Global Insulator Market Scenario
According the
latest report published by Market Research Future (MRFR), the global Insulator
Market Size 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.
Segmental Overview
The segmental
analysis of the global insulator market size 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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