Electric Insulator Market Projected to Growth by a CAGR of ~8% throughout 2022 – 2030
Electric Insulator Market Growth to be Propelled by a CAGR of ~8% throughout 2022 – 2030 Ascribing to the Escalating Refurbishment of Existing Grid Networks Worldwide
Research Nester published a report titled “Electric Insulator Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global electric insulator market in terms of market segmentation by material type, application, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global electric insulator market is estimated to occupy a large amount of revenue by growing at a CAGR of ~8% during the forecast period, i.e., 2022 – 2030, owing to the rising refurbishment of existing grid networks, and increasing adoption of renewable energy resources across the globe. Apart from these, growing investments in transmission and distribution networks, and surging demand for energy worldwide are also significant factors expected to drive market growth in the forthcoming years.
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The market is segmented by material type, application and end user. Based on material type, the composite segment is anticipated to observe notable growth during the forecast period on the back of improved transmission line aesthetics, high shock resistance, and ease of installation of this material type of electric insulator. Additionally, by application, the transformer segment is projected to witness robust growth over the forecast period attributing to the rising installation of transformers for meeting the growing electricity requirements globally.
Geographically, the global electric insulator market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America region is evaluated to grab the largest share in the market during the forecast period attributing to the high investments in power generation sector, and strong presence of major market players in the region. Moreover, the market in Asia Pacific is assessed to grow by a noteworthy rate in the future owing to the escalating demand for power, and rapidly growing urbanization in the region
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Rising Refurbishment of Existing Grid Networks Globally to Boost Market Growth
As per the data provided by the U.S. Energy Information Administration (IEA), the total energy consumed worldwide grew up to 599.459 quadrillion Btu in 2018, up from 582.776 quadrillion Btu units of energy in the year 2017.
The increasing energy demand globally is raising the need for stable and reliable transmission and distribution networks. Unreliable T&D infrastructure poses threat to national security as a result of sudden power outages. This in turn is giving rise to high in-flow of investments for refurbishing existing grid networks around the world to significantly drive market growth in the near future.
However, rapidly changing prices of raw materials is expected to operate as key restraint to the growth of the global electric insulator market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global electric insulator market which includes company profiling of ABB, Ltd., Siemens AG, General Electric Company, Seves Group, Bharat Heavy Electricals Limited, Hubbell Inc., Zhengzhou Orient Power Co. Ltd, PPC Austria Holding GmbH, K-Line Insulator Limited, Toshiba Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric insulator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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