The global electric insulator market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 6% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Electric insulators refer to materials that exhibit poor electrical conductivity due to the lack of free-flowing electric charge. When a source of electromotive force (EMF) is applied, they demonstrate characteristics like high resistivity and assist in efficiently concentrating the flow of the electric current. Apart from this, they avert the current from flowing in the direction where it is not required. Some of the commonly used electric insulators include ceramic, glass, composite materials, air, rubber, plastic, wood, silk, paper, etc. They are generally used for coating wires, in electricity distribution networks and as dielectrics in capacitors.
One of the key functions of insulators is to offer protection against the hazardous effects of electricity, which makes them useful in electricity transmission and distribution (T&D) networks. Further, insulators find vast applications in different industries as a safety device on account of properties such as low thermal expansion and high dielectric strength. Moreover, several developed economies are currently investing in the refurbishment of aging grid technology and establishing sustainable electrical networks for carrying electricity generated through renewable sources. On the other hand, owing to the factors like rapid urbanization and technological developments, governments in the emerging economies are undertaking initiatives, such as smart grid vision and green energy corridors, to create reliable and efficient grid infrastructure. This is helping in ensuring that electricity reaches every corner of the country.
The report has also analysed the competitive landscape of the market with some of the key players being ABB, NGK Insulators Ltd, Aditya Birla Nuvo, Siemens AG, General Electric, Hubbell, BHEL, Toshiba, Krempel, MacLean-Fogg, PFISTERER, Seves Group, WT Henley, etc.
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