Electric Insulator Market to Reach $20.8 Billion by 2031: Allied Market Research

Prevalence of robust development in high-voltage transmission networks, increase in inclination towards renewable energy generation including the deployment of large wind & solar based projects, and presence of favorable government norms, policies, schemes, and rebates toward the installation of sustainable power sources are expected to drive the growth of the global electric insulator market. Closed manufacturing facilities, halt of electric construction projects, and unavailability of raw materials during the pandemic had a negative impact on the market.

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Portland,OR, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric insulator market generated $12.6 billion in 2021, and is projected to reach $20.8 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Report coverage & details:

Report Coverage Details
Forecast Period 2022­–2031
Base Year 2021
Market Size in 2021 $12.6 billion
Market Size in 2031 $20.8 billion
CAGR 5.2%
No. of Pages in Report 467
Segments Covered Type, Material Type, Voltage, Application, End-Use And Region
Drivers Prevalence of robust development in high-voltage transmission networks
Increase in the emergence of several power generation projects in developing countries
Opportunities Increase in inclination toward renewable energy generation including the deployment of large wind & solar based projects,
Presence of favorable government norms, policies, schemes, and rebates toward the installation of sustainable power
Restrains Fluctuating prices of raw materials

COVID-19 Scenario:

  • The outbreak of COVID-19 has had a negative impact on the global electric insulator market. Owing to the stringent regulatory procedures imposed by the governments of various countries across the globe, there was closure of numerous manufacturing facilities, including those of electric equipment, which adversely impacted its demand during the pandemic.
  • On the other hand, all sorts of electric construction projects were halted. In addition, there was a shortage and raw materials and lack of availability of professional workforce in the industry further aggravated the impact on the market.
  • These restrictions were imposed by the governments to significantly curb the spread of the virus during the pandemic. However, the market is predicted to recover with eased restrictions and growing prevalence of smart cities.

The report offers detailed segmentation of the global electric insulator market based on type, material type, voltage, application, end-use and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.

Based on type, the pin insulator segment held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The shackle insulator market segment, on the other hand, is expected to cite the fastest CAGR of 5.8% during the forecast period.

Based on voltage, the medium segment held the largest market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The low segment, on the other hand, is expected to cite the fastest CAGR of 5.7% during the forecast period.

Based on application, the transformer segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyzed other segments such as cables, switchgear, busbar, surge protection devices, and others.

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Based on region, the market across Asia-Pacific held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 5.6% during the forecast period.

The key players analyzed in the global electric insulator market report include ABB, Siemens Energy, GE Grid Solutions, Hubbell Power Systems, NGK Insulators, Ltd., Aditya Birla Insulators, MacLean-Fogg Company, Elsewedy Electric, Seves Group, BHEL, TE Connectivity, Modern Insulators, Almatis GmbH, Hitachi Energy, Olectra Greentech, Zhengzhou Orient Power, and INCAP.

The report analyzes these key players in the global electric insulator market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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