Press release
Electric Insulators Market to Hit USD 6 Billion by 2024: Analysis of Key Players, Trends, Drivers, & Challenges
The escalating need to improve the reliability and capacity of transmission and distribution networks will also fuel the product demand. The demand for uninterrupted power supply has led to several regional governments attempting to renovate existing electrical infrastructure, which has indeed propelled electric insulators industry outlook.
Electric Insulators Market will surpass a revenue collection of USD 6 billion by the end of 2024, pertaining to increasing investments in grid enhancement.
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In order to fulfill the growing demand for energy, regional governments have also been working toward replacing conventional grids with advanced power transmission grids. For instance, China has invested around USD 350 billion to enhance the country’s power transmission capability by 2020. Shifting trends toward modernization of existing electric infrastructure is thus likely to boost electric insulators industry share.
Composite, glass, and ceramic constitute the material segment of electric insulators market. Composite material based electric insulators are extensively used in the restructuring of transmission and distribution networks, owing to the material’s ease of installation, high mechanical strength, and light weight. The material’s excellent hydrophobic surface characteristic is also one of the many factors boosting composite electric insulators industry trends.
The increasing deployment of sustainable electricity networks is slated to have a positive impact on electric insulators market share. Considering that non-renewable energy sources are on a perpetual decline, governments are encouraging people to adopt sustainable energy sources. The deployment of strict energy efficiency regulations along with continuous technological developments in energy grids will also augment electric insulators industry size. In addition, shifting trends toward deployment of smart grid facilities such as electric vehicles, wind energy, and hydroelectric power plants are slated to boost electric insulators market share.
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Several regional governments have taken considerable steps toward the implementation of power distribution policies such as green energy corridors, smart grid vision, and UDAY reforms. The Asian Development Bank has collaborated with the Indian government to develop advanced electricity transmission facilities under the green energy corridor scheme to transfer renewable energy from high grid regions to the low grid ones.
Currently, the Middle East and African countries are taking initiatives to implement electrification programs across remote areas to fulfill increasing requirement of energy. In fact, heavy investments in the development of grid infrastructure across remote locations to deploy electric networks will enhance MEA electric insulators industry share over the years ahead. Recently, the Saudi Arabia government decided to invest USD 5 billion in electricity generation and USD 4 billion in distribution annually to improve its grid infrastructure.
The competitive spectrum of electric insulators market comprises top-notch giants such as ABB, NGK Insulators, General Electric, Hubbell Incorporated, Maclean Fogg, Elsewedy Electric, Lapp Insulators GmbH, Seves Group, and Siemens.
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