Electric Insulator Market Size to Grow $13.34 Billion by 2023

Electric Insulator Market Size to Grow $13.34 Billion by 2023
The global electric insulator market size 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% from 2018 to 2023.

The global 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%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as increasing investments in T&D networks, refurbishment of existing grid networks, and growing adoption of renewable energy sources are driving 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 transformer segment is estimated to be the fastest growing segment during the forecast period due to the expansion of power T&D networks across Asia Pacific, North America, and the Middle East & Africa. Increasing installation of various transformer types for meeting the rising electricity requirements has led to the largest share of the transformer segment in the total electric insulator market.

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A smart grid is an advanced technology with smart devices in the circuits, enabling remote monitoring of the normal operation. These devices have two-way communication technologies that allow the utility to interact with every device and control their working to detect and eliminate faults. Increasing smart city projects across the globe presents a huge opportunity for the technology companies, service providers, utility providers, and consulting companies. In smart cities, the key services such as utility, safety, transportation, and health are managed more efficiently and intelligently using technology and proper utilization of resources. Smart cities are likely to depend on the smart grids to provide robust energy to perform the key activities and functions. The rate of urbanization in APAC is the highest; both developed and developing countries in the region are looking to adopt smart city technologies.

A rise in investments in smart grid technologies and smart cities that include distribution grid automation, power quality equipment, and demand response systems in countries such as Japan, South Korea, and Australia would create opportunities for the electric insulator market. In addition, government policies in favor of creating more smart cities will also boost the demand for electric insulator during the forecast period.

Asia Pacific is expected to be the fastest growing electric insulator market

The Asia Pacific is estimated to be the fastest growing market for electric insulator market in 2023 and is projected to grow at the highest CAGR during the forecast period. Increase in population, urbanization, and the growth of the industrial sector have increased the demand for power in countries such as China and India. The government of Asia Pacific countries is planning to develop more electrical grid and power generation capacity, which would further boost the demand for insulator in the region. Therefore, increasing demand for power and upgradation of existing electrical infrastructure is expected to boost the electric insulator demand in the region.

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The leading players in the Electric Insulator Market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), Aditya Birla (India), General Electric (United States), NGK Insulators (Japan), Hubbell (United States), Bharat Heavy Electricals Limited (India), LAPP Insulators (United States), Maclean-Fogg (United States), Seves Group (Italy), and TE Connectivity (Switzerland).

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