(MENAFN- GlobeNewsWire - Nasdaq) The Global Electric Insulator market Size was Valued at USD 13.2 Billion in 2023 and the Worldwide Electric Insulator Market Size is Expected to Reach USD 22.4 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Hubbell Power Systems, Modern Insulators, NGK Insulators, Ltd., INCAP, TE Connectivity, Seves Group, Hitachi Energy, Aditya Birla Insulators, BHEL, Zhengzhou Orient Power, Olectra Greentech, Almatis GmbH, Elsewedy Electric, GE Grid Solutions, MacLean-Fogg Company, Siemens AG, ABB Ltd and other key vendors.
New York, United States , July 30, 2024 (GLOBE NEWSWIRE) -- The Global Electric Insulator Market Size is to Grow from USD 13.2 Billion in 2023 to USD 22.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.4% during the projected period.
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A substance that inhibits the easy flow of electrical current is known as an electrical insulator. The electrons in insulator atoms are firmly bonded and immovable. Put otherwise, there are no free electrons in the valence shell of an insulator. More electrical current can flow through semiconductors and conductors than through other types of materials. An insulator is identifiable when its resistance is higher than that of a conductor or semiconductor. Most non-metals are thought to be insulators. Plastic, rubber, wax, glass, bakelite, ceramics, mica, porcelain, quartz, and so on are examples of electrical insulators. Furthermore, the market is growing primarily as a result of the accelerating expansion of power infrastructure and the rising electricity demand. The growing rates of industrialization and urbanization are also driving up the need for electrical infrastructure, which is good news for the electric insulator market. Furthermore, the continuing growth of high-voltage transmission networks and ongoing advancements in grid infrastructure are predicted to drive up demand for high-voltage electric insulators. Significant wind and solar energy projects going up, together with a paradigm change toward the production of renewable energy, could help the electric insulator industry continue to grow. However, the electric insulator industry is made up of both organized and unorganized actors and sectors. The organized sector primarily targets industrial buyers and maintains great product quality, while players in the unorganized sector offer less-priced options to enhance their market presence and break into local markets. Leading market participants face intense competition from unorganized competitors who sell cheap, subpar products.
Browse key industry insights spread across 187 pages with 110 Market data tables and figures & charts from the report on the " Global Electric Insulator Marke t Size, Share, and COVID-19 Impact Analysis, By Material (Glass, Ceramic/Porcelain, Composites, and Others), By Category (Bushings and Other Insulators), By Installation (Transmission Lines, Substations Railways, Distribution Networks, and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ceramic/porcelain segment is anticipated to hold the greatest share of the global electric insulator market during the projected timeframe.
Based on the material, the global electric insulator market is divided into glass, ceramic/porcelain, composites, and others. Among these, the ceramic/porcelain segment is anticipated to hold the greatest share of the global electric insulator market during the projected timeframe. Due to their outstanding mechanical and electrical properties, which qualify them for high-voltage uses. The worldwide electronics sector, which is estimated to be worth over $4.5 trillion, could not exist without ceramics. Ceramic-based components are crucial to devices such as cellphones, computers, televisions, car electronics, and medical equipment. Insulators made of ceramic and porcelain are frequently used.
The blushings segment is expected to grow at the fastest pace in the global electric insulator market during the projected timeframe.
Based on the category, the global electric insulator market is divided into bushings and other insulators. Among these, the blushings segment is expected to grow at the fastest pace in the global electric insulator market during the projected timeframe. Due to the support and insulation they provide where power lines or conductors pass through obstructions like walls, enclosures, or transformers, bushings are crucial parts of electrical networks. The expansion of the bushings segment can be attributed to multiple factors. One important driver is the increasing demand for stable and efficient networks for the transmission and distribution of power.
The distribution networks segment is predicted for the highest revenue share in the global electric insulator market during the estimated period.
Based on the installation, the global electric insulator market is divided into transmission lines, substations railways, distribution networks, and others. Among these, the distribution networks segment is predicted for the highest revenue share in the global electric insulator market during the estimated period. These systems play a major role in the efficient and reliable transportation of power, which drives the demand for insulators. The distribution networks segment is one of the primary forces behind market expansion. Power is becoming more and more necessary at the municipal level as a result of continued urbanization and population increase. Substations utilize distribution networks to supply energy to homes, companies, and industries.
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Asia Pacific is expected to hold the largest share of the global electric insulator market over the forecast period.
Asia Pacific is expected to hold the largest share of the global electric insulator market over the forecast period. Asia-Pacific is the most populous region in the world and is home to numerous developing and underdeveloped nations. In addition, a sizable number of megacities and an ever-growing population call it home. The two main sources of revenue in the area are China and India. The population is growing, which raises the need for electricity and, in turn, for passive electronic components like insulators. The growing popularity of smart grids and smart cities is predicted to drive market growth in the upcoming years.
North America is predicted to grow at the fastest pace in the global electric insulator market during the projected timeframe. The US market for electric insulators is anticipated to develop as a result of the country's rising energy demand. This is expected to raise demand for effective energy distribution and transmission. Electric insulators are predicted to be the most effective solution for guaranteeing safe electrical flow and preventing transformer leakage currents. An increase in the requirement for transformers to step down or raise voltage levels is predicted to support growth. Growth is anticipated to pick up speed as US electrical companies prioritize reliability and safety more.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Electric Insulator Market include Hubbell Power Systems, Modern Insulators, NGK Insulators, Ltd., INCAP, TE Connectivity, Seves Group, Hitachi Energy, Aditya Birla Insulators, BHEL, Zhengzhou Orient Power, Olectra Greentech, Almatis GmbH, Elsewedy Electric, GE Grid Solutions, MacLean-Fogg Company, Siemens AG, ABB Ltd
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Recent Developments
In March 2024, Fluke now offers two lightweight (1.3 kg) portable insulation resistance testers that may be used for reliable, fast, and accurate testing up to 2500 V (DC). The high-voltage 1535 and 1537 Insulation Resistance Testers are ideal for industrial electricians, maintenance technicians, electrical engineers, and field service engineers who want to increase efficiency and simplify front-line troubleshooting.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Electric Insulator Market based on the below-mentioned segments:
Global Electric Insulator Market, By Material
Glass Ceramic/Porcelain Composites Others
Global Electric Insulator Market, By Category
Bushings Other Insulators
Global Electric Insulator Market, By Installation
Transmission Lines Substations Railways Distribution Networks Others
Global Electric Insulator Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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