The global electric insulator market is estimated to garner a sizeable revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rise in refurbishment of existing grid networks, and growing adoption of renewable energy resources around the world. Along with these, increasing investments in transmission and distribution networks, and escalating demand for energy globally are expected to bolster market growth in the forthcoming years. According to the U.S. Energy Information Administration (IEA), 599.459 quadrillion Btu of energy was consumed in 2018, up from 582.776 quadrillion Btu of energy in 2017. Furthermore, upsurge in the number of smart city projects, and favorable government policies regarding the establishment of smart grids are projected to offer profitable opportunities for market growth in the near future.
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The market is segmented by type into ceramic, glass, and composite, out of which, the composite segment is anticipated to observe a notable growth in the global electric insulator market. Properties of the material such as high shock resistance, excellent transmission line aesthetics and ease of installation are predicted to boost the growth of this market segment in the coming years. Apart from this, the ceramic segment is predicted to acquire the largest share over the forecast period owing to the rising expansion of transmission and distribution network that uses ceramic electric insulators. Additionally, on the basis of application, the transformer segment is assessed to witness robust growth in the future, which can be credited to the growing installation of transformers to meet the surging electricity requirements across the globe.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global electric insulator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rapidly growing population and urbanization, and increasing demand for power in the region. As per the World Bank, the total urban population of East Asia and Pacific as a percentage of the region’s total population was 60.695 percent in 2020, up from 59.887 percent and 59.052 percent in 2019 and 2018 respectively.
In addition, growing number of electric vehicle charging stations, especially in China and Japan, is also expected to boost the market growth of the region in the upcoming years. Moreover, the market in North America is projected to acquire the largest share during the forecast period ascribing to the high in-flow of investments in the power generation sector, and strong presence of prominent market players in the region.
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The global electric insulator market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric insulator market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rise in refurbishment of existing grid networks, and growing adoption of renewable energy resources worldwide.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
Rapidly changing prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rapidly growing population and urbanization, and increasing demand for power in the region.
The major players in the market are ABB, Ltd., Siemens AG, General Electric Company, Seves Group, Bharat Heavy Electricals Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material type, application, end user, and by region.
The ceramic segment is anticipated to hold largest market size and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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