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The electric insulator market size is forecast to increase by USD 4.04 billion, at a CAGR of 5.48% between 2023 and 2028. The growth rate of the market depends on several factors such as increasing global demand for power, global generating capacity expansion in renewable power generation and modernization of existing transformers. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
In APAC, rapid urbanization and improving living standards are boosting electricity consumption, with several power utilities in major countries like China and India now operated by private players to ensure efficient production and distribution; key offerings include ABB Ltd.'s IN040 electric insulator under the Furse brand for earthing and lightning applications, and General Electric Co.'s solid core post insulators used in power plants, transmission substations, distribution substations, and high-voltage power equipment through its subsidiary GE Grid Solutions.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Insulators play a crucial role in maintaining the supply and transmission of electrical current in power lines, especially amidst refurbishment of existing grid networks and the challenge of aging equipment. Constructed from non-conductive polymers, porcelain, and glass, these electric insulators prevent electricity from escaping and contribute to national security by averting potential power outages. Planned investments in the electricity sector drive the adoption of innovative products and services, including those for power transmission, T&D grids, and global generating capacity enhancement.
Moreover, the integration of smart grid systems revolutionizes power transmission, leveraging intelligent metering, monitoring, control, communication, and self-healing technologies. This evolution allows power utilities to prioritize the installation of more transformers, addressing the demand surge and improving overall efficiency. As a result, the market experiences substantial growth during the forecast period, propelled by the increased installation of new transformers and the modernization of T&D infrastructure worldwide.
Smarter, higher-performance insulator materials will help ensure the dependability of utility grids, besides enabling cost savings. The quality and uniformity of ceramic insulators have greatly improved due to improved production processes and the development of new designs. Better materials that are super-hydrophobic and eco-friendly due to advances in nanotechnology could result in an entirely new class of insulators that are tailored and suitable for different climatic conditions.
However, using smart materials in place of standard electric insulators can reduce the production and manufacturing costs of electric insulators while simultaneously increasing the stability and longevity of power networks and infrastructure. Thus, the increasing demand for smart electric insulator materials will have a positive impact on the growth of the market during the forecast period.
One of the challenges in designing electric insulators for UHV applications is meeting the additional length requirements while minimizing the detrimental effects of the significant lengths of these UHV power transmission lines on mechanical and insulation performance. Nowadays, insulators are available in a variety of materials and involve different manufacturing processes. To maximize the benefits of the electric insulator chosen for a specific application, it is critical to understand the relative advantages and disadvantages of these different options.
However, the power industry has worked to standardize electric insulator design, optimizing system design may necessitate modifying electric insulator designs or even developing a whole new design. This is especially true in the case of unconventional requirements such as ultra-high-voltage (UHV) transmission lines. Thus, complexities in designing electric insulators for ultra-high-voltage (UHV) systems will negatively impact the market during the forecast period.
The market share growth by the composite/polymer segment will be significant during the forecast period. Composite insulators are a type of insulation control that has important applications in overhead power transmission lines. Synthetic insulators, non-porcelain insulators, polymer insulators, rubber insulators, etc., are other names for composite insulators. Typically, a shed skirt, a fiber-reinforced plastic (FRP) core rod, and an end fitting make up the basic construction of a composite insulator.
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The composite/polymer segment was the largest and was valued at USD 6.42 billion in 2018. The end fittings of the FRP are typically made of carbon steel or carbon structural steel coated with hot zinc-aluminum; the shed skirt is typically made of organic synthetic materials like ethylene propylene rubber, high-temperature vulcanized silicone rubber, etc. FRP is typically made of glass fiber as a reinforcing material and an oxidizing resin as a base material. Composite insulators that contain silicone rubber insulation possess unique properties and are widely used. Siemens offers the Siemens Energy composite long rod insulators (Type 3FL) that combine the highest levels of electrical insulation and mechanical tensile strength in a compact, lightweight one-piece housing design, with two different sealing options depending on the customers' requirements. Such product offerings in the composite/polymer segment by key vendors will drive the growth of the market during the forecast period.
