Electric Insulator Market
PUBLISHED: 2023 ID: SMRC22444
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Electric Insulator Market

Electric Insulator Market Forecasts to 2028 - Global Analysis By Type (Suspension Insulator, Shackle Insulator, Pin Insulator and Other Types), Voltage (High, Medium and Low), Material Type (Composite, Ceramic, Glass and Other Material Types), Category (Bushings and Other Categories), Rating (<11 kV, 11 kV and Other Ratings), Installation, Application, End User and Geography

4.8 (37 reviews)
4.8 (37 reviews)
Published: 2023 ID: SMRC22444

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $13.50 BN

Projected Year Value (2028)

US $20.49 BN

CAGR (2022 - 2028)

7.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe

 

According to Stratistics MRC, the Global Electric Insulator Market is accounted for $13.50 billion in 2022 and is expected to reach $20.49 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Insulators are not conducive to electrical energy. Insulators have a high resistance and a low conductivity. Insulators are needed in every electrical circuit. Insulators prevent current leakage and protect the safety of persons as well as the stable operation of an electric circuit. Insulators are used to isolate electrical equipment and circuits from outside interference. Mechanical support is provided by electrical insulators in power transmission cables. Electrical insulators used in power transmission lines must be able to bear strains.

According to the power baseline scenario, the world’s power sector will need to invest around $16.4 trillion over the next 30 years, with transmission and distribution infrastructure making up the most significant portion of the subsector.



 

Market Dynamics:

Driver:

Government encouraging the development of a sustainable electricity grid

The electrical transmission and distribution system, in conjunction with an integrated and optimised power technology, encompasses power generation, distribution, and storage, allowing customers to distribute electricity effectively. Because of the rising demand for efficient and dependable electrical supply, the T&D network has grown significantly over the years. It is also accompanied by greater government investment and favourable legislation, which encourage the development of a sustainable power system, particularly in developing Asia and Africa.

Restraint:

Power transmission and distribution networks requires massive investment

The expansion of electrical transmission and distribution networks necessitates enormous government and private-sector investments. However, the lack of government aid, combined with the economic recession, may have an impact on industrial growth. Installation of power transmission and distribution infrastructure will cost millions of dollars, depending on the size and needs of the region, without the need for a new power source. Furthermore, in order to achieve the necessary flexibility in available electricity infrastructures, the power grid must combine a number of technologies and components. The lack of a sustainable business model, followed by ineffective regulations and policies, has created impediments to commercial and private investment, impeding the expansion of the transmission and distribution network.

Opportunity:

Emerging investment opportunities

Electrical insulators interrupt the flow of electrons. It is utilised in high-voltage systems, circuit boards, as well as electric wire coating and cables. High investments in the rehabilitation of outdated grid infrastructure across developed and developing nations, as well as the acceptance of smart grid technology, are likely to boost the global electric insulators market. The expenditure on electrical infrastructure upgrading, as well as rising urbanisation and repair and replacement of existing assets, demonstrate the enormous demand and market growth potential. Increased demand, capacity bottlenecks, and a growing emphasis on power generation capacity increase will boost the growth of the electric insulator business.

Threat:

Volatility in raw materials

Rapid fluctuations in raw material prices would have a substantial impact on the manufacturing of electric insulators. The primary materials needed to make insulators include steel and silicon rubber. The costs of these materials are highly volatile and fluctuate regularly. This price volatility might be ascribed to the fact that China, one of the world's top steel producers, has had weak economic development over the last three years. The country's manufacturing industry is likely to deteriorate more in the future, resulting in significant price fluctuations. The fluctuation of raw material prices would be a significant concern for the electric insulator business.

Covid-19 Impact

COVID-19 has had a significant impact on the world economy, with disastrous repercussions on global trade, affecting households, businesses, financial institutions, industrial facilities, and infrastructural corporations all at the same time. The new coronavirus has impacted numerous economies and triggered lockdown in many nations, limiting market growth. The shutdown of industrial manufacturers caused a drop in demand for solar-related equipment in most nations throughout the world, resulting in a drop in demand for the electric insulator industry. The decrease in electricity use in industrial facilities around the world during the outbreak has a detrimental impact on market development.

The transformer segment is expected to be the largest during the forecast period

The transformer segment is estimated to have a lucrative growth, due to the government national renewable targets and the replacement of conventional electrical networks. To support the expanding renewable mix, utilities have prioritised grid upgrades and expansion. Favourable policies such as incentives, leverage schemes, feed-in tariffs, and subsidies to stimulate the deployment of sustainable energy sources would, in turn, accelerate corporate growth. Furthermore, the increased installation of various transformer types to fulfil rising electrical demands has resulted in the transformer category holding the biggest market share.

