various countries. To cite an instance, in January 2020, Siemens Ltd., the Indian subsidiary of German energy giant Siemens AG, inked an agreement to acquire C&S Electric Limited, an Indian manufacturer of electrical equipment, in line with its aim to address the growing need for electrification in infrastructure, industry, and buildings in the country.

The electric insulators market has been segmented in terms of material, voltage, application, product, end-use, rating, installation, and region. With respect to material, the industry has been bifurcated into ceramic/porcelain, glass, and composite. The glass sub-segment is set to witness robust growth through 2028. Shifting focus of customers towards the adoption of smart grid technology is set to spur segmental expansion.

Based on voltage, the electric insulators market has been classified into high, medium, and low. The low sub-segment is poised to amass significant gains by 2028 owing to extensive research and development investment towards grid network modernization in response to soaring electricity consumption.

From the application perspective, the industry has been divided into cables & transmission lines, switchgears, transformers, and busbars. The switchgears sub-segment is foreseen to reach a sizable revenue by the end of the review period fueled by rising demand for energy-efficient transmission and distribution networks as well as increased investments for infrastructural development.

The electric insulators industry share from the transformers sub-segment is slated to achieve a substantial valuation by 2028 on account of the continued expansion of T&D infrastructure. The busbars sub-segment is likely to observe strong growth by 2028 driven by an upsurge in investments in the refurbishment and replacement of aging grid infrastructure.

In terms of product, the electric insulators market has been bifurcated into pin insulator, suspension insulator, and shackle insulator. The shackle insulator sub-segment is anticipated to exhibit steady growth over the analysis timespan supported by the ongoing transition towards clean energy sources and micro grid establishments for renewable power integration.

With regards to end-use, the market has been classified into residential, commercial & industrial, and utilities. The residential sub-segment is slated to attain a considerable share in the electric insulators market in terms of revenue by 2028. Mounting urban population, particularly in developing economies, as well as increased investments in multi-family housing development are primed to bolster segmental progress.

With respect to rating, the market has been segmented into < 11 kV, 11 kV, 22 kV, 33 kV, 72.5 kV, 145 kV, 220 kV, 400 kV, 800 kV, and 1200 kV. By 2028, the market for 11 kV electric insulators is expected to grow at a rate of more than 6%. The 11 kV sub-segment is estimated to reach a valuation of around USD 1.4 billion by 2028.

In 2021, the 22 kV sub-segment held a market share of above 12% and is slated to showcase stable progress over 2022-2028. The 33 kV segment is poised to register significant growth over the review timeline facilitated by legislative ventures focused on expansion of the electrical infrastructure, along with the thriving commercial sector.

The 72.5 kV electric insulators market was worth over USD 800 million in 2021 and is projected to grow at a robust pace over 2022-2028. Due to the expansion of electrical utility infrastructure, the 220 kV sub-segment is expected to grow significantly through 2028.

The 800 kV sub-segment is set to exhibit steady progress over the study timeframe. 800 kV insulators will record large-scale deployment on account of development of high-tension networks for long-route electrical supply, which is speculation to propel segmental growth in the coming years.

By installation, the electric insulators market has been categorized into distribution, transmission, substation, and railways. The railways sub-segment is forecast to garner a notable revenue by 2028. Increased government emphasis on the construction of railway infrastructure, coupled with the ability of railways to sustain mechanical loads, is foreseen to bolster segmental expansion in the forthcoming years.

From the regional standpoint, the North America electric insulators industry is primed to grow at around 5.0% CAGR between 2022 and 2028. Meanwhile, the Latin America electric insulators market is set to reach a significant valuation by the end of the forecast period owing to escalating investments for electrical infrastructural development. Moreover, prevalent uptake of sustainable energy solutions is calculated to boost market growth in LATAM in the future.