Electric Insulator Market to Garner US$ 15,309.3 million, Globally, by 2028 at 5.8% CAGR: The Insight Partners - Digital Journal

2022-03-11 08:35:31 By : Mr. Tenda Fan

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According to our latest market study on “Electric Insulator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Material Type, Application, and End User,” the market is expected to grow from US$ 10,324.5 million in 2021 to reach US$ 15,309.3 million by 2028; it is expected to grow at a CAGR of 5.8% from 2021 to 2028.

Many developing countries such as India, Saudi Arabia, Brazil, and Vietnam, among others, focus on industrialization growth. In India, the government is focusing on developing industries under the “Make in India’ program. It is a major national program of the government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property, and build best-in-class manufacturing infrastructure in the country. The focus of the Make in India program is on 25 sectors, including automobiles, automobile 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. Similarly, Saudi Arabia is growing and diversifying its economy to achieve Vision 2030. The development and growth of the industrial and manufacturing industry are being catalyzed by an attractive ecosystem consisting of industrial cities, well-developed infrastructure, high-quality utility supplies, and a well-established logistics network. Further, industrial production in Saudi Arabia increased by 0.60% in May of 2021 over the same month in the previous year. Therefore, with the growing industrialization in developing countries, the demand for electric insulators will increase.

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The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The worldwide lockdown to minimize the transmission of the virus has significantly disrupted the supply chain activities along with production volume across several manufacturers, especially the small & medium enterprise owners.

The overall electric insulator market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the electric insulator market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the electric insulator market.

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The global electric insulator market is segmented on product type, material type, application, end-user, and geographic regions. Based on product type, the electric insulator market is segmented into shackle insulator, pin insulator, suspension insulator, and others. The pin insulator segment held the largest market share in 2020. On the basis of material type, the market is segmented into ceramic, glass, and composite. The composite segment is anticipated to be the fastest-growing material type during the forecast period of 2021 to 2028. Transformer, busbar, cable, switchgear, and surge protection device among others are the key application areas of the global electric insulator market. In 2020, transformer application held the largest market share followed by cables. On the basis of end-user, the market is segmented into utilities, industries, and others. The utility segments are expected to dominate the market over the forecast period. Geographically, the global electric insulator market is segmented into North America, Europe, APAC, MEA, and SAM. In 2020, the market was dominated by the APAC region with more than ~34.5% revenue share, followed by North America and Europe.

The List of Companies – Electric Insulator Market

The key companies operating in the electric insulator market include 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.

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In July 2021, General Electric has been awarded multiple orders to supply 765 kV transformers and reactors in India by Power Grid Corporation of India Limited (PGCIL), India’s largest state-owned transmission company. As part of the order, GE will provide 13 units of 765 kV transformers and 32 numbers of 765 kV reactors.

In April 2021, GE and Hitachi ABB Power Grid have signed a non-exclusive, cross-licensing agreement related to the use of an alternative gas to sulfur hexafluoride (SF6) used in high voltage equipment. This fluoronitrile-based gas mixture has a significantly reduced impact on the environment compared to SF6.

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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