The utilities segment is expected to have the highest CAGR during the forecast period

The utilities segment is estimated to have a lucrative growth, due to the increasing investments & expenditures for the expansion of utility infrastructures and transmission networks across remote locations. Rising R&D operations aimed at updating the grid structure to accommodate increased electricity consumption will propel the industry forward. Furthermore, the incorporation of smart grid technology supported by several rollout programmes will supplement market trends. The existence of the above mentioned electric insulator applications in power generation and transmission utilities would create sufficient opportunities for the industry.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid industrialization and urbanization. It also has a substantial number of megacities and a rapidly growing population. China and India are the region's primary revenue generators. Population growth pushes up demand for power, which drives up demand for passive electrical components like insulators. Smart cities and smart grids are projected to drive the market in the future years.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the presence of several well-established players in countries such as the U.S and Canada. Furthermore, in the United States, initiatives to improve the electric grid to fulfil energy demand, environmental, and security concerns for the twenty-first century have increased public and private sector grid modernization investments. The presence of R&D centres in countries such as the United States and Canada is likely to boost the region's total electric insulator market.



 

Key players in the market

Some of the key players profiled in the Electric Insulator Market include Olectra Greentech, Aditya Birla Insulators, Hubbell Power Systems, NGK Insulators, Ltd., ABB Ltd, Siemens AG,GE Grid Solutions, Elsewedy Electric, Zhengzhou Orient Power, INCAP, Hitachi Energy, Almatis GmbH, TE Connectivity and MacLean-Fogg Company

Key Developments:

In April 2021, GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd announced an agreement related to the use of an alternative gas to sulfur hexafluoride (SF?) for use in high voltage equipment. The company also revealed that the partnership will help accelerate the use of fluoronitrile-based eco-efficient insulation and switching gas in high-voltage equipment as an alternative to SF? gas.

In June 2019, ABB has released a DC-based power distribution system known as Onboard Microgrid to help smaller vessels improve fuel efficiency.

In June 2019, Siemens has signed an agreement with the Egyptian Electricity Transmission Company (EETC) to supply the country’s first digital power transformer – Siemens’ Sensformer.

In June 2019, Larsen & Toubro (L&T) has bagged a turnkey contract for building a power generation project worth over Rs 7,000 crore.

Types Covered:
• Suspension Insulator
• Shackle Insulator
• Pin Insulator
• Other Types

Voltages Covered:
• High
• Medium
• Low

Material Types Covered:
• Composite
• Ceramic
• Glass
• Other Material Types

Categories Covered:
• Bushings
• Other Categories

Ratings Covered:
• <11 kV
• 11 kV
• 22 kV
• 33 kV
• 72.5 kV
• 145 kV
• Other Ratings

Installations Covered:
• Substations
• Distribution Networks
• Transmission Lines
• Railways
• Other Installations

Applications Covered:
• Surge Protection Devices
• Transformer
• Cables
• Busbar
• Switchgear
• Other Applications

End Users Covered:
• Industries
• Utilities
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electric Insulator Market, By Type
5.1 Introduction
5.2 Suspension Insulator
5.3 Shackle Insulator
5.4 Pin Insulator
5.5 Other Types

6 Global Electric Insulator Market, By Voltage
6.1 Introduction
6.2 High
6.3 Medium
6.4 Low

7 Global Electric Insulator Market, By Material Type
7.1 Introduction
7.2 Composite
7.3 Ceramic
7.4 Glass
7.5 Other Material Types

8 Global Electric Insulator Market, By Category
8.1 Introduction
8.2 Bushings
8.3 Other Categories

9 Global Electric Insulator Market, By Rating
9.1 Introduction
9.2 <11 kV
9.3 11 kV
9.4 22 kV
9.5 33 kV
9.6 72.5 kV
9.7 145 kV
9.8 Other Ratings

10 Global Electric Insulator Market, By Installation
10.1 Introduction
10.2 Substations
10.3 Distribution Networks
10.4 Transmission Lines
10.5 Railways
10.6 Other Installations

11 Global Electric Insulator Market, By Application
11.1 Introduction
11.2 Surge Protection Devices
11.3 Transformer
11.4 Cables
11.5 Busbar
11.6 Switchgear
11.7 Other Applications

