As per Market Research Future (MRFR), the global electric insulator market is projected to grow at 5.88% CAGR from 2022 to 2030 (forecast period). The report illustrates and discusses the influence of the outbreak of COVID-19 on the global electric insulator market, including future opportunities and challenges, drivers, and risks.
The electric insulator is a type of material that resists the flow of electric current. It is commonly used in all electric devices in transmission and distribution lines. There are primarily three types of electric insulators, such as pin insulators, suspension and shackle, among others. With growing investment in transmission and distribution networks, there is a strong demand for electric insulators in the power industry. As per the OECD, the cumulative investment in the power sector from 2017 to 2040 will amount to approximately USD 5.9 trillion for transmission and USD 2.1 trillion for distribution networks. The demand for electric insulators is therefore expected to increase during the forecast period.
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Market Dynamics
Increasing investment in the refurbishment of aging grid infrastructure across developed countries will accelerate the growth of the market for electric insulators. For example, according to the World Energy Outlook, an investment of more than USD 3.4 trillion will contribute to the refurbishment and replacement of existing assets. Likewise, in 2018, American Electric Power (US) is preparing to invest USD 17.7 billion in the power grid over the next three years. This will further fuel the growth of the market for electric insulators in the power sector. Similarly, Southeast Asian countries are preparing to invest aggressively in smart grid infrastructure that can lead to opportunities in the market for electric insulators. Moreover, according to the US Energy Information (EIA), major utilities are primarily spending on distribution systems, driven mainly by capital spending on replacement of aging electrical equipment.
In addition, the global market for electric insulators is expected to grow at a high rate during the analysis period due to the increasing adoption of renewable energy sources. As per IEA, renewable energy sources have the largest share of investment in power generation, with an annual investment of USD 350 billion. Countries across the globe are shifting to renewable power generation. For example, the Government of China intends to spend USD 360 billion on renewable energy by 2020, leading to an increase in demand for electric insulators in the country.
Market Segmentation
The global electric insulator market has been segmented based on type, voltage, and application.
Based on type, the global electric insulator market has been segmented into ceramic, glass, and composite. The ceramic segment is the market leader and has the largest market share, primarily due to its wide application in rugged environments with limited leakage and providing mechanical strength with stress resistance. These types of insulators are less costly and easy to maintain, resulting in a higher market share compared to glass insulators.
Based on voltage, the global electric insulator market has been segmented into low, medium, and high.
Based on application, the global electric insulator market has been segmented into cable, transformer, switchgear, and busbar.
Regional Analysis
Regionally, the global electric insulator market has been segmented into North America, Europe, Asia Pacific, and Rest of the World.
The Asia Pacific has the largest share in the market for electric insulators due to increased investment in smart grid infrastructure growth, T&D spending, increasing reliance on renewable power generation sources, and recent infrastructural activities. China accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in increased demand for electric insulators.
Key Players
Notable players in the global electric insulator market are ABB (Switzerland), General Electric (US), Siemens (Germany), NGK Insulators (Japan), Hubbell (US), Toshiba (Japan), Bharat Heavy Electricals Limited (India), Lapp Insulators (Germany), Maclean Fogg (US), and Southwire Company (US).
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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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