Insulator market is expected to reach USD 17,220.9 Million by 2030 with CAGR of 5.9% from 2022 to 2030. In addition to new demand, the demand for modernisation of existing infrastructure to suit the technological innovations in the power industry ecosystem will be seen positively impacting the insulator market revenue during the forecast period. Growing electricity demand coupled with growing concern for safe transmission & distribution of electricity and the increasing grid infrastructure, will boost the global insulator market size over the forecast timeline.
The continuing COVID 19 pandemic has severely cut down exploration activities in the oil & gas sector. Many Engineering, Procurement and Construction (EPC) projects have also suffered indefinite delays causing a decline in the requirement for drilling and excavation services. The large scale economic repercussions of this trend are expected to be most evident in the Middle East region.
The COVID-19 outbreak severely hit the insulator market industry as manufacturers faced problems procuring requisite raw materials and components for insulate material production due to widespread supply chain disruptions which made delivering the end product also equally difficult.
Electrical wiring jobs both in the government and industrial sectors were suspended due to stringent lockdown mandates that brought global production facilities to a halt. This lack in component and device production also spiked product prices thereby lowering overall market demand. However, the market is quickly normalising and experiencing a steady demand, especially from the industrial sector as the economies are gradually opening up. The insulator market research report will account for Covid19 as a key market contributor.
The insulator market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in Research and development activities and fostering their expansion plans.
On February 01, 2021, PPC Insulators announced a shift to tight gas-kilns with advanced thermal insulating materials and coatings. Porcelain insulators are green and ecological products for energy transmission and distribution and the possibility of using Bio-Methane is currently being studied with gas- suppliers.
Insulators are electrical components used for providing lining between two conductors. They are also used to provide mechanical support in their area of application. The chief function of an insulator is reducing electrical stress, and the environmental stress that occurs due to weather changes. These insulators are extremely vital for the Power Transmission & Distribution (T&D) infrastructure and hence, the global insulator market size grows in tandem with the global power industry ecosystem. The incessantly increasing demand for electricity, fuelled by the global rise in population and rapid industrialization, is the major factor adding momentum to the global insulator market share. The increasing need of reliable electric supply and subsequent investment in the transmission & distribution network to facilitate grid expansion and ensure safe electrical infrastructure is expected to drive the growth of the global market.
Major factors driving the insulator market trends upwards will be aging equipment, the ever-expanding gap between the demand and supply in electricity distribution – further heightened by COVID conditions – and an increasing emphasis on power generation for capacity addition. An increase in favourable legislative measures to promote unhindered electricity supply in the developing countries will further strengthen the insulator market value.
A rapid increase in the smart home and smart city projects across the world will provide newer opportunities in insulator market growth. Rising demand for insulation materials from public sector, commercial sector, automotive & transportation sector and real estate and construction market will bolster the insulator market revenue. Moreover, emphasis on technology upgrades and rising and improving wireless communication technology for boosting smart lighting will also offer a plethora of growth opportunities to the insulator industry during the forecast period.
Ageing and conventional transmission & distribution networks hinder supply for continuous power supply and create a lucrative potential market for insulators in the developing economies.
The high costs involved in upgrading existing T&D infrastructure will prove to be a major restraining factor for the insulator industry everywhere. Also, adding on to this factor will be the COVID-related slowdown that spiked the prices of raw materials and hindered growth during the year 2020.
The insulator industry in the Asia-Pacific region is expected to grow at the fastest rate during the forecast period. Factors such as rapid industrialisation, urbanisation and high-paced economic growth will create a need for growing electrical infrastructure in the countries such as India and China, which will be seen driving insulator market revenues upwards.
The insulator market analysis done by MRFR breaks down the market into various segments to understand just how much of an impact the various insulator types will have on the overall, insulator market share.
The report segments the global insulator industry on the basis of product type, insulator type and geographic regions etc. The main segments in the insulator industry are as:
Asia Pacific region has always been dominant in the global insulator industry and is anticipated to maintain its growing outlook in the coming years. Increasing developmental investments in the upgradation of smart grid infrastructure are expected to keep an incremental momentum going in the market outlook in the region. High rate of R&D investments in renewable power generation sources and infrastructural activities are also expected to bolster the insulator market size. Moreover, spurring growth in end-user industries such as automotive and electronics sectors will also be seen driving the insulator market growth in the region.
North America holds the second position in the global market. Compelling factors such as the growing construction projects and infrastructure development projects in the region will drive the market growth. Also, the expanding electronics and electrical sectors in the region will drive the demand for insulators and complement the global insulator industry.
The European market has also emerged as a profitable market due to a growing requirement of wiring harness and other electrical components which, in turn, increase the need for electric fuses. Rapid rise in the use of electric instruments in healthcare and large scale adoption of electric utilities in the industrial, commercial, transportation sectors in the region will further propel the insulator market growth upwards.
This report provides an in-depth insulator market analysis based on major growth drivers, challenges, opportunities and restraints. Along with these market dynamics, the report also studies other factors such as threat of new entrants, threat of substitutes, and degree of competition in the global market. It explains the various participants, such as system integrators, intermediaries and end-users within the ecosystem of the market and focuses on the competitive landscape of the Global insulator industry.
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 17,220.9 Million |
| CAGR | 5.9%CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 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 and End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | General Electric (U.S.), Siemens AG (Germany), Alstom S.A (France), Aditya Birla Nuvo Ltd. (India), Bharat Heavy Electricals Limited (India), Toshiba Corporation (Japan), Hubbell Incorporated (U.S), Seves Group (Italy), Dalian Yilian Technology Co. Ltd. (China), ELANTAS GmbH (Germany) |
| Key Market Opportunities | Rapid increase in the smart home and smart city projects across the world Rising demand for insulation materials Technology upgrades Rising and improving wireless communication technology |
| Key Market Drivers | Increasing emphasis on power generation Increase in favorable legislative measures |
Insulator Market Highlights:
Frequently Asked Questions (FAQ) :
The market has the capacity to attain a growth rate of 5.9% during the evaluation period.
The size of the insulator market can reach a valuation of USD 17,220.9 Million by 2030.
The top performing players in the market are Bharat Heavy Electricals Limited. (India), Alstom S.A (France), ELANTAS GmbH (Germany), PPC Insulators (Austria), General Electric (U.S.), Dalian Yilian Technology Co. Ltd. (China), Siemens AG (Germany), Toshiba Corporation (Japan), Hubbell Incorporated (U.S), Seves Group (Italy), and others.
India and China are making massive investments in T&D infrastructure to fulfil the mounting demand for electricity, which works in favor of the APAC market.
Growing investments in smart grid projects can be a lucrative opportunity in the insulator market,
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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