Global Insulator Market Scenario:
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.
Modern insulators have compact designs and are
cost-effective, which make them suitable for various utilities. The growing demand for electricity is leading
to development of new grids, which continues to drive insulator demand
worldwide. However, rising raw material price and increased focus on developing
alternative solutions may hamper the market during the forecast period.
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Segmental Overview
The segmental analysis of the global 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.
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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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