12 Global Electric Insulator Market, By End User
12.1 Introduction
12.2 Industries
12.3 Utilities
12.4 Other End Users

13 Global Electric Insulator Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa

14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies

15 Company Profiling
15.1 Olectra Greentech
15.2 Aditya Birla Insulators
15.3 Hubbell Power Systems
15.4 NGK Insulators, Ltd.
15.5 ABB Ltd
15.6 Siemens AG
15.7 GE Grid Solutions
15.8 Elsewedy Electric
15.9 Zhengzhou Orient Power
15.10 INCAP
15.11 Hitachi Energy
15.12 Almatis GmbH
15.13 TE Connectivity
15.14 MacLean-Fogg Company

List of Tables
1 Global Electric Insulator Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Insulator Market Outlook, By Type (2020-2028) ($MN)
3 Global Electric Insulator Market Outlook, By Suspension Insulator (2020-2028) ($MN)
4 Global Electric Insulator Market Outlook, By Shackle Insulator (2020-2028) ($MN)
5 Global Electric Insulator Market Outlook, By Pin Insulator (2020-2028) ($MN)
6 Global Electric Insulator Market Outlook, By Other Types (2020-2028) ($MN)
7 Global Electric Insulator Market Outlook, By Voltage (2020-2028) ($MN)
8 Global Electric Insulator Market Outlook, By High (2020-2028) ($MN)
9 Global Electric Insulator Market Outlook, By Medium (2020-2028) ($MN)
10 Global Electric Insulator Market Outlook, By Low (2020-2028) ($MN)
11 Global Electric Insulator Market Outlook, By Material Type (2020-2028) ($MN)
12 Global Electric Insulator Market Outlook, By Composite (2020-2028) ($MN)
13 Global Electric Insulator Market Outlook, By Ceramic (2020-2028) ($MN)
14 Global Electric Insulator Market Outlook, By Glass (2020-2028) ($MN)
15 Global Electric Insulator Market Outlook, By Other Material Types (2020-2028) ($MN)
16 Global Electric Insulator Market Outlook, By Category (2020-2028) ($MN)
17 Global Electric Insulator Market Outlook, By Bushings (2020-2028) ($MN)
18 Global Electric Insulator Market Outlook, By Other Categories (2020-2028) ($MN)
19 Global Electric Insulator Market Outlook, By Rating (2020-2028) ($MN)
20 Global Electric Insulator Market Outlook, By <11 kV (2020-2028) ($MN)
21 Global Electric Insulator Market Outlook, By 11 kV (2020-2028) ($MN)
22 Global Electric Insulator Market Outlook, By 22 kV (2020-2028) ($MN)
23 Global Electric Insulator Market Outlook, By 33 kV (2020-2028) ($MN)
24 Global Electric Insulator Market Outlook, By 72.5 kV (2020-2028) ($MN)
25 Global Electric Insulator Market Outlook, By 145 kV (2020-2028) ($MN)
26 Global Electric Insulator Market Outlook, By Other Ratings (2020-2028) ($MN)
27 Global Electric Insulator Market Outlook, By Installation (2020-2028) ($MN)
28 Global Electric Insulator Market Outlook, By Substations (2020-2028) ($MN)
29 Global Electric Insulator Market Outlook, By Distribution Networks (2020-2028) ($MN)
30 Global Electric Insulator Market Outlook, By Transmission Lines (2020-2028) ($MN)
31 Global Electric Insulator Market Outlook, By Railways (2020-2028) ($MN)
32 Global Electric Insulator Market Outlook, By Other Installations (2020-2028) ($MN)
33 Global Electric Insulator Market Outlook, By Application (2020-2028) ($MN)
34 Global Electric Insulator Market Outlook, By Surge Protection Devices (2020-2028) ($MN)
35 Global Electric Insulator Market Outlook, By Transformer (2020-2028) ($MN)
36 Global Electric Insulator Market Outlook, By Cables (2020-2028) ($MN)
37 Global Electric Insulator Market Outlook, By Busbar (2020-2028) ($MN)
38 Global Electric Insulator Market Outlook, By Switchgear (2020-2028) ($MN)
39 Global Electric Insulator Market Outlook, By Other Applications (2020-2028) ($MN)
40 Global Electric Insulator Market Outlook, By End User (2020-2028) ($MN)
41 Global Electric Insulator Market Outlook, By Industries (2020-2028) ($MN)
42 Global Electric Insulator Market Outlook, By Utilities (2020-2028) ($MN)
43 Global Electric Insulator Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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