Asia-Pacific Electric Insulators Market Report

Asia-Pacific Electric Insulators Market Report, by Type (Ceramic, Composite), Voltage (Low, Medium, High), Application, End-user and Country – Market Share, Trend Analysis & Forecast , 2019 - 2029

Report Code : 11563 | Publish Date : Upcoming | Industry : Power_Energy | Geography : APAC


MARKET OVERVIEW- ASIA-PACIFIC ELECTRIC INSULATORS MARKET

An electrical insulator is used in an electrical system to prevent the unwanted flow of current to the earth from its supporting points. The insulator plays a vital role in the electrical system. An electrical insulator is a very high resistive path through which practically no current can flow. Electrical insulators are useful for coating wires, or acting as dielectrics in capacitors. An increase in renovation of present grid networks along with strategic investments in the electrical industry are major factors expected to drive market growth. Significant development in the energy sector in countries like India, Singapore, Thailand Malaysia, Vietnam and etc.,   are anticipated to provide ample of new growth opportunities for the market in the region in the upcoming years. Furthermore, the development of renewable-based power generation across the globe is anticipated to provide lucrative growth opportunities for key players operating in the market.  

MARKET DRIVERS

The growth of the Electric Insulators market is driven by an increase in renovation of present grid networks which has led to a rise in demand for electrical insulators. For instance, in December 2021, ADB supported Vietnam’s drive for a more efficient, sustainable power supply from the country’s key electricity networks in its two largest cities, Ha Noi and Ho Chi Minh. The project, which is co-financed with a loan from the ASEAN Infrastructure Fund, will upgrade substations, increase transformer capacity, and expand 110 kilovolt and 220 kilovolt transmission lines. Over the past two decades, China has invested nearly CNY100 billion annually on the construction and renovation of urban power grids. In March 2020, Grid Solutions, had completed an upgrade of a 300MW high-voltage direct current (HVDC) link between the South Korean mainland and Jeju Island. The company upgraded the HVDC link to facilitate efficient bi-directional power transfer, including renewable energy. The project is the first commercial application of Grid Solution’s advanced Line Commutated Converter (LCC) valve technology, H450. The project also involved a control system and cooling system upgrade. Thus, increase in renovation of present grid networks is a major factor which is expected to propel the growth of the market.  Also, rising expenditure in electric infrastructure is expected to accelerate the growth of the market. For instance, as per IEA, over the 2012-2035 period, strategic investments in the electricity industry for the Asia-Pacific region accounted for approximately US$ 9.7 trillion, with an added US$ 7.2 trillion for T&D grids (60% to construct new infrastructure and 40% to change present infrastructure). 

MARKET OPPORTUNITIES

Several ongoing smart city projects in developing economies, increase in investments in smart grid technologies and smart cities that include power quality equipment, distribution grid automation, and demand response systems in nations such as South Korea, Japan, and Australia are expected to have a positive impact on the growth of the market. 

MARKET RESTRAINTS

Fluctuations in raw material prices are expected to negatively impact the growth of the market. Silicon, rubber and steel are the major raw materials used for the manufacturing of electric insulators. The prices of these materials fluctuate frequently and are highly volatile. It is expected to restrain the growth of the market. 

MARKET GROWTH CHALLENGES

Prominent market companies are experiencing stiff rivalry from market players of unorganized sector, who supply low-quality and low-priced products. These companies from the unorganized field suppress the well-established players in terms of price competitiveness and the networks of local supply maintained by them, which are challenging for Asia-Pacific companies to achieve. It is expected to impact the growth of the market. Also, the COVID-19 pandemic is expected to pose as a key challenge to the growth of the market. 

CUMULATIVE GROWTH ANALYSIS

The report provides an in-depth analysis of the Asia-Pacific Electric Insulators Market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in renovation of present grid networks is expected to stimulate the demand for electric insulators, and therefore, the market is expected to witness growth at a specific CAGR from 2022-2029. 

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ASIA-PACIFIC ELECTRIC INSULATORS MARKET SEGMENTAL OVERVIEW

Asia-Pacific Electric Insulators market comprises of different market segments like type, voltage, application, end user and country.

ASIA-PACIFIC ELECTRIC INSULATORS MARKET BY TYPE

On the basis of type, the Asia-Pacific Electric Insulators market consists of key segments like

  • Ceramic
  • Composite 
  • Others

The ceramic segment is expected to gain the major market share over the forecast period. 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. It is expected to fuel the growth of the segment over the forecast period. 

Also, the composite segment is expected to witness high growth over the forecast period. Composite insulators have a special type of insulation control that can play an important role in overhead transmission lines. 

ASIA-PACIFIC ELECTRIC INSULATORS MARKET BY VOLTAGE

By voltage, the Asia-Pacific Electric Insulators market includes segments like

  • Low
  • Medium
  • High

The medium voltage segment is expected to lead the market over the forecast period due to the rise in use of medium voltage electric insulators in transmission and distribution of communications, and substations. 

Also, the high voltage segment is expected to witness high growth over the forecast period. High voltage insulators are designed to increase the length of the leakage path to reduce leakage currents in outdoor settings. 

