Electric Insulator Market Forecasts to 2028 – Global Analysis By Type (Suspension Insulator, Shackle Insulator, Pin Insulator and Other Types), Voltage (High, Medium and Low), Material Type (Composite, Ceramic, Glass and Other Material Types), Category (B

Electric Insulator Market Forecasts to 2028 – Global Analysis By Type (Suspension Insulator, Shackle Insulator, Pin Insulator and Other Types), Voltage (High, Medium and Low), Material Type (Composite, Ceramic, Glass and Other Material Types), Category (Bushings and Other Categories), Rating (<11 kV, 11 kV and Other Ratings), Installation, Application, End User and Geography

According to Stratistics MRC, the Global Electric Insulator Market is accounted for $13.50 billion in 2022 and is expected to reach $20.49 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Insulators are not conducive to electrical energy. Insulators have a high resistance and a low conductivity. Insulators are needed in every electrical circuit. Insulators prevent current leakage and protect the safety of persons as well as the stable operation of an electric circuit. Insulators are used to isolate electrical equipment and circuits from outside interference. Mechanical support is provided by electrical insulators in power transmission cables. Electrical insulators used in power transmission lines must be able to bear strains.

According to the power baseline scenario, the world’s power sector will need to invest around $16.4 trillion over the next 30 years, with transmission and distribution infrastructure making up the most significant portion of the subsector.

Market Dynamics:

Driver:

Government encouraging the development of a sustainable electricity grid

The electrical transmission and distribution system, in conjunction with an integrated and optimised power technology, encompasses power generation, distribution, and storage, allowing customers to distribute electricity effectively. Because of the rising demand for efficient and dependable electrical supply, the T&D network has grown significantly over the years. It is also accompanied by greater government investment and favourable legislation, which encourage the development of a sustainable power system, particularly in developing Asia and Africa.

Restraint:

Power transmission and distribution networks requires massive investment

The expansion of electrical transmission and distribution networks necessitates enormous government and private-sector investments. However, the lack of government aid, combined with the economic recession, may have an impact on industrial growth. Installation of power transmission and distribution infrastructure will cost millions of dollars, depending on the size and needs of the region, without the need for a new power source. Furthermore, in order to achieve the necessary flexibility in available electricity infrastructures, the power grid must combine a number of technologies and components. The lack of a sustainable business model, followed by ineffective regulations and policies, has created impediments to commercial and private investment, impeding the expansion of the transmission and distribution network.

Opportunity:

Emerging investment opportunities

Electrical insulators interrupt the flow of electrons. It is utilised in high-voltage systems, circuit boards, as well as electric wire coating and cables. High investments in the rehabilitation of outdated grid infrastructure across developed and developing nations, as well as the acceptance of smart grid technology, are likely to boost the global electric insulators market. The expenditure on electrical infrastructure upgrading, as well as rising urbanisation and repair and replacement of existing assets, demonstrate the enormous demand and market growth potential. Increased demand, capacity bottlenecks, and a growing emphasis on power generation capacity increase will boost the growth of the electric insulator business.

Threat:

Volatility in raw materials

Rapid fluctuations in raw material prices would have a substantial impact on the manufacturing of electric insulators. The primary materials needed to make insulators include steel and silicon rubber. The costs of these materials are highly volatile and fluctuate regularly. This price volatility might be ascribed to the fact that China, one of the world's top steel producers, has had weak economic development over the last three years. The country's manufacturing industry is likely to deteriorate more in the future, resulting in significant price fluctuations. The fluctuation of raw material prices would be a significant concern for the electric insulator business.

Covid-19 Impact

COVID-19 has had a significant impact on the world economy, with disastrous repercussions on global trade, affecting households, businesses, financial institutions, industrial facilities, and infrastructural corporations all at the same time. The new coronavirus has impacted numerous economies and triggered lockdown in many nations, limiting market growth. The shutdown of industrial manufacturers caused a drop in demand for solar-related equipment in most nations throughout the world, resulting in a drop in demand for the electric insulator industry. The decrease in electricity use in industrial facilities around the world during the outbreak has a detrimental impact on market development.

The transformer segment is expected to be the largest during the forecast period

The transformer segment is estimated to have a lucrative growth, due to the government national renewable targets and the replacement of conventional electrical networks. To support the expanding renewable mix, utilities have prioritised grid upgrades and expansion. Favourable policies such as incentives, leverage schemes, feed-in tariffs, and subsidies to stimulate the deployment of sustainable energy sources would, in turn, accelerate corporate growth. Furthermore, the increased installation of various transformer types to fulfil rising electrical demands has resulted in the transformer category holding the biggest market share.

The utilities segment is expected to have the highest CAGR during the forecast period

The utilities segment is estimated to have a lucrative growth, due to the increasing investments & expenditures for the expansion of utility infrastructures and transmission networks across remote locations. Rising R&D operations aimed at updating the grid structure to accommodate increased electricity consumption will propel the industry forward. Furthermore, the incorporation of smart grid technology supported by several rollout programmes will supplement market trends. The existence of the above mentioned electric insulator applications in power generation and transmission utilities would create sufficient opportunities for the industry.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid industrialization and urbanization. It also has a substantial number of megacities and a rapidly growing population. China and India are the region's primary revenue generators. Population growth pushes up demand for power, which drives up demand for passive electrical components like insulators. Smart cities and smart grids are projected to drive the market in the future years.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the presence of several well-established players in countries such as the U.S and Canada. Furthermore, in the United States, initiatives to improve the electric grid to fulfil energy demand, environmental, and security concerns for the twenty-first century have increased public and private sector grid modernization investments. The presence of R&D centres in countries such as the United States and Canada is likely to boost the region's total electric insulator market.

Key players in the market

Some of the key players profiled in the Electric Insulator Market include Olectra Greentech, Aditya Birla Insulators, Hubbell Power Systems, NGK Insulators, Ltd., ABB Ltd, Siemens AG,GE Grid Solutions, Elsewedy Electric, Zhengzhou Orient Power, INCAP, Hitachi Energy, Almatis GmbH, TE Connectivity and MacLean-Fogg Company

Key Developments:

In April 2021, GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd announced an agreement related to the use of an alternative gas to sulfur hexafluoride (SF?) for use in high voltage equipment. The company also revealed that the partnership will help accelerate the use of fluoronitrile-based eco-efficient insulation and switching gas in high-voltage equipment as an alternative to SF? gas.

In June 2019, ABB has released a DC-based power distribution system known as Onboard Microgrid to help smaller vessels improve fuel efficiency.

In June 2019, Siemens has signed an agreement with the Egyptian Electricity Transmission Company (EETC) to supply the country’s first digital power transformer – Siemens’ Sensformer.

In June 2019, Larsen & Toubro (L&T) has bagged a turnkey contract for building a power generation project worth over Rs 7,000 crore.

Types Covered:
• Suspension Insulator
• Shackle Insulator
• Pin Insulator
• Other Types

Voltages Covered:
• High
• Medium
• Low

Material Types Covered:
• Composite
• Ceramic
• Glass
• Other Material Types

Categories Covered:
• Bushings
• Other Categories

Ratings Covered:
• <11 kV
• 11 kV
• 22 kV
• 33 kV
• 72.5 kV
• 145 kV
• Other Ratings

Installations Covered:
• Substations
• Distribution Networks
• Transmission Lines
• Railways
• Other Installations

Applications Covered:
• Surge Protection Devices
• Transformer
• Cables
• Busbar
• Switchgear
• Other Applications

End Users Covered:
• Industries
• Utilities
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements