Electric Insulator Market 2020: Company Profiles, Industry Segments, Landscape, Global Trends and Demand by Forecast to 2030
Research Reports
Mar 09, 2022
The Electric insulator market is expected to grow at 5.88% CAGR during the forecast period. Electric insulator, simply put, is a form of material that helps in resisting the flow of the electric current. Generally, it is used in every electric device in the transmission and the distribution line. It comes in different voltage capacities of low, medium, and high and is mostly used in cable, busbar, switchgear, transformer, and other applications. These insulators are made of ceramic, glass, and composite. Utilities and industries are some its end users.
Various factors are propelling the global electric insulator market share. As per the current MRFR report, such factors include rising adoption of renewable energy sources, growing investments in T &D networks, refurbishment of current grid networks worldwide, and growing acceptance of smart grid technology. Additional factors adding market growth include sizable investment towards modernization of electrical infrastructure, rapid urbanization, and growing emphasis on the capacity of power generation.
On the contrary, rising grey market products of inferior quality, massive investment, economic slowdown, and lack of government assistance are factors that may impede the global electric insulator market growth over the forecast period. Besides, the COVID-19 impact is also impacting the market growth to some extent which is expected to improve by the year end.
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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.
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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).
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.
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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.
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