New York, February 2022: Axiom Market Research & Consulting™ added a report on electric insulators market which includes study on type, voltage, application, end user and geography. Electric insulators market was projected to grow at a CAGR of 5.94% for the forecast period 2022 to 2028. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the electric insulators market.
Increasing use of electric insulators as it halts the production of high voltage in an electric circuit, helps in reducing the cost of energy and saves the environment by controlling the emission of pollutants is attributed to the growth of the market. In addition, electric insulators enhance process performances, prevents electrocution or electric shocks and allows soundproofing of appliances. Thus, abovementioned benefits of electric insulators are also supporting the growth of the market.
The report analyses the electric insulators market based on the type, voltage, application, end user and geography. By type, the market is segmented into ceramic, composite and others. Based on voltage, the market is classified into low, medium and high. By application, the market is segmented into transformer, cables, busbar, switchgear, surge protection devices and others. Based on end users, the market is classified into utilities, industries and others. The global electric insulators market is studied across various key countries of regions such as, North America, Europe, Asia Pacific and Rest of the World.
The development of renewable technologies based power generation and expansion of transmission and distribution infrastructure is increasing the demand for ceramic type of electric insulators. In addition, ceramic insulators are used for various types of industrial heaters for electrical resistance.
Based on voltage, medium voltage segment is expected to witness rapid growth during the forecast period. Most of the low, medium and high voltage insulators are used for transmission and distribution of communications, and substations. Medium voltage insulators are the earliest developed overhead insulator, but are still widely used in power networks of medium range up to 33 kV-66kV system.
Rising concerns over power thefts and protection coupled with increasing focus on real time monitoring of power networks will boost the market growth of the segment. Moreover, recent introduction of Internet of Things based transformers to effectively control and monitor electrical grids will propel the growth of the segment.
Electric insulators are used in utility poles and power line and grids. Increasing use of electrical insulators in utilities in order to restrain the flow of current towards earth and maintaining the flow of current in the transmission line is attributed to the market growth.
Asia Pacific is likely to continue to hold the highest market share during the forecast period. Countries such as China and India are expected to dominate the market in the coming years. In Asia-Pacific region, with growing urbanization and increased domestic income and support by the various regulatory bodies, the industrialization is growing rapidly in almost every part of the region which creates a great opportunity for the electric insulators market to grow further, since the need for the power generation in this sector is increasing rapidly.
The key competitors of this market include NGK Insulators, Bharat Heavy Electricals Limited, LAPP Insulators, Sediver, Maclean-Fogg, Aditya Birla Insulator, Elsewedy Electric, Gipro, South Wire Company, Goldstone Infratech Limited, Nanjing Electric, TE Connectivity, Inael Electrical System, K-Line Insulator Limited, and PPC Austria Holding Gmbh among others.
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