Electric Insulator Market Expected to Reach $20.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Insulator Market," 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.

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.

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. In the power baseline scenario, 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.

With 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. Given their 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.

The electric insulator market forecast is segmented on the basis of type, material type, voltage, application, end use and region.

On the basis of type, the market is fragmented into shackle insulator, pin insulator, suspension insulator, and others. By material type the market is classified into ceramic, composite, glass, and others. On the basis of voltage, it is divided into low, medium, and high. On the basis of application, it is segmented into transformer, cables, switchgear, busbar, surge protection devices, and others. In addition, on the basis of end use, the market is categorized into utilities, industries, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest electric insulator market share, followed by North America and Europe.

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

Further growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the power generation, transmission, and distribution have led to key developments in the global electric insulator market trends.

Key findings of the study

• Asia-Pacific had dominant position in 2021 as per electric insulator market analysis and would continue to maintain the lead over the forecast period.
• 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. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the electric Insulator market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.