Electric Insulator Market: Increasing Investments in T&D Networks

 The global Electric Insulator Market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as increasing investments in T&D networks, refurbishment of existing grid networks, and growing adoption of renewable energy sources are driving the electric insulator market.

The low voltage segment led the electric insulator market in 2017 as these types of insulators are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, and other industries. Increasing industrialization and urbanization is one of the major drivers for the growth of the low voltage segment during the forecast period. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the low voltage segment.

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The ceramic insulator is expected to hold the largest share of the electric insulator market

The ceramic insulators are projected to have the largest market share during the forecast period. Ceramic insulators can perform in rugged environments with minimal leakage and provide optimum mechanical strength with considerable stress resistance. Ceramic insulators are less expensive, have a longer life, and are easy to manufacture.  Many manufacturers are present in the market, thereby resulting in a higher market share of ceramic insulators compared to composite insulators.

Asia Pacific is expected to be the fastest growing market for electric insulator

The Asia Pacific is estimated to be the fastest growing market for electric insulator market in 2023 and is projected to grow at the highest CAGR during the forecast period. Increase in population, urbanization, and the growth of the industrial sector have increased the demand for power in countries such as China and India. The government of Asia Pacific countries is planning to develop more electrical grid and power generation capacity, which would further boost the demand for insulator in the region. Therefore, increasing demand for power and upgradation of existing electrical infrastructure is expected to boost the electric insulator demand in the region.

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The leading players in the Electric Insulator Market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India), NGK Insulators (Japan), Hubbell (United States), Bharat Heavy Electricals Limited (India), LAPP Insulators (United States), Maclean-Fogg (United States), Seves Group (Italy), TE Connectivity (Switzerland).

Electric Insulator Market Comprehensive Insights and Trends to 2023

The electric insulator market is projected to reach USD 13.34 billion by 2023, from an estimated USD 10.17 billion in 2018, at a CAGR of 5.58%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. This growth can be attributed to the growing adoption of renewable energy sources, increasing investments in T&D networks, and refurbishment of existing grid networks across the globe. However, increasing availability of low-quality gray market products can hinder the growth of the market.

The electric insulator market, by end-user, is segmented into utilities, industries, and others. The industries segment is estimated to be the fastest growing during the forecast period. The industries segment includes sectors such as oil & gas, marine, manufacturing, and process that require extra safety for electrical equipment. Increasing investments and transition toward clean energy sources and microgrid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.

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Target Audience:
· Component manufacturers and suppliers

· Consulting companies in the power sector

· Electric utilities

· Electrical insulators manufacturing companies

· Government and power research organizations

· Power grid infrastructure companies

· Power plant project developers

· Renewable energy companies

· State and national regulatory authorities

Application

· Transformer

· Cable

· Switchgear

· Busbar

· Surge Protection Device

· Others

The electric insulator market has been analysed with respect to 6 regions, namely, Asia Pacific, North America, Europe, South America, Middle East, and Africa. The market in Asia Pacific is estimated to be the largest electric insulator market, from 2018 to 2023. China and India are heavily investing in T&D infrastructure to meet the growing demand for electricity. North America is the second most lucrative markets for electric insulators as replacement and refurbishment of the existing infrastructure is the major requirement in the local T&D scenario. Meanwhile, Europe is another major market for electric insulators, since the concept of smart grid technologies is gaining momentum particularly among the European Union (EU) countries. A renewed focus on renewable sources of energy is being developed in countries such as Germany and the UK. These upcoming power generation sources are expected to push the growth of new T&D lines, which in turn would increase the requirements for electric insulators.

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The leading players in the electric insulator market are ABB Ltd. (Switzerland), General Electric, Siemens AG (Germany), Toshiba Corporation (Japan), and Aditya Birla Nuvo Ltd. (India).

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Electric Insulator Market worth $13.34 billion by 2023

The Electric Insulator Market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the electric insulator market. Increasing investments in smart grid projects and growing demand for HVDC transmission projects can lead to opportunities in the electric insulator market.

The ceramic segment is expected to hold the largest share of the electric insulator market, by type, during the forecast period.

The ceramic segment led the electric insulator market in 2017 and is projected to have the largest market share during the forecast period. Ceramic insulators can perform in rugged environments with minimal leakage and provide optimum mechanical strength with considerable stress resistance. Ceramic insulators are less expensive, have a longer life, and are easy to manufacture. Many manufacturers are present in the market, thereby resulting in a higher market share of ceramic insulators compared to composite insulators.

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The low segment is expected to hold the largest share of the electric insulator market, by voltage, during the forecast period.

The low voltage segment led the electric insulator market in 2017 as these types of insulators are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, and other industries. Increasing industrialization and urbanization is one of the major drivers for the growth of the low voltage segment during the forecast period. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the low voltage segment.

Asia Pacific: The leading market for electric insulator market
In this report, the electric insulator market has been analyzed with respect to 6 regions, namely, Asia Pacific, North America, Europe, South America, and Middle East & Africa. The Asia Pacific led the global electric insulator market in 2017. The high growth rate in the Asia Pacific region can be attributed to increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past. China and India are the largest markets for electric insulators in the region. China accounts for the largest share owing to the large-scale rollout plans. The country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for electric insulators.

Some of the top players in the electric insulator market are ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India).