Press release
Electric Insulator Market Size, Regional Outlook, Competitive Landscape, Revenue Analysis & Forecast Till 2030
Electric Insulator Market OverviewThe global Electric Insulator Market is expected to touch $15 billion by 2030. During the forecasted period from 2022 to 2030, the market is projected to register a CAGR of 5.88 %.
Electric Insulator is a material in which electricity or electric current cannot flow freely. The primary function of these materials is to prevent the flow of electric current. Some of the most common insulators used include Glass, rubber, plastics and wood. Electric insulators are typically made of ceramic or porcelain materials. Such insulators are typically used when the need for physical strength is immense. Ceramic-based electric insulators are generally used in high-voltage insulating systems. However, one of the main disadvantages of ceramic-based insulators is that their dielectric constant is high, adversely affecting their functionality in diverse temperatures. Glass can conduct more electricity at raised temperatures as its dielectric constant varies based on temperature.
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During the forecasted period, the demand for ceramic electric insulators is expected to surge. Some factors supporting its solid demand in the global Electric Insulator Market include the expansion of transmission and distribution networks, a surge in energy consumption and the integration of renewable energy elements in the global energy landscape. According to the Organisation for Economic Cooperation and Development (OECD), the total investment in the power sector is expected to increase significantly in the coming years. It will positively influence the overall demand in the global Electric Insulator Market.
Market Segments
The global Electric Insulator Market can be segmented based on type, voltage, and application.
Based on type, the market segment can be further fragmented into ceramic, composite and Glass. Based on voltage, the varying segments of the market include low, medium and high. Based on application, the market can be further fragmented into cable, transformer, busbar, switchgear and others.
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Regional Analysis
The global Electric Insulator Market can be divided into several regional segments such as Europe, North America, Asia Pacific and the Rest of the World. During the forecasted period, the Asia Pacific market segment is expected to lead globally due to increased investments in smart grid infrastructure development activities and dependence on renewable energy options. The rise in investment in renovating old and aging grid infrastructure in developed nations is likely to contribute to the solid growth of the global Electric Insulator Market. During the forecasted period, Southeast Asian nations are expected to aggressively invest in their respective smart grid infrastructures, which will strongly influence the growth trajectory of the Electric Insulator Market at the global level.
Industry News
September 2022 - General Electrics, a major player in the global Electric Insulator Market, has a Flexible AC Transmission System (FACTS) that is helping the city of Los Angeles inch closer to its sustainable and renewable energy goals. It is expected to offer system stability relating to renewable energy by adding 475 MW of capacity. This sustainable work by the GE company is expected to get over within the coming two and a half years. The project's successful completion can showcase GE's commitment to sustainability.
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Key Players
ABB (Switzerland)
General Electric (US)
Siemens (Germany)
NGK Insulators (Japan)
Hubbell (US)
Toshiba (Japan)
Bharat Heavy Electricals Limited (India)
Lapp Insulators (Germany)
Maclean Fogg (US)
Southwire Company (US).
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