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According to our latest market study on “Electric Insulator Market Forecast to 2028 –  the market is expected to grow from US$ 10,324.5 million in 2021 and is projected to reach US$ 15,309.3 million by 2028; it is expected to grow at a CAGR of 5.8% from 2021 to 2028 and Electric Insulator Market Global Analysis – by product type, material type, application, and end user,” The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human’s movement

Expansion of Railway Lines to Provide Growth Opportunities for Electric Insulator Market during 2021–2028

The development and growth of the industrial and manufacturing industry are being catalyzed by an attractive ecosystem consisting of industrial cities, well-developed infrastructure, high-quality utility supplies, and a well-established logistics network. Further, industrial production in Saudi Arabia increased by 0.60% in May of 2021 over the same month in the previous year. Therefore, with the growing industrialization in developing countries, the demand for electric insulators will increase.

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Many developing countries such as India, Saudi Arabia, Brazil, and Vietnam, among others focusing on industrialization growth. In India, the government is focusing on developing industries under the “Make in India’ program. It is a major national program of the government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build best-in-class manufacturing infrastructure in the country. The focus of the Make in India program is on 25 sectors, including automobiles, automobile components, aviation, biotechnology, chemicals, construction, defense manufacturing electrical machinery, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality, and wellness.

Leading  Electric Insulator Market Players:

Hitachi ABB Power Grids Group; Aditya Birla Insulators; General Electric Company; Hubbell Incorporated; MacLean-Fogg Company; NGK Insulators, Ltd.; PFISTERER Holding AG; SEVES Group; Siemens AG; and TE Connectivity Ltd. are among the major companies operating in the electric insulator market.

With the growing railway lines and seaports construction, the demand for electric insulators increases as it is used for electrification in railway lines and seaports. For instance, as of Statista data of 2020, Italy has more than 1,100 km length of only high-speed railway network, with a maximum length of 254 km connecting Florence and Rome. Further, several ongoing projects are running in the railway sector in Italy.

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Increasing Demand for Electricity and Growing Investments in Transmission and Distribution Networks

According to the India Brand Equity Foundation website, the power consumption is estimated to reach 1,894.7 TWh by 2022, only in India. The growing population demands more electricity. With the increase in the electricity demand across residential, commercial, and industrial applications, more transmission and distribution networks are needed to provide electricity across the world. For instance, the Government of India (GOI) has allocated INR 111 lakh crores (US$ 1.4 trillion) under the National Infrastructure Pipeline for FY 2019–2025.

The energy sector is likely to account for 24% of capital expenditure over FY 2019–2025. Moreover, it is also estimated that electricity’s share of the total energy demand is expected to be more than double in 2050, driven by substantial electrification in the transport, buildings, and manufacturing sectors. Therefore, the increasing demand for electricity and rising investments in transmission and distribution networks are boosting the need for electric insulators

Product Type – Based Market Insights

Based on product type, the electric insulator market is segmented into shackle insulator, pin insulator, suspension insulator, and other product types. In 2020, the pin insulator segment led the electric insulator market, accounting for the largest share in the market.

Based on material type, the electric insulator market can be segmented into ceramic, glass, and composite. In 2020, the ceramic segment accounted for the largest market share.

Based on application, the electric insulator market can be segmented into transformer, busbar, cable, switchgear, surge protection device, and other applications. In 2020, the transformer segment accounted for the largest market share.

Based on end user, the electric insulator market can be segmented into utilities, industries, other end users. In 2020, the utilities segment accounted for the largest market share.

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The players operating in the electric insulator market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

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