Electric Insulators Market Excellent Revenue Growth by 2024 : Prominent Players Elsewedy Electric, Southwire Company, TE Connectivity, Hubbell Incorporated, SEVES
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Electric Insulators Market will exceed USD 6 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising investment toward upgradation of aging infrastructure to establish sustainable electrical network will boost the electric insulators market. Rising public and private investments to avail uninterrupted power supply will further enhance the business landscape. In 2017, the Asian Development Bank (ADB) declared an investment of USD 6.5 million toward the development of electrical infrastructure in Southeast Asia.
Growing investments toward the refurbishment of aging grid infrastructure across developed economies along with the growing adoption of smart grid technology will stimulate the global electric insulators market size. Sizeable expenditure toward modernization of electrical infrastructure along with rapid urbanization will further drive the industry. According to the recent report of World Energy Outlook, an investment of over USD 3.4 trillion contribute to the refurbishment and replacement of existing assets.
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.
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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As it is being reported, a new type of topological insulator has been inaugurated in electric insulators market, which is claimed to be more energy efficient and reliable than its conventional predecessor. While the underlining designing has been borrowed from the concept of traditional topological insulators, this advanced device is ingrained with grids of semiconductor rings that convert energy into light particles. Sources claim that the rings are clung together by race track shaped loops to channel all the photons along a single track around the grid until it results in emitting a light beam. Reportedly, while experimenting the researchers fed electrical energy into the grid’s outer ring, and it was found that the device could convert the energy into laser beam.
Key industry players operating across the electric insulators industry Siemens, Hubbell Incorporated, NGK Locke Polymer Insulators, SEVES, Elsewedy Electric, Southwire Company, Goldstone infratech limited, TE Connectivity.
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