The electric insulator market size is projected to reach US$ 17702.55 million by 2031 from US$ 11228.26 million in 2023. The market is expected to register a CAGR of 5.8% during 2023–2031. Growing smart city infrastructure is likely to remain a key trend in the market.
Many developing nations, including Brazil, Vietnam, Saudi Arabia, India, and others, are concentrating on increasing their industrialization. As part of the "Make in India" initiative, the Indian government is concentrating on growing industries. It is a significant national initiative of the Indian government that aims to improve talent development, encourage innovation, protect intellectual property, make investment easier, and create the nation's best manufacturing infrastructure. Cars, auto components, aviation, biotechnology, chemicals, construction, defense manufacturing, electrical machinery, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, oil and gas, pharmaceuticals, ports and shipping, railways, renewable energy, roads and highways, space, textile and garments, thermal power, tourism and hospitality, and wellness are among the 25 industries that are the focus of the Made in India program.
Electrical conductors and electrical insulators are not the same thing. Materials that facilitate the easy flow of electricity through them are known as electrical conductors. Charges can pass through them with ease. Conversely, materials that act as insulators prevent the free passage of electric charges through them. The capacity of conductors to conduct electricity is determined by a property known as conductivity. How much resistance an insulator offers to the flow of electricity determines how effective they are. Resistivity is the name given to this characteristic as opposed to conductivity. Insulators are primarily utilized in situations where it is necessary to stop the flow of electric charges. Because these materials don't have the moveable electric charges needed to spread electric current, they function as efficient non-conductors. The majority of applications for electrical insulators are in electrical equipment. For instance, insulating material is placed over electrical lines that carry power through homes to guard against any potential safety risks.
Total U.S. electricity consumption in 2022 was about 4.07 trillion kWh, according to the U.S. Energy Information Administration. The growing population demands more electricity. With the increase in the electricity demand across commercial, residential, and industrial applications, more transmission and distribution networks are needed to provide electricity across the world, also, according to the data of the Ministry of Power Govt. In India, the electricity generation target (including RE) for the year 2023-24 has been reduced to 1750 Billion Units (BU). i.e., growth of around 7.2% over an actual generation of 1624.158 BU for the previous year (2022-23). The generation during 2022-23 was 1624.158 BU, compared to 1491.859 BU generated during 2021-22, resulting in a growth of approximately 8.87%. Therefore, the increasing demand for electricity and the increasing investments in transmission and distribution networks are boosting the need for electric insulators.
In order to satisfy the various energy needs of end users, a smart grid is an electricity network that makes use of digital and other cutting-edge technology to monitor and control the transportation of electricity from all generation sources. The government of various regions is investing in smart grid projects significantly. For instance, in October 2023, The US Department of Energy (DOE) earmarked $3.46 billion for 58 smart power grid projects spanning 44 states aimed at fortifying the resilience and reliability of the nation's electric grid. The initiatives, underpinned by the Bipartisan Infrastructure Law, will leverage a total investment of over $8 billion from both federal and private sources. Thus, increasing investments in smart power grids is creating opportunities for the market.
Key segments that contributed to the derivation of the electric insulator market analysis are Product type, material type, application, and end user.
The geographic scope of the electric insulator market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. APAC dominates the electric insulator market. The electric insulator market in this region is growing due to various factors, such as increasing government initiatives for the electric grid infrastructure and the growing population as well as the economy.
The regional trends and factors influencing the Electric Insulator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electric Insulator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11228.26 Million |
| Market Size by 2031 | US$ 17702.55 Million |
| Global CAGR (2023 - 2031) | 5.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electric Insulator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electric Insulator Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The electric insulator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the electric insulator market are listed below:
The “Electric Insulator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the global electric insulator market is 5.8%.
The global electric insulator market is expected to reach US$ 17702.55 million by 2031.
Growing smart city infrastructure is anticipated to play a significant role in the global electric insulator market in the coming years.
The key players holding majority shares in the global electric insulator market are 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.
Increasing demand for electricity and Increasing investments in the projects of smart grids are the major factors that propel the global electric insulator market.
APAC dominates the electric insulator market.