Home > Energy, Mining, Oil & Gas > India Electric Insulators Market
India Electric Insulators Market size was evaluated at USD 390 million in 2022 and is set to grow at a CAGR of 7.4% between 2023 and 2032. Rapidly expanding electricity grid infrastructure with growing demand for reliable equipment to minimize the power outages will propel the industry dynamics. In addition, rising concerns related to the greenhouse gases and carbon emissions along with significantly rising investments across renewable power generation facilities will further augment the industry outlook.
To get more details on this report: Request Free Sample PDF
Electric insulators are a power grid equipment deployed primarily across transmission & distribution networks to restrict the free flow of electricity and keep the wires from shorting out. These devices are essential for the development and expansion of electrical power grid and play a vital role in delivering reliable power supply. Moreover, mounting investments toward the upgradation of long-standing grid infrastructure with advanced alternatives coupled with fast paced rate of urbanization will unveil new opportunities for the expansion of India electric insulators market.
Report Coverage | Details |
---|---|
Base Year: | 2022 |
Market Size in 2022: | USD 390 Million |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 7.4% |
2032 Value Projection: | USD 770 Million |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 110 |
Tables, Charts & Figures: | 125 |
Segments covered: | Material, Voltage, Application, Product, End-use, Rating, and Installation |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
To get more details on this report: Request Free Sample PDF
The COVID-19 pandemic and its resulting economic slowdown have had a significant impact on the India electric insulators market. The pandemic has caused delays and cancellations of projects, which could affect the short-term growth of the industry. Interruptions in supply chains, shortages of components and equipment, stringent lockdown protocols, and limited cross border trades of different commodities & products have further impacted the market size.
However, despite the challenges, there are several factors that are expected to drive the demand for efficient electric insulators. Respective government authorities are shifting their focus towards low carbon power generation technologies to meet climate targets, further creating a positive industry outlook. Moreover, the growing number of remote workstations amid lockdowns have increased the residential energy consumption resulting in new measures to minimize disruptions and support essential services counterbalancing the industry landscape.
The significant growth of new investment influx in expanding electric networks coupled with new targets that support the entire value chain of electric power generation, transmission, and distribution will favor the market demand. In addition, rapidly rising energy consumption propelled by the massive population outburst have created encouraging demand for advanced electricity grid equipment. The shifting focus of national administrative bodies towards clean energy generation projects along with introduction of enhanced technologies will further bolster the India electric insulators market outlook.
For instance, in December 2022, the Ministry of New and Renewable Energy, India, confirmed that the overall renewable energy capacity addition totaled over 14.2 GW between January to October 2022 as compared to 11.9 GW during the corresponding period last year. Moreover, the increasing targets for green electricity production, ongoing research & development efforts to enhance T&D technologies, and the expansion of the grid networks industry are some of the key imperatives positively propelling the industry landscape.
To get more details on this report: Request Free Sample PDF
The India composite insulators market is poised to experience a growth rate of over 7.5% till 2032, on account of the increasing need to overcome transmission breakdown and mitigate environmental pollution. Composite insulators offer a wide range of advantages including lightweight construction, high mechanical strength, resistance to vandalism & pollution, and better performance in harsh environmental conditions, stimulating their adoption rate. Moreover, the government's focus on expanding and modernizing the power infrastructure has resulted in significant investments in the power sector will further drive the demand for composite insulators.
The high-voltage electric insulators market is slated to observe a substantial momentum through 2032, owing to their extensive deployment in numerous types of transmission infrastructures coupled with expanding grid networks. The increasing development of high-capacity transmission networks, aimed at carrying electrical signals over long distances, will further drive the demand for these insulators. Manufacturers' efforts to enhance the technical and physical features of high-voltage electric insulators will serve as a crucial strategic component to compete in the industry.
To get more details on this report: Request Free Sample PDF
The cables and transmission lines application vertical is estimated to hold a remarkable position across the India electric insulator market over the forecast period. Escalating investments to develop new grid infrastructure coupled with new initiatives to boost the rural electrification rate will unveil new opportunities across the industry.
For instance, in December 2022, the government of India presented its plans to establish new transmission lines aiming to connect the nation’s renewable power generation which is set to double by 2030. The project will include different high voltage lines to support long-distance power transmission along with other key upgradations backing the national power grid. Moreover, the paradigm shift towards renewable energy sources including wind and solar power will drive the industry outlook.
The India electric insulators market across commercial & industrial vertical segment will experience a notable rise during the forecast period, on account of the rising construction expenditure for new establishments along with rapid rate of commercialization & industrialization across rising adoption and growth of hydrogen-powered vehicles across the country. Moreover, various national administrations have set ambitious targets and implemented supportive policies to promote the adoption of clean energy technologies fostering the industry dynamics.
India electric insulators market has witnessed consolidation through mergers, acquisitions, and partnerships between key players. The key companies are focusing on new strategic opportunities for growth and diversification by expanding into emerging economic verticals with significant infrastructure development plans to enhance their customer bases. Key manufacturers in the industry consist of Grasim Industries Limited, Modern Insulators Ltd, Adpro Pvt. Ltd., GR Enterprises, Siemens Energy, Insulators and Electricals Company, Incap Limited, S.C. Electric Company, Olectra Greentech Limited, Spark insulators, DECCAN ENTERPRISES PRIVATE LIMITED, Prime Insulators Pvt. Ltd., Stork Group, Mira Enterprises, GIG-IRM Glass Insulators Private Limited, and Hitachi Energy Ltd.
Click here to Buy Section of this Report
Market, By Material
Market, By Voltage
Market, By Application
Market, By Product
Market, By End Use
Market, By Rating
Market, By Installation