Press release
Glass Insulators Market Current Scenario with Future Trends Analysis to 2031
According to the latest research by InsightAce Analytic, the Global Glass Insulators Market is valued at US$ 343.56 Mn in 2022, and it is expected to reach US$ 449.03 Mn by 2031, with a CAGR of 3.1% during a forecast period of 2023-2031.
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Glass insulators are electrical insulators with a strong resistance to electricity because of the material's high dielectric strength. Toughened or annealed glass is used to create a glass insulator, a sort of electrical insulation. Insulators made of glass are commonly used to shield electrical lines from damage and interference. Transmission towers, distribution poles, and telephone poles are common places to find it. The glass insulator sector is expanding rapidly all over the world. Increases in electrical, distribution & railway, HVDC, HVAC, smart grid, and other sectors fuel the glass insulator market.
Glass insulators are widely used in electrical components, surge protection devices, cables, switchgear, and transformers as an insulation material due to their high electrical resistance. As a result, the need for glass insulators is expected to increase. Introducing new technology and sustained Economic growth indicate the glass insulators market's future growth. Increased spending means better transmission and distribution infrastructure, more widespread use of smart grid technology, and more power for everyone.
List of Prominent Players in the Glass Insulators Market:
• Zhejiang Jinlihua Electric Co., Ltd.
• Zhejiang Tailun Insulator Co. Ltd.
• ZX Insulators
• Maclean power systems
• Incap Limited
• Sichuan Yibin Global Group
• JSC U.M.E.K.
• VERESCENCE La Granja Insulators
• Global Insulator Group
• Nanjing Electric
• Hubbell Incorporated
• Gamma Insulator (Corona Group)
• Seves Group
• Victor Insulators
• SHANDONG RUITAI
• GLASS INSULATOR CO.LTD
• Lapp Insulators
• ABB
• Lviv Insulator Company
• Sediver
• TE Connectivity
• Others
Market Dynamics:
Drivers-
Growing demand for glass insulators can be attributed to renewable energy integration, which is a major driver of the glass insulators market growth since it contributes to a more sustainable and low-carbon energy future. Concerns about climate change, energy security, and the depletion of finite fossil fuel supplies have led to significant growth in using renewable energy sources like wind, solar, hydro, and geothermal energy in recent years. It is driving up the need for renewable energy integration, fueling the expansion of the glass insulators industry.
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Challenges:
The prime challenge is high levels of investment in the electricity sector and stricter regulations on carbon emissions because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the glass insulators market. However, with high dielectric and tensile strengths, glass insulators are commonly utilized in the surge protection of substations, transformers, and off-grid equipment. Glass insulator manufacture has been hindered by rising raw material costs and stricter controls on carbon dioxide emissions hamper the overall growth of the glass insulators market over the coming years.
Regional Trends:
The North American glass insulators market is anticipated to register a maximum market share in revenue. It is projected to grow at a high CAGR in the near future because upgrading and replacing ageing infrastructure is a must in the local electricity T&D environment. The emergence of new businesses devoted to discovering and developing effective transmission facilities are factors expected to increase the growth of the region's requirement for the superiority-based glass insulators market.
Besides, Europe had a considerable share in the market due to its developed economy, As a result of more people living in cities and working in factories. Therefore, the industrial sector increasingly relies on glass insulators in transformers, switchgear, electric cables, and protective devices. Moreover, the presence of significant market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global glass insulators market.
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Recent Developments:
• In January 2022, Incap Corporation entered into a contractual agreement to obtain complete ownership of AWS Electronics Group, a company situated in the United Kingdom. AWS Electronics is a prominent Electronics Manufacturing Services (EMS) provider that specialises in offering high complexity services. The company operates production sites in both the United Kingdom and Slovakia.
Segmentation of Glass Insulators Market-
By Type -
• Suspension Glass Insulators
• Pin Glass Insulators
By Application -
• Distribution & Railway Applications
• HVDC Applications
• HVAC Applications Services
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
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