According the latest report published by Market Research Future (MRFR), the global insulator market is set to exhibit a compound annual growth rate of 6% during the assessment period (2018-2023). Growing need for uninterrupted power supply, and increased focus on safety of transmission & distribution networks are among the key factors supporting the market growth. Moreover, replacement of aging electric grids is also creating market opportunities.
Insulators have properties such as high dielectric strength, resistivity and low thermal expansion. Electric insulators have emerged as an important component in electrification activity. They are used in activities such as grid expansion, setting up new transmission and distribution units and developing electrical infrastructure. Insulator are common across the globe, they find application in various industry verticals. With safety regulation becoming more stringent, application of insulation continues to grow in industries.
Segmental Overview
The segmental analysis of the Insulator Market has been conducted on the basis of type, voltage, application, and end user.
By type, the market has been segmented into composite, glass and ceramic. The composite insulator segment is expected to remain high attractive during the assessment period. Composite insulators are lightweight and have superior features such as durability, mechanical strength, voltage endurance. By voltage, the market has been segmented into low voltage, medium voltage and high voltage. The high voltage segment holds the largest market share in terms of value. Inclination towards renewable energy, development of superior power generation grids and T&D infrastructure upgrade are some of factor supporting the segment’s growth.
By application, the market has been segmented into transformers, cables & transmission lines, busbars, switchgears, surge protection services and others. The transformer segment is expected to witness a healthy growth during the forecast period. Growth of the segment is expected to be driven by the growing consumption of electricity and electrification of rural and remote areas.
By users, the market has been segmented into industries, utilities and others. The utility segment is expected to remain highly attractive during the assessment period.
APAC Leads the Global Insulator Market
On the basis of region, the global insulator market has been into Asia Pacific (APAC), North America, the Middle East & Africa (MEA) and Latin America. Among these, the APAC insulator market is expected to remain highly lucrative during the forecast period. Rapid urbanization, industrialization and economic growth in countries such as China and India is reflecting favorably on the market in APAC. At the same time, expansion of the construction & infrastructure sector remains a positive element for the insulator market.
Europe and North America are the other two high-growth markets for insulators. Advanced counties in these regions present attractive market opportunities. Local policy makers in these regions are introducing frameworks that can allow faster upgradation of aging infrastructures. Similarly, focus towards expansion of distribution network and transmission along with adoption of smart grids is having a cumulative effect on the market in these regions.
Competitive Analysis
MRFR in its report has covered some of the leading companies operating in the global insulator market, namely Siemens AG (Germany), Aditya Birla Nuvo Ltd. (India), Toshiba Corporation (Japan), Seves Group (Italy), ELANTAS GmbH (Germany), General Electric (U.S.), Dalian Yilian Technology Co. Ltd. (China), Alstom S.A (France), Hubbell Incorporated (U.S) and Bharat Heavy Electricals Limited. (India).
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