Press release
Electric Insulator Market Projected to reach $13.34 billion by 2023 | Key Players include ABB, GE, Siemens, Toshiba, Aditya Birla etc.
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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 micro grid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.
Browse and in-depth TOC on "Electric Insulator Market"
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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.
Asia Pacific: The leading market for electric insulator
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. The high growth rate in the Asia Pacific region can be attributed to increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past.
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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).
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