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Electric Insulator Market earned USD 11.8 billion in 2021 and to hit USD 17.6 billion in 2029, increasing at a CAGR of 5.1% | Size & Industry Forecast
Electric Insulator Market
The Electric Insulator Market size was calculated USD 11.8 billion in 2021 and is projected to hit USD 17.6 billion in 2029 and the market is estimated to grow at a robust CAGR of 5.1% from 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/electric-insulator-market-analysis-industry-research/
The factors driving the growth of Electric Insulator Market includes increasing focus on utilizing renewable sources of energy, emerging need to upgrade the power grid infrastructure, rise in the number of smart grid projects around the world and growing demand for stable and reliable supply of power distribution. According to the report published by Bloomberg, the Global Smart Grid Market was calculated around USD 66.96 billion in 2017 and is expected to reach USD 169.18 billion by the end of 2025, expanding at a CAGR of 12.4% over the forecast period (2018-2025), which will accelerate the Global Electric Insulator Market in the approaching years. Moreover, technological advancements in electric insulators, increasing deployment of electric insulators in buildings, high mechanical and stress resistance properties of porcelain electric insulators and rise in the consumption of electricity across the globe, are some of the additional factors supplementing the Electric Insulator Market size. In addition, the increasing investments by leading players on research and development, rapid urbanization, rising population growth rates and growing disposable incomes, are further contributing towards the market growth.
However, growth of the Electric Insulator Market is hindered due to fluctuations in the prices of raw materials.
The major players operating in the market are Hubbell, Toshiba, Bharat Heavy Electricals Limited, ABB, Grasim Industries Limited, Siemens, NGK INDUSTRIES, LTD, Lapp Insulators, General Electric, and Maclean-Fogg.
Based on Dielectric Material Type, the Ceramic/Porcelain segment is predicted to grow at a significant CARG during the forecast period
Increasing use of ceramic electric insulators in high voltage insulating systems, is the major factor pushing growth of the segment.
Based on End-User, the Commercial segment is projected to grow at a robust CAGR over the forecast period
Growing consumption of electricity, frequent blackouts and emerging need to modernize the ageing gird infrastructure, are some of the factors responsible for growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Growing consumption of electricity, Government policies promoting the use of renewable sources of energy, rapid industrialization, rise in the number of smart city projects, increasing per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2019, ABB launched the DC-based power distribution system called Onboard Microgrid, which will help the smaller vessels enhance their fuel efficiency.
In 2019, Siemens signed an agreement with the Egyptian Electricity Transmission Company (EETC) to supply country's first digital power transformer - Siemen's Sensformer.
Market Segmentation
Segmentation by Dielectric Material Type
Ceramic/Porcelain
Glass
Composite/Polymer
Segmentation by End-User
Residential
Commercial
Industrial Sector/Utilities
Segmentation by Type
Suspension Insulators
Pin Insulators
Strain Insulators
Stay Insulators
Shackle Insulators
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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