The global electric insulator market is projected to reach USD 13.34 billion by 2023, at a CAGR of 5.58%, from an estimated USD 10.17 billion in 2018. Factors such as growing investments in transmission & distribution infrastructure and rising share of power generation through renewable sources of energy are likely to drive the electric insulator market during the forecast period.
The electric insulator market is dominated by a few major players that have a wide regional presence. The leading players in the electric insulator market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India).
Asia Pacific is estimated to be the fastest growing market for electric insulators during the forecast period. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. Factors such as increased power consumption, government mandates on energy efficiency, rising influx of renewable sources in the energy mix, renovation, modernization, and expansion of T&D networks are driving the electric insulator market in the region.
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Target Audience:
- Component manufacturers and suppliers
- Consulting companies in the power sector
- Electric utilities
- Electrical insulators manufacturing companies
- Government and power research organizations
- Power grid infrastructure companies
- Power plant project developers
- Renewable energy companies
- State and national regulatory authorities
The electric insulator market, by type, is segmented into ceramic, composite, and glass. The composite segment is estimated to be the fastest growing during the forecast period. Composite insulators have certain advantages such as lightweight, improved transmission line aesthetics, less gunshot damage, high shock resistance, and ease of installation. These advantages make composite insulators suitable over conventional porcelain insulator. Flexibility and suitability across a wide range of transmission & distribution voltages would contribute to the growth of the composite insulator market.
The report segments the electric insulator market, by voltage, into low, medium, and high. Medium voltage insulators involve the voltage range of 1–52 kV. These types of insulators are primarily deployed across residential and commercial sectors to support medium voltage ranges. Increasing demand for sustainable energy mix accompanied by ongoing developments of grid networks across developing economies is expected to boost the growth of the medium voltage segment.
The electric insulator market, by end-user, is segmented into utilities, industries, and others. The industries segment is estimated to be the fastest growing during the forecast period. The industries segment includes sectors such as oil & gas, marine, manufacturing, and process that require extra safety for electrical equipment. Increasing investments and transition toward clean energy sources and microgrid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.
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The report segments the electric insulator market, by application, into cables, transformer, switchgear, busbar, surge protection device, and others (auxiliary equipment). The transformer segment is expected to grow at the highest CAGR during the forecast period due to the expansion of power T&D networks across Asia Pacific, North America, and the Middle East & Africa.
The electric insulator market, by category, is segmented into bushings and other insulators. Other insulators include line post insulator, pin type insulator, strain insulator, suspension insulator, and shackle insulator. Other insulators segment is expected to grow at the highest CAGR during the forecast period. All these insulators help in providing high performance, ease of manufacture, and operational flexibility across distribution and sub-transmission lines, which would drive the other insulators segment during the forecast period.
