Press release
2020 India Electric Insulators Market Size Forecast to 2024 - By Application, By Material, By Voltage
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India Electric Insulators Market is anticipated to reach over USD 500 million by 2024. Increasing investments toward the modernization of electrical grid infrastructure coupled with favorable government schemes for establishing sustainable transmission & distribution network will drive India electric insulators market. For instance, National Smart Grid Mission introduced in 2015 by Government of India, outlines deployment schedule of 20 years to build an integrated intra-state, inter-state and inter-regional transmission network.
Pin electric insulators market is anticipated to witness growth on account of their widespread utilization in overhead lines for voltages up to 33 kV. Enhanced applicability of these insulators in low cost distribution lines in the form of multipiece construction to provide resistance to damage will further stimulate the product demand.
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Enhanced government efforts to overcome power deficit coupled with paradigm shift toward clean energy generation will propel the electric insulators market. The Green Energy Corridor Project introduced by the GOI in 2015, involves investment worth USD 1 billion for the development of an independent grid infrastructure for renewable electric energy transmissions.
Rising need to overcome transmission breakdown along with enhanced efforts to provide uniform voltage distribution will boost the composite electric insulators market. Low surface energy, higher mechanical strength, excellent hydrophobic surface capacity and low weight are some of the key features that will positively enhance the product adoption.
Escalating demand for electricity across the nation to cater to the needs of growing population along with government measures to further enhance sub transmission and distribution networks for enhanced efficiency will drive the India electric insulators market. For reference, the 'Power for All' initiative undertaken by the Indian government in 2014, aims to provide 24x7 power to all the commercial, industrial and household establishments by 2019.
Growing adoption of rural electrification programs to provide electricity access in remote areas coupled with continuously increasing efforts to eradicate obstacles in the energy supply will enhance the India electric insulators market. In 2015, the Government of India announced the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) scheme to reduce load shedding and strengthen the local T&D network.
11 kV electric insulators market growth is facilitated by its operational suitability to function in diverse low-voltage environments. Consistently expanding residential areas and increasing demand for reliable and lightweight insulators will further enhance the business landscape.
Eminent industry leaders across the industry include BHEL, Aditya Birla Nuvo Ltd., ABB, Olectra Greentech, Deccan Enterprises, TE Connectivity, and Lapp Insulators among others.
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