What's driving the Electric Insulator Market Growth?

Mayur Mayur 27 December 2022 Follow
What's driving the Electric Insulator Market Growth?

What is Electric Insulator?

An electrical insulator is used in an electrical system to prevent unwanted flow of current. The insulator plays a vital role in the electrical system. It is a very high resistive path through which practically no current can flow.

They are made up of materials such as ceramic, composite, glass, and other materials that are used for improving the quality of power and correcting the power factor.

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The electric insulator market size was valued at $12.6 billion in 2021, and electric insulator industry is estimated to reach $20.8 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

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.

Rapid industrialization, modernization, increase in the demand for portable electronic gadgets, and investment in the renewable energy have fueled the demand for electric Insulator.

Asia-Pacific had dominant position in 2021 as per electric insulator market analysis and would continue to maintain the lead over the forecast period.

Asia-Pacific accounts for the largest electric insulator market share, followed by North America and Europe.

The world electricity demand is expected to grow at 1.85% rate of CAGR and a total of more than 60 million kilometers of transmission & distribution lines are need to be added, refurbished, or replaced to meet the increasing demand.

The global power sector is expected to require about $16.4 trillion in investment during the next 30 years, with transmission & distribution infrastructure that representing the largest sub-sector share.

The industrial inclination toward the advancement of existing electrical infrastructure is projected to have positive influence on the electric insulator market growth.

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Rise in global population, there has been an increase in the demand for efficient and continuous supply of power to meet the growing commercial and industrial needs.

Key applications in end use industries such as industrial power generation industries, electric insulators are expected to witness a steady flow of demand during the forecast period.

Electricity demand, opportunities to realize efficiency gains, and the potential to lower carbon emissions are some of the key factors that drive the massive global investment in the transmission of electricity infrastructure and electric insulator.

It prevents the passing of high voltage in an electric circuit and helps to reduce the cost of energy. It helps to save the environment and emission of pollutants, which enhances the process performances in electronic system. It protects from getting electric shocks or electrocution. The presence of these advantages is expected to drive the demand in the market.

By type, pin insulator segment accounted for the largest share in 2021.

By material type, composite segment accounted for the largest share in 2021.

By voltage, medium segment is projected as most lucrative segment.

By application, transformer segment is projected to create abundant revenue opportunity till 2030.

By end use, utilities segment is projected to grow at a CAGR of 4.1% by 2030.

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.

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The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market.

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