Electric Insulators Market size is set to surpass USD 7.5 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising electricity demand coupled with paradigm shift toward the adoption of smart grid systems. Growing investment and expenditure across new power generation facilities and acceptance of enhanced technological solutions across energy generation establishments will further escalate the industry expansion. Moreover. Rapidly increasing electricity consumption across the industrial and commercial establishments will spur the industry demand.
The COVID- 19 pandemic has hit the global economy severely as the subsequent waves have ceased the overall electric insulators market progression. However, the rules and regulations imposed by respective government authorities along with the introduction of vaccination drives on a large scale have provided stability to the industry by bringing operations back to normal. Additionally, the upliftment of sanctions by the respective authorities for the global movement will accelerate several project pipelines, which in turn will augment the industry landscape.
Escalating investments across power generation facilities and rising electricity consumption will complement the industry growth
Ongoing expansion of utility aided infrastructure to deliver the energy demand across the industrial establishments will fuel the market demand for electric transmission insulators. Favorable regulatory including incentives, feed-in tariffs, leveraging schemes, and subsidies to promote the deployment of clean energy sources in line with the refurbishment and upgradation of existing grid infrastructure will further accelerated the industry value.
Medium voltage electric insulators market is anticipated to witness robust growth on account of increasing commercialization and rising electricity consumption. The units are widely utilized across applications in commercial and residential establishments which will further proliferate the industry progression. Favorable energy distribution policies toward the acceptance of renewable energy systems and distribution networks coupled with complement the market expansion.
Browse key industry insights spread across 490 pages with 727 market data tables & 46 figures & charts from the report, “Electric Insulators Market Size, By Material (Ceramic/Porcelain, Glass, Composite), By Voltage (High, Medium, Low), By Application (Cables & Transmission Lines, Switchgears, Transformers, Busbars), By Product (Pin, Suspension, Shackle, Other Insulators), By End Use (Residential, Commercial & Industrial, Utilities), By Rating (< 11 kV, 11 kV, 22 kV, 33 kV, 72.5 kV, 145 kV, 220 kV, 400 kV, 800 kV, 1200 kV), By Installation (Distribution, Transmission, Substation, Railways), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 –2028”, in detail along with the table of contents:
Rising usage of electric insulators across commercial and industrial establishments will foster the market value
The porcelain electric insulators market is expected to register significant growth led by the extensive applicability across several industrial operations along with high technical maturity. The ability of these units to perform under harsh environments with minimal corrosion and leakage while maintaining temperature changes are some of the vital parameters which will surge product adoption. Furthermore, the expansion of overhead transmission lines together with the shifting focus toward the upgradation of energy-optimized units will stimulate the industry revenue.
Ongoing investments across the industrial and utility-based electrification systems along with massive government support for the refurbishment and upgradation of grid projects will complement the market landscape. The paradigm shift toward energy efficiency along with lowering energy consumption, enhanced productivity, and reduction in operational costs has inclined the focus of manufacturers to deploy these units across the industrial establishments which are compliant with traditional standards and codes.
Ongoing expansion of utility aided long-route high voltage infrastructure will propel the industry progression
The 400 kV electric insulators market is estimated to showcase a substantial gains during the forecast period owing to the expansion and development of high-tension energy networks for long-route electrical supply. Operational safety, reliability, and the ability to withstand mechanical loads will further influence the business landscape. Ongoing expansion of the utility aided grid infrastructure to meet the escalating electricity demand across the industrial establishments will augment the market revenue.
Shifting trends toward renewable energy integration along with expanding electricity infrastructure will boost the product demand
Europe electric insulators market is predicted to observe a 4.9% growth rate till 2028 due to the increasing investments across power generation facilities along with paradigm shift toward the acceptance of renewables. Favorable measures offered by respective government authorities including financial incentives and tax rebates are some of the prominent factors strengthening the product adoption. In addition, the escalating expenditure on the development of production facilities together with refurbishing operations to replace or upgrade the existing technologies will drive the market demand.
Eminent players operating in the market are GE, ABB, Siemens Energy, Seves, Lapp Insulators Group, GIPRO GmbH, Bharat Heavy Electricals, Doubletree Systems, Olectra Greentech, Hitachi Energy, TE Connectivity, Gamma Insulators, Hubbell, Peak Demand, Newell, Meister International, INAEL Electrical Systems, Zhengzhou Orient Power, Saravana Global Energy, Spark Insulators, INCAP, Deccan Enterprises, GK Xianghe Electricals, TAPOREL, Izoelektro, CYG Insulator, Elsewedy Electric, NGK INSULATORS and CYG Insulator. These leaders are aiming to strengthen their market presence by making strategic collaborations, partnerships and mergers and acquisitions.