Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the North America electric insulators market. In addition, complete analysis of changes on the North America electric insulators market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The reduced energy demand during the early phase of pandemic impacted the market growth. Additionally, the COVID-19 pandemic has caused several dislocations to the power sector. However, as the pandemic eases and mobility increases, economic activity is expected to pick up. That will ultimately increase industrial and commercial demand for electricity, which will ease numerous of the problems encountered during the crisis. Additionally, the COVID-19 pandemic had also impacted the entire supply chain of the power industry.
Aging power infrastructure across the region and increasing renovation of present grid structure is boosting the market growth. Increasing energy demand has led to the need for a reliable and stable T&D network. As per the North American Electric Reliability Corp and the DOE., continuous power can only be guaranteed over a system capable of handling sudden power drops and spikes. The United States endures more blackouts than any other developed country, as the power cut last over an hour and have surged steadily in the last few years, costing the American businesses approximately USD 150 billion per year. The major causes behind the rising number of blackouts are lack of investments, aging infrastructure, and lack of clear policy to renovate the grid. Thus, new regulations to limit or reduce the power blackouts and upgrade the aging power networks across the region are ultimately creating the more demand for electric insulators in the market.
Growing demand for ceramic type insulators is boosting the market growth. Ceramic type electrical insulators are largely used in high voltage insulating systems. Also, these insulators can be custom manufactured to be applied in high-temperature resistors. Moreover, factor such as growing applications of ceramic insulators in numerous industrial areas and rural areas is also benefiting the growth of the market. Additionally, owing to the current technological advancement, several transmission lines are expected to adopt ceramic insulators as they have higher mechanical strength to weight ratio and are light in weight.
Volatility in raw material prices is major restraining factor that could hamper the market growth. Ever-changing prices of raw materials required for production of electric insulators and sudden increase in the raw material prices during the pandemic period is likely to hinder the growth of the market during the forecast period. Moreover, silicon rubber and steel are the major raw materials used for manufacturing of electric insulators. The prices of these materials fluctuate frequently and are highly volatile. This difference in the prices can be accredited to the fact that China being one of the leading steel producers has experiencing slow economic growth since the last three years. The manufacturing industry in the region is anticipated to decline further in the future, which will give rise to further variations in prices.
High cost of an electric insulator’s applications such as switchgear is also likely to hamper the market growth. Switchgears separate electric circuits from the power supply to allow a safe performance of maintenance activities or to clear faults. Energy consumers as well as providers use switchgear to protect electrical equipment from irregular surges. In addition, including electric insulators switchgear also require additional components. Because of all these features, the cost of the switchgear is high. This, in turn, will hamper the demand for electric insulators in switchgear segment.
The report provides in-depth analysis of North America electric insulators market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing use of electric insulators in end use sectors like utilities and various industries is attributed to the market growth.
The North America electric insulators market comprises of different market segment like type, voltage, application, end user and country.
The ceramic segment is likely to dominate the market during the forecast period. The development of renewable technologies based power generation and expansion of transmission and distribution infrastructure is increasing the demand for electric insulators. The ceramic insulators usually have a higher dielectric constant, which does not vary much with varying temperature, unlike other which conducts more electricity at higher temperatures, i.e., the dielectric constant of other types varies with temperature.
Medium voltage segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. Most of the low, medium and high voltage insulators are used for transmission and distribution of communications, and substations. In addition, most of the high voltage insulators are developed with a lower flashover voltage than puncture voltage, so they flash over before they puncture, to avoid damage. Besides, high voltage insulators for outdoor use are designed to increase the length of the leakage path along the surface from one end to the other, called the creepage length, to reduce these leakage currents.
The cable segment is likely to dominate the market during the forecast period. 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.
Among the end-users, utilities hold the major share in the market, since the electrical insulators are used in utilities in order to restrain the flow of current towards earth and maintaining the flow of current in the transmission line. Also, electric insulators are helpful in reducing the consumption of electricity and owing to their mechanical properties they help support the conductors, and as the countries are moving towards renewable source of energy, the use of electric insulators in the transmitters and distributors is likely to increase further.
The North America electric insulators market is studied for the following countries such as the US, Canada and Mexico. The United States is likely to witness rising demand for electric Insulators market, since the country has one of the advanced transmission and distribution infrastructure. In addition, adoption of renewable energy in this country is supporting in the market growth of electric insulators. On the other side, Canada is emerging as vital market for the electric insulators. This is owing to the increasing demand for smart grid and smart meter system in the country. In addition, the investment in the energy sector is increasing in the country. Thus, it is expected that the market shares of the of electrical insulators in the country would increase further.
The expansion of T&D infrastructure due to the development of renewable-based power generation is expected to result in an increase in demand for electric insulators in the coming years. This, in turn, encouraging market players to gain competitive advantage in the North America market.
The key competitors of this market include NGK Insulators, LAPP Insulators, Sediver, Maclean-Fogg, Aditya Birla Insulator, Elsewedy Electric, South Wire Company, Nanjing Electric, TE Connectivity, K-Line Insulator Limited, and PPC Austria Holding Gmbh among others.
August 2021: PPC Insulators has announced the release of 28 new fashions to their ESP Insulator line. These popular fashions may be determined with the aid of using downloading the flyer precise to America market. The fashions proven are similar to many not unusual place CoorsTek ESP insulators and are crafted from PPC`s specialized LD ceramic to offer superb thermal, mechanical, and electric properties.
February 2020: PPC Insulators announced that the PPC Hybrid Insulators C16; BIL 2550kV and height of 10.8 m as an entire column passed the seismic test performed by the Earthquake Engineering Research Center of China Institute of Water and Hydropower Research (IWHR). IWHR has finished many studies and consultancy responsibilities for loads of key projects.
An electrical insulator is also called as an insulator. Electrical insulator is widely used in an electrical system to prevent unwanted flow of current to the earth from its supporting points. The electrical insulator plays an important role in the electrical system. It is a very high resistive path through which practically no current can flow. Electric insulators are commonly used in applications where the avoidance of the flow of electric current is required. Likewise, global electric insulators market comprises of different market segment like type, voltage, application, end user and country. The type studied in the North America electric insulators market are ceramic, composites, and others. The North America electric insulators market finds its major application in transformer, cables, busbar, switchgear, surge protection devices, and others. By voltage, market is segmented into low, medium and high. Based on end users, the market is bifurcated into utilities, industrial and others. The North America electric insulators market is studied for the countries such as the US, Canada and Mexico. The United States is likely to witness rising demand for electric insulators market.
1) What are the drivers for electric insulators market?
The key driving factors of the market are increasing market for utilities and industrial segments.
2) Which is the leading end user segment for electric insulators market?
Utilities has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which country is gaining majority of market share during the forecast period (2021-2028)?
The United States is expected to gain major market share during the forecast period (2021-2028).
