Press release
Glass Insulators Market is projected to reach $504.6 million by 2031, growing at a CAGR of 3.9%
Prime determinants of growth
Increase in industrialization & urbanization, surge in adoption of glass insulators in distribution & railway, HVDC, HVAC, and other applications, and wide usage in substation, transformer, and off-grid infrastructure drive the growth of the global glass insulators market. However, strict regulations related to carbon dioxide emissions and surge in prices of raw materials restrain the market growth. On the other hand, rise in R&D investments toward grid networks with rise in electricity demand and increase in adoption of smart grid technologies present new opportunities in the coming years.
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Covid-19 Scenario
Production activities of glass insulators were stopped completely or partially during the lockdown due to unavailability of the sufficient workforce and disruptions in supply chain worldwide. In addition, shortage of raw materials affected the production processes.
The demand from various applications sectors such as distribution & railway, smart grid, and others decreased considerably due to stoppage of daily operations during the lockdown. However, the demand regained steadily post-lockdown.
There were obstructions in the development of grid transmission facilities. These obstructions, in turn, led to decreased installation of glass insulators.
Owing to lockdown restrictions in place, people were forced to stay in their homes. This, in turn, raised the demand for HVAC systems. Consequently, the demand for glass insulators increased despite the production delays and disruptions in supply chain. The demand will gradually increase post-pandemic.
The suspension glass insulators segment to maintain its lead position during the forecast period
Based on type, the suspension glass insulators segment accounted for the largest market share in 2021, contributing to around three-fifths of the global glass insulators market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 4.3% from 2022 to 2031. This is due to increase in industrialization & urbanization and increase in electrical, distribution & railway, HVDC, HVAC, and smart grid applications in which suspension glass insulator is used considerably as electrical components and protection device. Moreover, it is widely utilized in cables, transformer, switchgear, and busbar as an insulation component for its insulating property and high electrical resistance property. The report also analyzed the pin glass insulators segment
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The HVAC applications segment to maintain its dominant share during the forecast period
Based on application, the HVAC applications segment contributed to the largest market share in 2021, accounting for nearly two-fifths of the global glass insulators market, and is expected to maintain its dominant share during the forecast period. In addition, this segment is estimated to manifest the highest CAGR of 4.3% from 2022 to 2031. This is attributed to the growing power demand for the data centers that increases the usage of glass insulators in power distribution units on a large scale. Moreover, the need for flexible AC transmission equipment for railroads, electric utilities, renewable energy sources, and oil & gas sectors raises the demand for glass insulators. The report also discusses the segments including distribution & railway applications and HVDC applications.
Asia-Pacific to continue its highest contribution throughout the forecast period
Based on region, Asia-Pacific accounted for the largest market share in 2021, holding nearly two-fifths of the global glass insulators market, and is estimated to continue its highest contribution throughout the forecast period. This is due to increased urbanization, population, and industrial sectors in nations such as China and India and the use of glass insulators in electric cables, switchgear, transformers, and protective devices. However, North America is projected to grow at the largest CAGR of 4.4% from 2022 to 2031, owing to surge in demand for glass insulators from industrial, electric utilities, railroads, renewable energy sources, and oil and gas industries in the region. The research also analyzes regions including Europe and LAMEA.
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Key Benefits for Stakeholders
► This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the glass insulators market analysis from 2021 to 2031 to identify the prevailing glass insulators market opportunities.
► The market research is offered along with information related to key drivers, restraints, and opportunities.
► Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
► In-depth analysis of the glass insulators market segmentation assists to determine the prevailing market opportunities.
► Major countries in each region are mapped according to their revenue contribution to the global market.
► Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
► The report includes the analysis of the regional as well as global glass insulators market trends, key players, market segments, application areas, and market growth strategies.
Leading Market Players
► Global Insulator Group
► Gamma Insulator (Corona Group)
► Hubbell Incorporated
► Incap Limited
► JSC U.M.E.K.
► Maclean Power Systems
► Nanjing Electric
► Sichuan Yibin Global Group
► Shandong Ruitai Glass Insulator Co. Ltd.
► Seves Group
► Victor Insulators
► VERESCENCE La Granja Insulators
► ZX Insulators
► Zhejiang Tailun Insulator Co. Ltd.
► Zhejiang Jinlihua Electric Co., Ltd.
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