Electric Insulator Market Research Report and Outlook by 2028

The global market for electric insulators is projected to expand from approximately US$ 10,324.5 million in 2021 to around US$ 15,309.3 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028.

Electric insulators are crucial for maintaining safety and stability in power transmission and distribution systems. They safeguard various components, including transmission lines, steel towers, and substation equipment, from undesired current flow. These insulators are extensively utilized to provide both mechanical support and electrical protection for equipment and systems in transmission and distribution centers, as well as substations globally. Companies in this sector are concentrating on delivering high-quality electric insulators by employing advanced technologies and superior materials to satisfy the increasing demands of end users. Major types of electric insulators include pin insulators, suspension insulators, strain insulators, post insulators, and shackle insulators, which are utilized in applications across transmission, distribution, substations, and railways. These insulators cater to low, medium, and high voltage applications in utility and industrial sectors. The surge in industrial development in emerging regions, increased government investments in power and transportation infrastructure, and the modernization of aging grid infrastructure in developed nations are significant factors propelling the demand for various electric insulator types worldwide.

The global electric insulator market is categorized based on product type, material type, application, end user, and geographical regions. In terms of product type, the market includes shackle insulators, pin insulators, suspension insulators, and others, with the pin insulator segment holding the largest market share in 2020. Regarding material type, the market is divided into ceramic, glass, and composite materials, with the composite segment expected to experience the fastest growth during the forecast period from 2021 to 2028. Key application areas for electric insulators include transformers, busbars, cables, switchgear, and surge protection devices, with transformers accounting for the largest market share in 2020, followed by cables. The end user segmentation includes utilities, industries, and others, with the utilities segment anticipated to dominate the market throughout the forecast period. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2020, the APAC region led the market with over 34.5% of the revenue share, followed by North America and Europe.

The COVID-19 pandemic has significantly impacted numerous industries. The rapid spread of the virus prompted governments worldwide to enforce strict restrictions on transportation and human movement. Travel bans, widespread lockdowns, and business closures have adversely affected economies and various sectors across many countries. The lockdowns resulted in reduced production of goods and services, with industries such as manufacturing, automotive, semiconductors and electronics, oil and gas, mining, and aviation experiencing operational declines due to temporary shutdowns. The global lockdowns aimed at curbing virus transmission severely disrupted supply chains and production volumes, particularly affecting small and medium enterprises. The semiconductor sector faced a notable downturn as demand for electric insulator components from industrial users diminished. Production of electric insulators came to a standstill during the lockdowns. However, as lockdowns were lifted and vaccination efforts progressed in 2021, manufacturing resumed. Additionally, the demand for electricity surged globally with the reopening of factories and offices, leading to an anticipated increase in the electric insulator market in 2021.

The overall size of the electric insulator market has been determined through both primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the electric insulator market across all segments. Furthermore, it offered insights and forecasts based on the segmentation across five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America. Primary interviews were conducted with industry participants and commentators to validate the data and gain deeper analytical insights. Participants included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the electric insulator market.

Key players in the electric insulator market include Hitachi ABB Power Grids Group, Aditya Birla Insulators, General Electric Company, Hubbell Incorporated, MacLean-Fogg Company, NGK Insulators, Ltd., PFISTERER Holding AG, SEVES Group, Siemens AG, and TE Connectivity Ltd.