ASIA-PACIFIC ELECTRIC INSULATORS MARKET BY APPLICATIONS

The Asia-Pacific Electric Insulators market finds major applications in

  • Transformers
  • Cables 
  • Busbar

The cable segment is expected to lead the market during the forecast period. Rising concerns over power thefts coupled with increasing focus on real time monitoring of power networks are expected to drive the growth of the segment. 

The transformers segment is expected to witness high growth over the estimated time period. The growth of the segment is driven by introduction of Internet of Things based transformers to effectively control and monitor electrical grids.

ASIA-PACIFIC ELECTRIC INSULATORS MARKET BY END-USER

The Asia-Pacific Electric Insulators market include major end-users like

  • Utilities
  • Industries

The utilities segment is expected to dominate the market over the forecast period as electrical insulators are used to restrain the flow of current towards earth and maintaining the flow of current in the transmission line in utilities.

The industry segment is expected to witness high growth over the forecast period. Electric insulators are helpful in reducing the consumption of electricity. Therefore, these insulators are widely used in industrial settings. 

ASIA-PACIFIC ELECTRIC INSULATORS MARKET BY COUNTRY

The Asia-Pacific Electric Insulators market is studied for the following countries: 

  • China
  • Japan
  • India
  • Rest of Asia-Pacific

China is likely to dominate the market, owing to rapid industrialization in the region. China is considered to be is one of the largest manufactures; thus, the consumption of energy is high in these industries and to avoid any loss caused by an electric short-circuit there is a high demand for the electric insulators in the country. 

India is anticipated to witness high growth during the estimated time period. Growing investments in power grid infrastructure are expected to drive the growth of the market in the region. For instance, according to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India in 2022.

COVID-19 IMPACT ANALYSIS ON THE ASIA-PACIFIC ELECTRIC INSULATORS MARKET

Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Electric Insulators market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the Asia-Pacific Electric Insulators market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemic on Asia-Pacific economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. 

The outbreak of the COVID-19 virus has become a healthcare emergency, and the impact of COVID-19 has significantly affected the entire economy, and society in general. It has significantly changed the economic situation in Asia. The pandemic led to a huge disruption in supply chains and shortage of essential raw materials and subsequently led to a reduction in demand for electric insulators. Also, the pandemic created a hurdle for the industries in the world for importing and exporting products. However, after the uplifting of lockdowns and ongoing vaccination processes, the electricity demand in commercial and industrial areas are recovering slowly. This is expected to drive the growth of the market in the upcoming years.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of the Electric Insulators market is majorly focused on expanding the growth of electric insulators industry in Asia-Pacific with new product innovation, business expansion. The presence of a range of manufacturers operating in electric insulators sector has led to the growth of the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which is further contributing to healthy growth in the market.  

The key players studied in the market are 

  • 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
  • PPC Austria Holding Gmbh


RECENT DEVELOPMENT:

April 2021: GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd announced an agreement related to the use of an alternative gas to sulfur hexafluoride (SF?) for use in high voltage equipment. The company stated that the partnership will help accelerate the use of fluoronitrile-based eco-efficient insulation and switching gas in high-voltage equipment as an alternative to SF? gas.

October 2019: Grasim Industries Ltd, part of the Aditya Birla Group, signed a definitive agreement to form a joint venture company (JVC) in India with Maschinenfabrik Reinhausen GmbH (MR) of Germany for the manufacturing and sale of composite hollow core insulators (CHCI) to serve the power transmission and distribution industry globally.

ASIA-PACIFIC ELECTRIC INSULATORS MARKET SUMMARY

The Asia-Pacific Electric Insulators market includes segments like type, voltage, application, end user and geography. By type, the market includes segments like ceramic, composite, and others. The ceramic segment is expected to lead the market over the forecast period.  By voltage, the Electric Insulators market includes segments like low, medium and high. The medium voltage segment is expected to lead the market over the forecast period. The Asia-Pacific Electric Insulators market finds applications in transformers, cables and busbar. The cables segment is expected to lead the market during the forecast period. The Asia-Pacific Electric Insulators market include major end-users like utilities and industries. The utilities segment is expected to account for the largest share of the market. The Asia-Pacific Electric Insulators Market is studied across various key countries, such as, China, Japan, India, and the Rest of Asia-Pacific region. China is expected to dominate the market over the forecast period.

SCOPE OF THE REPORT:

Market Sizing for Year:
2019-2029
Base Year:
2022
Forecast Period:
2023-2029
Value:
USD Million
Market Segment studied:

Type

Voltage

Application

End-user

Country
Market Players and its Competitors:

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

PPC Austria Holding Gmbh

FREQUENTLY ASKED QUESTIONS

What are the drivers for the Asia-Pacific Electric Insulators market?

The key driving factors of the market are increase in renovation of present grid networks along with strategic investments in the electrical industry.

Which is the application segment for the Asia-Pacific Electric Insulators market?

Cables segment is anticipated to dominate the market during the forecast period.

Which country is gaining the majority of market share during the forecast period (2023-2029)?

China is expected to gain a major market share during the forecast period (2023-2029).