Electric Insulator Market - Future Trends, Demand & Growth!!!
The global electric insulator market is predicted to develop at a 5.88% CAGR between 2018- 2023 states the recent Market Research Future (MRFR) analysis. Electric insulator, simply put, is a form of material that helps in resisting the flow of the electric current. Generally, it is used in every electric device in the transmission and the distribution line. It comes in different voltage capacities of low, medium, and high and is mostly used in cable, busbar, switchgear, transformer, and other applications. These insulators are made of ceramic, glass, and composite. Utilities and industries are some its end users.
Various factors are propelling the global electric insulator market share. As per the current MRFR report, such factors include rising adoption of renewable energy sources, growing investments in T &D networks, refurbishment of current grid networks worldwide, and growing acceptance of smart grid technology. Additional factors adding market growth include sizable investment towards modernization of electrical infrastructure, rapid urbanization, and growing emphasis on the capacity of power generation.
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On the contrary, rising grey market products of inferior quality, massive investment, economic slowdown, and lack of government assistance are factors that may impede the global electric insulator market growth over the forecast period. Besides, the COVID-19 impact is also impacting the market growth to some extent which is expected to improve by the year end.
The MRFR report provides an inclusive segmental analysis of the global electric insulator market report based on end user, type, application, and voltage.
By voltage, the global electric insulator market is segmented into low, medium, and high. Of these, the medium voltage segment will lead the market over the forecast period.
By application, the global electric insulator market is segmented into cable, busbar, switchgear, transformer, and others. Of these, the transformer segment will dominate the market over the forecast period.
By type, the global electric insulator market is segmented into ceramic, glass, and composite. Of these, the ceramic segment will have a major share in the market over the forecast period.
By end user, the global electric insulator market is segmented into utilities, industries, and others. Of these, the utilities segment will command the largest share over the forecast period.
Based on the region, the global electric insulator market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. Upgrade of present electrical infrastructure, growing demand for power, increase in power generation and electric grid capacity, booming industrial sector, urbanization, and increase in population are adding to the global electric insulator market growth in the region. India & China have the largest share in the market. Besides, growing electrification worldwide and a rise in infrastructural activities are also adding market growth.
The global electric insulator market in North America is predicted to have significant growth over the forecast period.
The global electric insulator market in Europe is predicted to have healthy growth over the forecast period. The presence of several developed countries especially Germany, the UK, Canada, and the US, coupled with growing electrification, is adding to the global electric insulator market growth in the region.
The global electric insulator market in the MEA is predicted to have moderate growth over the forecast period.
Eminent players profiled in the global electric insulator market report include Southwire Company (US), Maclean Fogg (US), Lapp Insulators (Germany), Bharat Heavy Electricals Limited (India), Toshiba (Japan), Hubbell (US), NGK Insulators (Japan), Siemens (Germany), General Electric (US), and ABB (Switzerland), among others.
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