MarketsandMarkets forecasts the electric insulator market is projected to reach USD 13.3 billion by 2023, from an estimated USD 10.2 billion in 2018, at a CAGR of 5.6%.
The electric insulator market is projected to reach USD 13.34 billion by 2023, from an estimated USD 10.17 billion in 2018, at a CAGR of 5.58%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America.
This growth can be attributed to the growing adoption of renewable energy sources, increasing investments in T&D networks, and refurbishment of existing grid networks across the globe. However, increasing availability of low-quality gray market products can hinder the growth of the market.
The electric insulator market, by end-user, is segmented into utilities, industries, and others. The industries segment is estimated to be the fastest growing during the forecast period.
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 microgrid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.
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The electric insulator market has been analysed with respect to 6 regions, namely, Asia Pacific, North America, Europe, South America, Middle East, and Africa. The market in Asia Pacific is estimated to be the largest electric insulator market, from 2018 to 2023.
China and India are heavily investing in T&D infrastructure to meet the growing demand for electricity. North America is the second most lucrative markets for electric insulators as replacement and refurbishment of the existing infrastructure is the major requirement in the local T&D scenario.
Meanwhile, Europe is another major market for electric insulators, since the concept of smart grid technologies is gaining momentum particularly among the European Union (EU) countries. A renewed focus on renewable sources of energy is being developed in countries such as Germany and the UK.
These upcoming power generation sources are expected to push the growth of new T&D lines, which in turn would increase the requirements for electric insulators.
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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).
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