According to a new market research report "Electric Insulator Market by Type (Ceramic, Glass, and Composite), Voltage (Low, Medium, and High), Category (Bushings), End-User (Utilities, Industries), Application (Transformer, Cables, Busbar), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the Electric Insulator Market. Increasing investments in smart grid projects and growing demand for HVDC transmission projects can lead to opportunities in the Electric Insulator Market.
The ceramic segment is expected to hold the largest share of the Electric Insulator Market, by type, during the forecast period.
The ceramic segment led the Electric Insulator Market in 2017 and is projected to have the largest market share during the forecast period. Ceramic insulators can perform in rugged environments with minimal leakage and provide optimum mechanical strength with considerable stress resistance. Ceramic insulators are less expensive, have a longer life, and are easy to manufacture. Many manufacturers are present in the market, thereby resulting in a higher market share of ceramic insulators compared to composite insulators.
The low segment is expected to hold the largest share of the Electric Insulator Market, by voltage, during the forecast period.
The low voltage segment led the Electric Insulator Market in 2017 as these types of insulators are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, and other industries. Increasing industrialization and urbanization is one of the major drivers for the growth of the low voltage segment during the forecast period. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the low voltage segment.
Asia Pacific: The leading market for Electric Insulator Market
In this report, the Electric Insulator Market has been analyzed with respect to 6 regions, namely, Asia Pacific, North America, Europe, South America, and Middle East & Africa. Asia Pacific led the global Electric Insulator Market in 2017. The high growth rate in the Asia Pacific region can be attributed to increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past. China and India are the largest markets for electric insulators in the region. China accounts for the largest share owing to the large-scale rollout plans. The country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for electric insulators.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Electric Insulator Market. The key players ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India). Contracts & agreements was one of the key strategies adopted by the players to strengthen the global presence and offerings.
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