The global electric insulator market is projected to reach a market size of USD 13.34 billion by 2023, at a CAGR of 5.58%, from an estimated USD 10.17 billion in 2018.
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According to the new market research report "Electric Insulator Market by Type (Ceramic, Glass, and Composite), Voltage (Low, Medium, and High), Category (Bushings), End-User (Utilities, Industries), Application (Transformer, Cables, Busbar), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The electric insulator market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. 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.
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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 micro grid establishments for renewable power integration would contribute to the growth of the industries segment during the forecast period.
Browse and in-depth TOC on "Electric Insulator Market"
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The report segments the electric insulator market, by application, into 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.
Asia Pacific: The leading market for electric insulator
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. The 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.
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The electric insulator market is dominated by a few major players that have a wide regional presence. The leading players in the electric insulator market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India).
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