Electric Insulator Market Research Report- Forecast till 2030

Electric Insulator Market Research Report: Information by Type (Ceramic, Composite, Glass), Voltage (Low, Medium, High), Application (Cable, Transformer, Switchgear, Busbar, and Others), End-User (Utilities, Industries, and Others), and Region – Forecast till 2030

ID: MRFR/E&P/5504-HCR | 111 Pages | Published By Priya Nagrale on March 2023         

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Electric Insulator Market

Electric Insulator Market is expected to be valued at USD 15 Billion, with a CAGR of 5.88% Forecast by 2030

By Type Ceramic Composite Glass
By Voltage Low Medium High
By Application Cable Transformer Switchgear Busbar Others
Key Players
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).
Market Driving Forces   Growing adoption of renewable energy sources
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In addition, the global electric insulator market is expected to rise at a CAGR of 5.88%, with a significant value during the estimated forecast year of 2022-2030.

Electric Insulator Market Scenario

A significant share of the electric insulators was ceramic or porcelain material. These kinds of insulators are primarily used when the requirement of physical strength is high. The electric insulators made of ceramic are mainly used in high voltage insulating systems. However, the insulator can be custom manufactured to be applied in high-temperature resistors. The ceramic insulators usually have a higher dielectric constant, which does not work very much with the varying temperatures, unlike glass, which conducts more electricity at elevated temperatures; that is, the dielectric constant of the glass varies with the temperature.

The demand for ceramic electrical insulators is expected to be driven by the expanding transmission and the distribution network, supported by growing energy consumption and the penetration of renewables in the global energy mix, among other factors. It is expected that by the end of 2030, the renewable energy capacity growth will be as high as 90%, out of which a significant fraction s likely to come from the big utility-scale projects, which in turn is a positive indicator for the transmission and the distribution market and the consequently offers a bright market outlook for the ceramic electric insulators market over the upcoming years. There are mainly three types of electric insulators, namely, pin insulator, suspension, and shackle, among others. With the increasing investments in transmission and distribution networks, there is high demand for electric insulators in the power industry.  According to OECD, the cumulative power sector investment from 2017 to 2040 would approximately reach USD 5.9 trillion for transmission and USD 2.1 trillion for distribution network. Thus, the demand for electric insulators are estimated to increase during the forecast period.

Electric Insulator Market Key Players

The key players of global electric insulator market are 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), and Southwire Company (US).

Electric Insulator Market Industrial News:

February 2022

  • In February 2022, Recticel Insulation announced that it had received the Endorsement of Forest Certification programme for its multiplayer thermal insulation products. The company claims that it is the first polyisocyanurate and polyurethane producer. The insulation manufacturer will be selling the thermal insulation industry products with the multiplayer paper facing made from the wood fibers sourced from the PEFC-certified and sustainably managed forests.

 April 2021

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

Electric Insulator Market Segmentation

Global market of electric insulator market has been segmented based on type, voltage, application, end-user, and region. Based on type, the electric insulator market is classified into ceramic, glass and composite. Ceramic segment is leading the market and has the largest market share, mainly due to its wide application in rugged environments with minimal leakage and provide mechanical strength with stress resistance. These types of insulators are less expensive and easy to maintain, thereby resulting in higher market share compared to glass insulators.Electric Insulator Market

Global electric insulator market is expected to witness substantial growth during the forecast period owing to growing investments power grid infrastructure along with rapid urbanization in emerging economies. According to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India in 2022. This would drive the market globally. Asia Pacific holds the largest share due to increased investments in the smart grid infrastructure development, T&D spending, growing dependence on renewable power generation sources, and infrastructural activities in the recent past.  China accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for electric insulators.

Growing investment in refurbishment of aging grid infrastructure across the developed countries would accelerate the growth of electric insulator market. For instance, according to the World Energy Outlook, an investment of over USD 3.4 trillion would contribute to the refurbishment and replacement of existing assets. Similarly, in 2018, American Electric Power (US) planned to invest USD 17.7 billion in power grid over the next over the next three years. This would further drive the growth of the market in the power sector. Similarly, Southeast Asian countries are planning to invest aggressively in smart grid infrastructure which can lead to opportunities in the market. Moreover, according to the US Energy Information (EIA), major utilities are largely spending on distribution systems, majorly driven by capital expenditures on replacement of aging electrical equipment.

Additionally. the global electric insulator market is projected to grow at a CAGR of 5.88% during the forecast period due to the growing adoption of renewable energy sources. According to IEA, renewable energy sources holds the largest share of investment in power generation, with an investment of USD 350 billion annually.  Countries across the globe are shifting towards renewable power generation. For instance, the government of China aims to spend USD 360 billion on renewable energy by 2020, leading to increase in the demand for electric insulators in the country.

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   5.88% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type , Voltage , Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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), and Southwire Company (US).
  Key Market Opportunities   Growing investment in refurbishment of aging grid infrastructure
  Key Market Drivers   Growing adoption of renewable energy sources

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Frequently Asked Questions (FAQ) :

The key players of global electric insulator market are ABB, General Electric, Siemens, NGK Insulators, Hubbell, Toshiba, Bharat Heavy Electricals Limited, Lapp Insulators, Maclean Fogg, Southwire Company and others.

The ceramic segment due to its mechanical strength has gained much popularity. It is expected to hold the maximum market share.

Increasing investments in the replacement of aging grid infrastructure are expected to drive market growth in the coming years.

The governments are focusing on smart grid infrastructure development, which is supposed to support the growth pattern of the regional market.