According to the latest report by IMARC Group, titled "Electric Insulator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global electric insulator market size reached US$ 12.4 Billion in 2022. An electric insulator is a material that possesses high resistivity and restricts the free flow of electrons from one particle to another. It comprises plastic, Styrofoam, wax, rubber, glass, ceramics, and composite polymer materials. It has dielectric strength to withstand electric stresses without breaking down. It is commercially available as a pin, suspension, strain, and shackle insulator, which is employed in overhead power lines. It forms a barrier between energized parts of an electric circuit and confines the flow of current to wires or other conducting paths. It is used to hold conductors in position, separating them from one another and from surrounding structures.
Global Electric Insulator Market Trends:
At present, the increasing demand for electric insulators to ensure the safe and stable operations of electric circuits represents one of the primary factors propelling the growth of the market. Besides this, the rising utilization of electric insulators in power transmission for providing mechanical support is contributing to the growth of the market. In addition, the wide availability of electricity in various remote areas around the world is offering a favorable market outlook. Apart from this, the increasing demand for electricity in numerous industrial set-ups to operate heavy machinery is supporting the growth of the market. Additionally, the rising installation of electric vehicle (EV) charging stations in numerous public places is bolstering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.0 Billion by 2028, exhibiting a CAGR of 5.3% during 2023-2028.
- On the basis of the material, the market has been segmented into ceramic/porcelain, glass, composites, and others. Presently, ceramic/porcelain represents the largest segment in the market.
- Based on the voltage, the market has been segregated into low, medium, and high. At present, low holds the biggest share in the market.
- On the basis of the category, bushings exhibits a dominance, followed by other insulators.
- Based on the installation, the market has been divided into distribution networks, transmission lines, substations, railways, and others. Distribution networks currently account for the total market share.
- On the basis of the product, the market has been classified into pin insulator, suspension insulator, shackle insulator, and others. Pin insulator currently exhibits a clear dominance in the market.
- Based on the rating, the market has been categorized into <11 kV, 11 kV, 22kV, 33kV, 72.5 kV, 145 kV, and others. Presently, 22 kV represents the largest share in the market.
- On the basis of application, the market has been segmented into transformer, cable, switchgear, busbar, surge protection device, and others. At present, cable accounts for the biggest market share.
- Based on end use industry, the market has been segregated into utilities, industries, and others.
- Region-wise, the market has been divided into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players ABB, NGK Insulators Ltd, Aditya Birla Nuvo, Siemens AG, General Electric, Hubbell Incorporated, Bharat Heavy Electricals Limited, Toshiba, Krempel, MacLean-Fogg, PFISTERER, Seves Group, and WT Henley.
|Base Year of the Analysis
||Material, Voltage, Category, Installation, Product, Rating, Application,
End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||ABB, NGK Insulators Ltd, Aditya Birla Nuvo, Siemens AG, General Electric, Hubbell Incorporated, Bharat Heavy Electricals Limited, Toshiba, Krempel, MacLean-Fogg, PFISTERER, Seves Group and WT Henley
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