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Electric Insulator Market Trends, Competitive Market Share & Forecast, 2017 – 2024
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Rising demand for safe and reliable electricity from urban to remote industrial areas will further augment the global electric insulator market size over the forecast period. Utilities and private financial institutions are making aggressive investment towards the development of new grid structures for mitigating the demand supply gap. In March 2017, Dubai Electricity and Water Authority announced to invest USD 2.72 billion to build new substations to supply reliable power to remote oil fields during the next three years.
The global electric insulator market can be se segmented based on application as surge protection devices, cables & transmission lines, switchgears, bus bar and transformers. Switchgears, cables & transmission lines are predicted to witness lucrative opportunities subject to their extensive use in T&D network which will complement the industry outlook. Surge protector device will witness significant growth due to its use in solar and wind turbine to protect them from transient effect.
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Based on end-user global electric insulator market is segmented into transmission and distribution. Transmission segment anticipated to witness attractive growth prospects due to development of new network owing to increase in demand for reliable electricity. Distribution segment is going to witness extensive growth during the forecast period subject to development of new substations for distributing electricity from grid to end consumers.
U.S. electric insulator market anticipated to witness substantial growth owing to growing investment by the government and financial institutions towards upgradation of conventional grid architecture. Ageing infrastructure leading to frequent blackouts thus creating a need for upgradation of grid. In 2016, USD 220 million funding announced by the U.S. Department of Energy for modernizing the country electricity grid which includes 80 projects.
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Europe electric insulator market is anticipated to witness extensive growth during the forecast period subject to their large investments in smart grid technology mainly in France and U.K. The European networks require USD 632.21 billion of investment till 2020 and around 66 % will be in grid distribution.
Key players operating in electric insulator market includes Siemens, ABB, NGK Insulators, Toshiba, Aditya Birla Nuvo, Bharat Heavy Electricals Limited, WT Henley, PFISTERER, Krempel and Maclean-Fogg.
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