Electric Insulators Market size will exceed USD 6 Billion by 2024 Notable industry players include General Electric, ABB, Siemens, Hubbell Lapp Insulators, NGK Insulators, Aditya Birla., Maclean Fogg, Elsewedy Electric, Seves Group, BHEL, and TE Connectiv

With the world witnessing a paradigm shift in power generation techniques, moving from conventional to sustainable means, electric insulators market is certain to be a major beneficiary of this transition. This change also comes on the heels of the increasing awareness toward the deteriorating climatic conditions as well as the energy crisis, which have been proclaimed as high-priority global concerns and have gained the attention of a large number of private and governmental entities globally.

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Speaking along similar lines, one of the top-notch initiatives taken in order to mitigate the energy crisis, particularly with reference to the power sector (transmission and distribution losses), is grid replacement and refurbishment. In fact, as per the World Energy Outlook, more than USD 3 trillion of the overall T&D investments is procured for replacement and refurbishment of the current assets. Add to it, more than 75% of projects worth USD 50 billion in the U.S. are focused on integration of renewable energy by 2023. Not to mention, such initiatives are overt to bring about a revolution of sorts in the electric insulators industry space, opening a myriad range of opportunities for the concerned players.

Speaking of the lucrative opportunities that companies operating in this business sphere are expected to thrive on, the emerging economies are claimed to be a prominent hub for the market players with regard to exploiting the commercialization potential. Citing a relevant statistic by the World Bank – more than 55% of the total T&D investment across the Asia Pacific belt & Africa will be solely driven by the need to extend transmission lines to 75 million kilometers – a fact clearly depicting huge electric insulators market demand across the regions. In fact, as per experts, China is anticipated to be a major stakeholder of the electric insulators industry space, with a projected CAGR of 5% over 2018-2024. The region’s State Grid Corporation plan which claims of investing 28% more in expanding power transmission network in next five years further validates China’s strong foothold in the electric insulators market space.

Top Key players in Electric Insulators Market
General Electric
ABB
Siemens
Hubbell Lapp Insulators
NGK Insulators
Aditya Birla
TE Connectivity

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Elaborating on the application spectrum of electric insulators market, transformers bagged 15% of the global share in 2017, driven by a robust expansion of smart grid networks in the emerging economies and a massive demand from utilities & residential sectors. In the years to come, transformers are expected to gain a substantial proportion if electric insulators industry, given the rising focus on real time monitoring of power networks.

Rising demand for electricity along with the increasing establishment of electric networks across commercial & industrial establishments will augment the market. Government programs pertaining to modernization of power grid, including grid energy storage and smart grid development will further fuel the business growth.

Medium voltage electric insulators market is anticipated to witness appreciable growth owing to their wide applications in residential and commercial establishments. Favorable power distribution reforms toward expansion of distribution networks coupled with increasing commercialization will further enhance the industry landscape.

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Railways electric insulator market will grow owing to the rising demand for efficient network of transport infrastructure. Massive investments by government authorities for the expansion of grid networks for the development of optimized and well enhanced electric infrastructure will enhance the business outlook. Development of high-strength, lightweight, and vandal-resistant products to ensure the obstruction-free railway signals will further provide a stimulus to the industry growth.

Rising demand across the primary and secondary transmission networks will augment the 145 kV electric insulator market. Ability to withstand mechanical load and operational safety are some of the key features that will support the product penetration.

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