Electric insulators market is anticipated to grow at a CAGR of 5.94% from 2022 to 2028

COVID-19 IMPACT ANALYSIS ON GLOBAL ELECTRIC INSULATORS MARKET

The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global electric insulators market. In addition, complete analysis of changes on the global electric insulators market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Applications such as transformer, cables, switchgear, surge protection devices and many others also affected by the COVID-19 pandemic. For instance, the COVID-19 pandemic had affected the switchgear sector worldwide. Owing to the pandemic, numerous companies in the power industry across world had to shut down their manufacturing facilities and services as nations practiced full or partial lockdown strategy to deal with the crisis. The businesses across the world have also delayed or suspended their main power projects. Additionally, the COVID-19 pandemic had also impacted the entire supply chain of the power industry.

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MARKET OVERVIEW- GLOBAL ELECTRIC INSULATORS MARKET

MARKET DRIVERS

Increasing renovation of present grid networks is making more demand for electric insulators. Aging equipment needs advancement and replacement of present infrastructure. Increasing demand for energy has result in the need for reliable and stable transmission and distribution (T&D) networks. Unreliable or inconstant T&D infrastructure poses hazards to national security owing to unexpected power outages. Moreover, as per IEA, over the 2012-2035 period, strategic investments in the electricity industry for the global generating capacity is approximately US$ 9.7 trillion, with an added US$ 7.2 trillion for T&D grids (60% to construct new infrastructure and 40% to change present infrastructure). Therefore, the healthy infrastructure expenditure across the globe will help to improve the electric insulator market.

MARKET OPPORTUNITY

Growing investment for smart grid projects is an emerging opportunity for the electric insulators market to grow across the globe. The rate of urbanization and industrialization in APAC is the highest; both developing and developed nations in the region are considering to adopt smart city technologies. An ongoing smart city projects in developing economies, increase in investments in smart grid technologies and smart cities that include power quality equipment, distribution grid automation, and demand response systems in nations such as South Korea, Japan, and Australia would create prospects for the electric insulator market. Additionally, government strategies in favor of building more smart cities will also increase the demand for electric insulator during the estimated timeframe.

MARKET RESTRAINTS

Volatility in raw material prices is major restraining factor that could hamper the market growth. Ever-changing prices of raw materials required for production of electric insulators and sudden increase in the raw material prices during the pandemic period is likely to hinder the growth of the market during the forecast period. Moreover, silicon rubber and steel are the major raw materials used for manufacturing of electric insulators. The prices of these materials fluctuate frequently and are highly volatile. This difference in the prices can be accredited to the fact that China being one of the leading steel producers has experiencing slow economic growth since the last three years. The manufacturing industry in the region is anticipated to decline further in the future, which will give rise to further variations in prices.

MARKET GROWTH CHALLENGES

Increasing grey market products of low quality is major challenge towards the market growth. The electric insulator market comprises both unorganized and organized players/sectors. The organized division primarily targets industrial buyers and keeps high quality of the product, while companies in the unorganized segment offer low-priced substitutes to increase their presence in the market and penetrate local markets. Prominent market companies are experiencing stiff rivalry from market players of unorganized sector, who supply low-quality and low-priced products. These companies from the unorganized field suppress the well-established players in terms of price competitiveness and the networks of local supply maintained by them, which are challenging for global companies to achieve.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global electric insulators market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing use of electric insulators in end use sectors like utilities and various industries is attributed to the market growth.

MARKET SEGMENTAL OVERVIEW

The global electric insulators market comprises of different market segment like type, voltage, application, end user and geography.

ELECTRIC INSULATORS MARKET BY TYPE

The ceramic segment is likely to dominate the market during the forecast period. The development of renewable technologies based power generation and expansion of transmission and distribution infrastructure is increasing the demand for electric insulators. The ceramic insulators usually have a higher dielectric constant, which does not vary much with varying temperature, unlike other which conducts more electricity at higher temperatures, i.e., the dielectric constant of other types varies with temperature.

ELECTRIC INSULATORS MARKET BY VOLTAGE

Medium voltage segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Most of the low, medium and high voltage insulators are used for transmission and distribution of communications, and substations. In addition, most of the high voltage insulators are developed with a lower flashover voltage than puncture voltage, so they flash over before they puncture, to avoid damage. Besides, high voltage insulators for outdoor use are designed to increase the length of the leakage path along the surface from one end to the other, called the creepage length, to reduce these leakage currents.

ELECTRIC INSULATORS MARKET BY APPLICATION

The cable segment is likely to dominate the market during the forecast period. Rising concerns over power thefts and protection coupled with increasing focus on real time monitoring of power networks will boost the market growth of the segment. Moreover, recent introduction of Internet of Things based transformers to effectively control and monitor electrical grids will propel the growth of the segment.

ELECTRIC INSULATORS MARKET BY END USER

Among the end-users, utilities hold the major share in the market, since the electrical insulators are used in utilities in order to restrain the flow of current towards earth and maintaining the flow of current in the transmission line. Also, electric insulators are helpful in reducing the consumption of electricity and owing to their mechanical properties they help support the conductors, and as the countries are moving towards renewable source of energy, the use of electric insulators in the transmitters and distributors is likely to increase further.

ELECTRIC INSULATORS MARKET BY GEOGRAPHY

The global electric insulators market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is likely to witness rising demand for electric Insulators market. The electric insulators market is growing rapidly in the Asia-Pacific region, this region is considered to be the fastest developing reason in aspects of technology and economy which is why the industrialization is growing rapidly in this region. In Asia-Pacific region, China is considered to be the major country, since this country is one of the largest manufactures thus the consumption of energy is high in these industries and to avoid any loss caused by electric short-circuit there is a great demand for the electric insulators. Moreover, as regulatory bodies in India are making various efforts to develop the infrastructure for renewable source of energy, reducing accident or hazards caused by electricity and growing industrialization is likely to help the market for electric insulators to grow further. Moreover, Japan being the technical giant is also helping the industry to grow further with growing semi grid adoption in the country.

COMPETITIVE LANDSCAPE ANALYSIS

The expansion of T&D infrastructure due to the development of renewable-based power generation is expected to result in an increase in demand for electric insulators in the coming years. This, in turn, encouraging market players to gain competitive advantage in the global market.

The key competitors of this market include NGK Insulators, Bharat Heavy Electricals Limited, LAPP Insulators, Sediver, Maclean-Fogg, Aditya Birla Insulator, Elsewedy Electric, Gipro, South Wire Company, Goldstone Infratech Limited, Nanjing Electric, TE Connectivity, Inael Electrical System, K-Line Insulator Limited, and PPC Austria Holding Gmbh among others.

RECENT DEVELOPMENT:

August 2021: PPC Insulators has announced the release of 28 new fashions to their ESP Insulator line. These popular fashions may be determined with the aid of using downloading the flyer precise to America market. The fashions proven are similar to many not unusual place CoorsTek ESP insulators and are crafted from PPC`s specialized LD ceramic to offer superb thermal, mechanical, and electric properties.

April 2019: PPC Insulator has succeeded in becoming the first partner of RTE's Post Insulator. The bid for the French transmission system operator RTE has been started to comply with EU regulations on open bidding and to secure its supply. RTE, the only French energy company responsible for the operation, maintenance and development of French high voltage transmission systems in accordance with high safety and quality standards, has selected suppliers for the next few years.

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