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According to The Insight Partners’ research, the Electric Insulator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by product type, material type, application, and end user,” 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.

In July 2021, General Electric has been awarded multiple orders to supply 765 kV transformers and reactors in India by Power Grid Corporation of India Limited (PGCIL), India’s largest state-owned transmission company. As part of the order, GE will provide 13 units of 765 kV transformers and 32 numbers of 765 kV reactors.

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In April 2021, GE and Hitachi ABB Power Grid have signed a non-exclusive, cross-licensing agreement related to the use of an alternative gas to sulfur hexafluoride (SF6) used in high voltage equipment. This fluoronitrile-based gas mixture has a significantly reduced impact on the environment compared to SF6.

The List of Companies – Electric Insulator Market

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. For instance, in May 2021, a contract was assigned to the IRICAV DUE consortium and Rete Ferroviaria Italiana for the construction of the Verona-Padua high-speed railway. Similarly, in August 2020, a contract was awarded to IRICAV 2 consortium (Webuild Group) for high-speed rail development between Verona and Padua. Therefore, with the expansion of seaports and railway tracks, the demand for electric insulators is expected to increase.

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The global electric insulator market is segmented on product type, material type, application, end user, and geographic regions. Based on product type, the electric insulator market is segmented into shackle insulator, pin insulator, suspension insulator, and others. The pin insulator segment held the largest market share in 2020. On the basis of material type, the market is segmented into ceramic, glass, and composite. The composite segment is anticipated to be the fastest growing material type during the forecast period of 2021 to 2028. Transformer, busbar, cable, switchgear, and surge protection device among others are the key application areas of global electric insulator market. In 2020, transformer application held the largest market share followed by cables. On the basis of end user, the market is segmented into utilities, industries, and others. The utilities segments are expected to dominate the market over the forecast period. Geographically, the global electric insulator market is segmented into North America, Europe, APAC, MEA, and SAM. In 2020, the market was dominated by APAC region with more than ~34.5% revenue share, followed by North America and Europe.

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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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