Electric Insulator Market Analysis:
Electric Insulator Market is expected to be valued at USD 15 Billion, with a CAGR of 5.88% Forecast by 2030. The rising initiatives taken by the government towards clean energy economy and renewable power integration have played a major role in driving investments in power transmission and distribution infrastructure. These factors will escalate the expansion of the electric insulator market 2020
The electric insulator market refers to the segment of the energy industry that includes the manufacturing, distribution, and sales of insulating materials used to protect electrical equipment and systems from electrical current. Electric insulators are used in various applications, including power generation, transmission, and distribution, to improve safety and reliability.
The global electric insulator market is expected to witness strong growth in the coming years, driven by increasing investments in power transmission infrastructure. The growing demand for electricity, coupled with the need to upgrade aging infrastructure, is expected to boost the demand for electric insulators in power transmission and distribution systems.
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MARKET SEGMENTATION
The global electric insulator market can be segregated into voltage, application, type, end-user, and region.
Based on voltage, the global electric insulator market can be segmented into high, medium, and low.
Based on application, the global electric insulator market can be segmented into the transformer, switchgear, busbar, cable, and others.
Based on type, the global electric insulator market can be segmented into composite, glass, and ceramic. The ceramic segment is the leading segment and has the largest market share.
Based on end-user, the global electric insulator market can be segmented into industries, utilities, and others.
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KEY COMPANIES PROFILED
- ABB (Switzerland)
- General Electric (US)
- Siemens (Germany)
- NGK Insulators (Japan)
- Hubbell (US)
- Toshiba (Japan)
- Bharat Heavy Electricals Limited (India)
- Lapp Insulators (Germany)
- Maclean Fogg (US)
- Southwire Company (US).
Regional Analysis
The geographical analysis of North America, Europe, Asia-Pacific, Middle East and Africa, and South America has been performed. As per the research, the Asia Pacific market acquired the largest market share of the global electric insulator market in 2017. In the APAC region, China acquires the largest market share due to higher investment in transmission and distribution networks, which results in an increased demand for electric insulators. China aims to dedicate USD 360 billion by 2020, which will also result in the expansion of the market. It has also been anticipated that the APAC region would grow at the fastest speed during the review period, majorly because of increasing investment in the power grid infrastructure, construction activities, and rapid urbanization across the world. The electric insulators in the power industry would be influenced by the increase in infrastructural activities and growing electrification across the world. The North American region and the European market is likely to expand a significant rate during the forecast period. The region is likely to expand considerably due to the presence of developed countries like the US, Canada, the UK, Germany. The Rest of the World (RoW) is likely to show a moderate expansion during the forecast period.
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