The global Electric Insulator Market is expected to grow from US$ 11.52 billion in 2020 to US$ 17.45 billion by 2028; it is estimated to grow at a CAGR of 6.1% during 2020-2028. Lockdown restrictions imposed by various governments worldwide has affected the end-user demand, as electric constructions remain halted during Q1 of 2020. Additionally, disruptions in supply chain and global shipping has also affected the market. Factors such as rapid integration of renewables and distributed technologies onto the grid, utilities are increasingly upgrading their existing infrastructure. The development of renewable-based power generation is expected to result in the expansion of T&D infrastructure, resulting in an increase in demand for electric insulators over the coming years. However, the increasing adoption of underground cables, over overhead, in the T&D infrastructure, is expected to hinder the growth of the demand for electric insulators, in the long run.
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Global Electric Insulator Market is expected to witness substantial growth during the forecast period owing to growing investments power grid infrastructure along with rapid urbanization in emerging economies. According to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India in 2022. This would drive the market globally. Asia Pacific holds the largest share due to increased investments in the smart grid infrastructure development, T&D spending, growing dependence on renewable power generation sources, and infrastructural activities in the recent past. China accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for electric insulators.
The Electric Insulator Market is segmented as below:
Historical, Current and Future Market Trends
Market Breakup by End Use Industry:
The report has also analysed the competitive landscape of the market with some of the key players being ABB, NGK Insulators Ltd, Aditya Birla Nuvo, Siemens AG, General Electric, Hubbell, BHEL, Toshiba, Krempel, MacLean-Fogg, PFISTERER, Seves Group, WT Henley, etc.
A selection of COMPANIES mentioned in this report includes:
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13 Market Breakup by End Use Industry
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