A lead analyst at AMR highlighted that the electric insulator market across Asia-Pacific is anticipated to achieve the highest CAGR during the forecast period.
Allied Market Research published a research report on the electric insulator market. The findings of the report states that the global market for electric insulator generated $12.6 billion in 2021, and is projected to reach $20.8 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restrains and opportunities to help the market players in devising several growth strategies. Prevalence of robust development in high-voltage transmission networks and rise in the emergence of several power generation projects in developing countries propel the growth of the electric insulator market. However, fluctuating prices of raw materials impede the market growth. Nevertheless, rise in inclination toward renewable energy generation and the presence of favorable government norms, policies, schemes, and rebates toward the installation of sustainable power provide prolific growth opportunities for the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the electric insulator market globally. The outbreak of the pandemic impacted the global electric insulator market negatively, owing to the stringent rules imposed by governments of various nations worldwide, which led to the closure of manufacturing facilities, including those of electric equipment, and causing the demand for electric insulators to decline. Moreover, electric construction projects were stopped and there were lack of raw materials and availability of professional workforce in the industry, which further worsened the impact on the market. However, the market is recovering with the easing of restrictions and the growing prevalence of smart cities.
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“Rapid urbanization in developing economies has led to the development of new buildings, innovations in electric insulators manufacturing, the high mechanical and stress resistance properties of insulators have positive impact on the market. Furthermore, the investment over power utilities from developing and developed countries to replace, upgrades, and expand the prevailing aging transmission and grid integration of renewable energy sources coupled with enhanced efforts to improve quality of electrical system.” said Yerukola Eswara Prasad, Manager, Energy and Power at Allied Market Research.
The report offers a detailed segmentation of the global electric insulator market based on type, material type, voltage, application, end-use and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on type, the pin insulator segment was the largest market in 2021, grabbing nearly one-third of the global electric insulator market share and would dominate through 2031. However, the shackle insulator segment is anticipated to grow at the fastest CAGR of 5.8% during the forecast period.
By voltage, the medium segment held the largest share in 2021, contributing to more than half of the global electric insulator market share and would maintain a noteworthy growth through 2031. However, the low segment is expected to exhibit the fastest CAGR of 5.7% during the forecast period.
Based on application, the transformer segment was the largest market in 2021, grabbing over one-fourth of the global electric insulator market, and is likely to lead the trail during the forecast period. The report also mentions cables, switchgear, busbar, surge protection devices, and others segments.
Based on region, the electric insulator market across Asia-Pacific held the largest share in 2021, garnering nearly one-third of the global electric insulator market and would maintain its dominance during the forecast period. The same region is expected to grow at the highest CAGR of 5.6% during the forecast period.
The leading market players analyzed in the global electric insulator market report include ABB, Siemens Energy, GE Grid Solutions, Hubbell Power Systems, NGK Insulators, Ltd., Aditya Birla Insulators, MacLean-Fogg Company, Elsewedy Electric, Seves Group, BHEL, TE Connectivity, Modern Insulators, Almatis GmbH, Hitachi Energy, Olectra Greentech, Zhengzhou Orient Power, and INCAP.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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