- The utilities estimated to be the fastest growing segment of the electric insulator.
- Asia Pacific is estimated to be the fastest growing market for electric insulators during the forecast period.
- The low voltage segment is expected to be the largest segment of the electric insulator.
The electric insulator market is expected to grow from an estimated $10.17 billion in 2018 to $13.34 billion by 2023, at a CAGR of 5.58% from 2018 to 2023. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the electric insulator market. Increasing investments in smart grid projects and growing demand for HVDC transmission projects can lead to opportunities in the electric insulator market.
The utilities estimated to be the fastest growing segment of the electric insulator
The electric insulator by end-user is segmented into utilities, industries, and others. The utilities estimated to be the fastest growing segment of the electric insulator market during the forecast period. The segment includes transmission & distribution utilities (both governmental and privately owned). This is due to increasing investments in transmission & distribution network globally and upgrading of aging technology in the developed nations such as the US, Canada, and Australia.
The industries segment includes sectors such as oil & gas, marine, manufacturing, and process that require extra safety for electrical equipment. Increasing investments and transition toward clean energy sources and micro grid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.
The application of electric insulator is cables, transformer, switchgear, busbar, surge protection device, and others (auxiliary equipment). The transformer segment is expected to grow at the highest CAGR during the forecast period due to the expansion of power T&D networks across Asia Pacific, North America, and the Middle East & Africa.
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Asia Pacific: The leading market for electric insulator market
Asia Pacific is estimated to be the fastest growing market for electric insulators during the forecast period. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. Factors such as increased power consumption, government mandates on energy efficiency, rising influx of renewable sources in the energy mix, renovation, modernization, and expansion of T&D networks are driving the electric insulator market in the region. T
he high growth rate in the Asia Pacific region can be attributed to increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past. China and India are the largest markets for electric insulators in the region. China accounts for the largest share owing to the large-scale rollout plans. The country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for electric insulators.
The low voltage segment is expected to be the largest segment of the electric insulator
The low voltage segment led the electric insulator market in 2017 as these types of insulators are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, and other industries.
Increasing industrialization and urbanization is one of the major drivers for the growth of the low voltage segment during the forecast period. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the low voltage segment.
The leading players in the electric insulator market are ABB Ltd. (Switzerland), General Electric, Siemens AG (Germany), Toshiba Corporation (Japan), and Aditya Birla Nuvo Ltd. (India).