According to Custom Market Insights (CMI), The Global Electric Insulator Market size was estimated at USD 12.6 Billion in 2021 and is expected to hit around USD 20.5 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5% from 2022 to 2030.
The report examines the Electric Insulator market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Insulator market.
Electric Insulator Market: Overview
An electrical insulator is employed in an electrical system to stop unwanted current flow. In the electrical system, the insulator is essential. Practically no current can pass over this extremely high resistive circuit. Electrical current or charges can travel in a single or numerous directions thanks to the electrical conductor’s substance. It helps to save energy costs by preventing the passage of excessive voltage in an electric circuit. Additionally, it reduces pollution emissions and improves the efficiency of electronic system processes. Additionally, it guards against electrocution and electric shock.
Browse the full “Electric Insulator Market Size, Trends and Insights By Material (Ceramic/Porcelain, Composite, Glass), By Voltage (Low, Medium, High), By Application (Cables Transmission Lines, Transformer, Switchgears, Bus Bars, Others), By Product (Pin Insulators, Shackle Insulators, Suspension Insulators, Other Insulators), By End-use (Commercial Industrial, Residential, Utilities), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/electric-insulator-market/
Growth Factors
The business scenario will be driven by renovating and replacing existing networks, particularly in emerging markets. The growth of the business will also be aided by strict government regulations for the construction of sustainable electrical networks that will increase electricity generation from renewable energy sources.
Global market operations have been hampered by the COVID-19 situation, which among other things, led to operations being delayed, a lack of labor, and supply chain disruptions. However, improving government guidelines for international travel and launching multiple immunization initiatives have returned business operations to normal. Additionally, providing power during emergencies in major power-producing plants and healthcare facilities has favorably impacted the business dynamics.
Segmental Overview
The global Electric Insulator market is categorized into material, voltage, product, and application. Based on material, the ceramic segment is estimated to dominate the market in 2021 owing to its superior mechanical strength, improved hydrophobicity, reduced leakage current, and high-stress resistance.
These insulators are also anticipated to experience significant adoption due to their superior insulating quality, increased fire temperature ratings, enhanced durability, and affordable availability. In addition, new government initiatives and funding for building extensive electricity networks will spur industry demand.
Based on the product, the pin insulators segment will notice considerable growth from 2022 to 2030. This glass-based insulator is typically utilized in 33 kV power distribution systems. In addition, they are used in single- and multi-piece applications throughout sub-transmission and distribution lines as voltage conditioning. Significant benefits of the product, such as the availability of multi-piece construction, excellent reliability, and simplicity of installation, are driving up industry value.
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Regional Overview
The Asia Pacific is anticipated to dominate the global electric insulator market in 2021. An important factor driving the expansion of the electric insulator market is the rapid industrialization and urbanization of nations like India and Japan, which results in a rise in the use of electricity. Developing the electric insulator market in the Asia Pacific could be further aided by key players in the industry setting up R D centers in nations like India.
Due to several well-known competitors in nations like the U.S. and Canada, North America is predicted to come second in the worldwide electric insulator market.
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Electric Insulator market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
Prominent Players
- Lutron Electronics Company
- Zumtobel Group
- Acuity Brands
- Alera Lighting
- Flexonics
- Hubbell Lighting Inc
- Hytronik
- Northlight Group LLP
- Crestron Electronics Inc
- ROHM Semiconductor
- Texas Instrument
- Kosnic Lighting Ltd
- Cooper Lighting LLC
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