Wilmington, Delaware, July 31, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Industrial Insulators Market by Type (Pin Insulators, Spool/Shackle Insulators, Suspension Insulators and Others), Material Type (Porcelain or Ceramic, Glass, Composite and Others), and Application (Transformers, Cables, Switchgear, Busbar, Surge Protection Devices and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the industrial insulators market was valued at $4.8 billion in 2023, and is estimated to reach $8.0 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
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Prime determinants of growth
The development of innovative materials such as composite insulators, which offer superior mechanical strength, resistance to environmental degradation, and lighter weight compared to traditional ceramic or glass insulators, is attracting considerable attention. These modern insulators improve the durability and longevity of electrical infrastructure and contribute to lower maintenance costs and enhanced system performance. All these factors are expected to drive the demand for the industrial insulators market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2023 | $4.8 Billion |
| Market Size In 2033 | $8 Billion |
| CAGR | 5.3% |
| No. Of Pages In Report | 340 |
| Segments Covered | Type, Material Type, Application, And Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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The pin insulators segment is expected to experience the fastest growth throughout the forecast period.
By type, the pin insulators segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Pin insulators are a type of electrical insulator used in power distribution systems to support and insulate electrical conductors on overhead distribution lines. Pin insulators are typically used for voltages up to 33 kV, although they occasionally be found in higher voltage applications depending on the design and requirements.
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The porcelain or ceramic segment is expected to experience the fastest growth throughout the forecast period.
By material type, the porcelain or ceramic segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Porcelain or ceramic insulators are a type of electrical insulator made from ceramic materials, primarily used in electrical systems to provide insulation and mechanical support for overhead transmission and distribution lines. These insulators prevent the undesired flow of current to the ground and maintain the electrical integrity of the power system.
The transformer segment is expected to experience the fastest growth throughout the forecast period.
Based on the application, transformer segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The transformer segment is typically the most dominant in terms of the critical need for high-quality insulators. Transformers operate at high voltages and play a crucial role in electrical transmission and distribution, necessitating robust and reliable insulation solutions.
Asia-Pacific is expected to experience fastest growth throughout the forecast period
Based on region, Asia-Pacific is the fastest growing region in terms of revenue in 2023. Asia Pacific countries such as China, India, and Southeast Asian nations, are fueling the demand for electricity. This necessitates the expansion and modernization of electrical infrastructure such as power generation, transmission, and distribution networks. As a result, there is a growing need for industrial insulators to ensure the reliable and efficient operation of these systems, particularly in high-voltage applications such as substations and transmission lines.
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Leading Market Players: -
- Hitachi Energy Ltd.
- Hubbell Power Systems
- Reliserv Solution
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
- LAPP Insulators GmbH
- Huntsman International LLC
- Adpro Pvt. Ltd.
- Modern Insulators Ltd.
- Siemens Energy
- Prime Plus
- Incap.
The report provides a detailed analysis of these key players in the global industrial insulators market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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