New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Electric Insulator Market: Key Insights
According to our new research study on “Electric Insulator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Material Type, Application, End User, and Geography,” the Electric Insulator Market is projected to reach US$ 15,309.3 million by 2028 from US$ 10,324.5 million in 2021; it is expected to grow at a CAGR of 5.8% during the forecast period of 2021 to 2028.
Electric Insulator Market: Competitive Landscape and Key Developments
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 key market players in the global electric insulator market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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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.
Electric insulators play a key role in ensuring safety and stability in power transmission and distribution applications by protecting various components such as transmission lines, steel towers, and substation equipment from unwanted flow of current. Electric insulators are widely used to provide mechanical support and electrical protection to various equipment and systems that are deployed in transmission & distribution centers and substations worldwide. The companies operating in this market are focusing on providing high quality electric insulators by using advanced technologies and superior materials to meet growing demands of end users. Pin insulator, suspension insulator, strain insulator, post insulator, and shackle insulator are some of the major types of electric insulators that are being used in transmission, distribution, substation, and railways applications globally. These insulators are being used for low, medium and high voltage applications in utilities and industrial applications. The high level of industrial growth in developing regions, rising investments in power & transportation infrastructure by governments worldwide, and upgradation of old grid infrastructure in developed countries are some of the key factors that are driving the demand of various types of electric insulators worldwide.
The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
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The worldwide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities along with production volume across several manufacturers especially the small & medium enterprise owners. The semiconductor industry took a significant hit as the demand for electric insulator components was lowered from industrial sector and other end users. The production of electric insulator was at halt during lockdowns. However, with the uplifting of lockdowns and vaccination processes in 2021, the manufacturing of insulator has started again. And also, the demand for electricity increases all across the globe due to re-opening of factories and offices. Thus, in 2021, there is an expectation of increase in the demand of electric insulator market.
With the rise in urbanization and the emergence of advanced technologies, many countries are focusing on building smart cities for a healthier and luxurious lifestyle. For instance, in 2021, Japanese automobile manufacturing company “Toyota” announced that their Smart City project, the ‘Woven City’, had begun at Mount Fuji, Japan. The city is envisioned to be a smart city that is a “living laboratory” spread across 175 acres and will be used to test autonomous vehicles, along with consumer and industrial grade robotics, and above all, the integration of artificial intelligence with the personal lives and mobility of its residents. The Woven City was initially announced back in January 2020 at the Consumer Electronics Show, Las Vegas, where it was described as a “prototype city of the future where all ecosystems are connected.” Similarly, according to the India Brand Equity Foundation website, the government of India has selected 100 cities for area-based and pan-city development between 2019 and 2023. For this, in 2020, the total allocated investments for the “Smart City Mission” stood at US$ 28.31 billion. Of the total investments, 5,331 projects worth US$ 24.31 billion (86% of the total) have been tendered as of 2020. Work orders have been issued for 4,540 projects worth US$ 19.33 billion (68% of the total) and 2,122 projects worth US$ 4.83 billion have been completed (17% of the total) as of 2020. In smart cities, the key services including utility, transportation, safety, and health are managed more efficiently using technology and proper utilization of resources. Smart cities are likely to depend on smart grids to provide robust energy to perform the key activities and functions. Therefore, with the growing number of smart city projects, the need for electric insulators is required for applicable in smart power grids.
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Electric Insulator Market: End User Overview
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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