electric insulator Market

The global electric insulator market is expected to grow from US$ 10,324.5 million in 2021 to US$ 15,309.3 million by 2028; it is estimated to grow at a CAGR of 5.8% during 2021-2028.

Electric insulators play a key role in ensuring safety and stability in power transmission and distribution applications by protecting various components such as transmission lines, steel towers, and substation equipment from unwanted flow of current. Electric insulators are widely used to provide mechanical support and electrical protection to various equipment and systems that are deployed in transmission & distribution centers and substations worldwide. The companies operating in this market are focusing on providing high quality electric insulators by using advanced technologies and superior materials to meet growing demands of end users. Pin insulator, suspension insulator, strain insulator, post insulator, and shackle insulator are some of the major types of electric insulators that are being used in transmission, distribution, substation, and railways applications globally. These insulators are being used for low, medium and high voltage applications in utilities and industrial applications. The high level of industrial growth in developing regions, rising investments in power & transportation infrastructure by governments worldwide, and upgradation of old grid infrastructure in developed countries are some of the key factors that are driving the demand of various types of electric insulators worldwide.

The global electric insulator market is segmented on product type, material type, application, end user, and geographic regions. Based on product type, the electric insulator market is segmented into shackle insulator, pin insulator, suspension insulator, and others. The pin insulator segment held the largest market share in 2020. On the basis of material type, the market is segmented into ceramic, glass, and composite. The composite segment is anticipated to be the fastest growing material type during the forecast period of 2021 to 2028. Transformer, busbar, cable, switchgear, and surge protection device among others are the key application areas of global electric insulator market. In 2020, transformer application held the largest market share followed by cables. On the basis of end user, the market is segmented into utilities, industries, and others. The utilities segments are expected to dominate the market over the forecast period. Geographically, the global electric insulator market is segmented into North America, Europe, APAC, MEA, and SAM. In 2020, the market was dominated by APAC region with more than ~34.5% revenue share, followed by North America and Europe.

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human's movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The worldwide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities along with production volume across several manufacturers especially the small & medium enterprise owners. The semiconductor industry took a significant hit as the demand for electric insulator components was lowered from industrial sector and other end users. The production of electric insulator was at halt during lockdowns. However, with the uplifting of lockdowns and vaccination processes in 2021, the manufacturing of insulator has started again. And also, the demand for electricity increases all across the globe due to re-opening of factories and offices. Thus, in 2021, there is an expectation of increase in the demand of electric insulator market.

The overall electric insulator market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the electric insulator market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the electric insulator market.

The key companies operating 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.