Based on the end-user, the market has been segmented into power transmission, utility, and transportation. The power transmission?segment will account for the largest share of this segment.?Power transmission lines are essential components of the overall power grid. These power transmission lines cover long distances as they transmit electricity from power plants to distribution networks and ultimately to end customers. To provide the safe and effective transmission of power, these power transmission lines must be sheathed with insulators to prevent electricity from entering supporting structures. As a result, electric insulators form a crucial part of transmission lines and overhead power line systems. In addition, rapid industrialization in India and China has raised the demand for electricity in APAC, leading to increased investments in power infrastructure, including power distribution networks. With the growing demand for electrical power worldwide, most developed and developing nations are increasing their electricity generation capacity and, thus, are expanding their power transmission networks. This, in turn, will drive the growth of the power transmission segment and, in turn, the market during the forecast period.
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APAC is estimated to contribute 59% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Rapid urbanization and improving living standards are boosting electricity consumption in major countries such as China and India. Several power utilities in the region are now operated by private players to ensure the efficient production and distribution of electricity. Such expansion by private companies into the power generation sector has intensified market competition in the power sector. The continuous supply of electricity has become crucial due to the improvement in economic conditions in the region. The increase in private participation in the power T&D market may result in higher investments in T&D networks in the region, especially in China, India, Pakistan, Australia, and Thailand. This, in turn, will increase the demand for electric insulators and will drive the market.
The need for a reliable power supply in countries such as Japan is leading to the increased adoption of microgrids. For instance, in April 2021, the Government in Japan announced that the nation would double its inter-regional power grid capacity from around 24 gigawatts, which will help the country speed up the expansion of renewable energy sources, such as offshore wind farms. Thus, the increasing adoption of microgrids will increase the demand for electric insulators in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Grasim Industries Ltd.- The company offers electric insulators such as solid core station post insulators, traction insulators for railways, apparatus porcelain insulators, suspension disc insulators and PinInsulators through its subsidiary Aditya Birla Insulators.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including ABB Ltd., General Electric Co., Grasim Industries Ltd., GROUPE SICAME, Grower Technoplast Pvt. Ltd., Hitachi Ltd., Hubbell Inc., KYOCERA Corp., MacLean Fogg Co., Modern Insulators Ltd., NGK Insulators Ltd., PFISTERER Holding SE, Rax Industry, SEVES Group S.a r.l., Siemens AG, STORK RUBBER PRODUCTS PVT. LTD., TE Connectivity Ltd., Transpower Switchgear Industries, Twin Track Engineering Spares Of India, and VICTOR INSULATORS INC.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Market Analyst Overview
Within the industrial sector, the electric insulator market plays a vital role in ensuring the reliability and stability of the electrical grid. As the demand for power generation capacity increases globally, the refurbishment of existing grid networks becomes imperative, especially in light of aging equipment and concerns for national security amidst potential power outages.
Planned investments in the electricity sector are driving advancements in electric insulator technologies, particularly for transmission and distribution (T&D) grids. Despite competition from cheaper alternatives in the unorganized sector, the rise of smart grid projects and integration of smart devices offer promising opportunities for the electric insulator market to thrive in enhancing grid resilience and efficiency.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Electric Insulator Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.48% |
Market Growth 2024-2028 |
USD 4.04 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.36 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., General Electric Co., Grasim Industries Ltd., GROUPE SICAME, Grower Technoplast Pvt. Ltd., Hitachi Ltd., Hubbell Inc., KYOCERA Corp., MacLean Fogg Co., Modern Insulators Ltd., NGK Insulators Ltd., PFISTERER Holding SE, Rax Industry, SEVES Group S.a r.l., Siemens AG, STORK RUBBER PRODUCTS PVT. LTD., TE Connectivity Ltd., Transpower Switchgear Industries, Twin Track Engineering Spares Of India, and VICTOR INSULATORS INC. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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