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Global Electric Insulator Market to Reach US$ 13.7 Billion by 2024, Stimulated by Refurbishment of Aging Grid Technology

According to the latest report by IMARC Group, titled “Electric Insulator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global electric insulator market size reached US$ 10.2 Billion in 2018. Electric insulators are materials that demonstrate poor electrical conductivity owing to the lack of free-flowing electric charge. They exhibit high resistivity and assist in concentrating the flow of electric current as well as preventing it from flowing where it is not required. Some of the popularly known electric insulators include air, glass, ceramic, composite materials, rubber, plastic, wood, silk and paper. For instance, copper conductors, which are employed in the electrical wiring of homes and industrial plants, are generally insulated from each other using rubber or plastics. Similarly, overhead power lines are insulated by utilizing porcelain insulators.

Global Electric Insulator Market Trends:

As electric insulators protect against the hazardous impact of electricity, they are extensively used in electricity transmission and distribution (T&D) networks as a safety device. This can also be attributed to the advantages offered by electric insulators, which include low thermal expansion and high dielectric strength. Apart from this, numerous developed countries are currently investing in the refurbishment of aging grid technology and establishing sustainable electrical networks for distributing electricity that is generated through renewable sources. On the other hand, governments in several developing economies are introducing smart grid vision and green energy corridors to construct a reliable and efficient grid infrastructure and ensure that electricity reaches in every state. Looking forward, the market value is projected to reach US$ 13.7 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.

Market Summary:

  • Based on the material, the market has been segmented into ceramic/porcelain, glass, composites and others. At present, ceramic/porcelain represents the most widely utilized material.
  • On the basis of the voltage, the market has been segregated into low, medium and high electric insulators. Low voltage electric insulators exhibit a clear dominance in the market.
  • The market has been analyzed on the basis of the category into bushings and other insulators. Presently, other insulators hold the biggest market share.
  • Based on the installation, the market has been classified into distribution networks, transmission lines, substations, railways and others. Transmission lines and distribution networks represent the largest segments.
  • On the basis of the product type, the market has been divided into pin, suspension shackle and other insulators. Pin insulators represent the most popular product type.
  • The market has been analyzed on the basis of the rating into <11 kV, 11 kV, 22 kV, 33 kV, 72.5 kV, 145 kV and others.
  • Based on the application, transformers account for the majority of the total market share. Other major applications include cable, switchgear, busbar and surge protection device.
  • On the basis of the end use industry, utilities dominate the market, followed by industries.
  • Region-wise, Asia Pacific represents the largest market. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being ABB Asea Brown Boveri Ltd., NGK Insulators Ltd., Aditya Birla Nuvo Ltd., Siemens AG, General Electric (GE) Company, Hubbell Incorporated (Hubbell), Bharat Heavy Electricals Limited (BHEL), Toshiba Corporation, Krempel Beteiligungs GmbH, MacLean-Fogg Company, PFISTERER Holding AG, Seves Group and WT Henley Ltd.

 

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