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

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Expansion of Railway Lines to Provide Growth Opportunities for Electric Insulator Market during 2021–2028

NEW YORK, UNITED STATES, April 6, 2022 /EINPresswire.com/ -- According to the new research report published by The Insight Partners, titled “Electric Insulator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Material Type, Application, End-User, and Geography,” the Electric Insulator Market is projected to reach US$ 15,309.3 million by 2028 from US$ 10,324.5 million in 2021; it is expected to grow at a CAGR of 5.8% during the forecast period of 2021 to 2028.

Strategic Insights             

Report Coverage              Details

Market Size Value in       US$ 10,324.5 Million in 2021

Market Size Value by     US$ 15,309.3 Million by 2028

Growth rate       CAGR of 5.8% from 2021-2028

Forecast Period 2021-2028

Base Year            2021

No. of Pages      193

No. Tables           115

No. of Charts & Figures 95

Historical data available Yes

Segments covered          Product Type, Material Type, Application, and End User

Regional scope  North America; Europe; Asia Pacific; Latin America; MEA

Country scope   US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage              Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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The companies operating in this market are focusing on providing high-quality electric insulators by using advanced technologies and superior materials to meet the growing demands of end-users. Pin insulators, suspension insulators, strain insulators, post insulators, and shackle insulators are some of the major types of electric insulators that are being used in transmission, distribution, substation, and railways applications globally. These insulators are being used for low, medium, and high voltage applications in utilities and industrial applications. The high level of industrial growth in developing regions, rising investments in power & transportation infrastructure by governments worldwide, and the up-gradation of old grid infrastructure in developed countries are some of the key factors that are driving the demand for various types of electric insulators worldwide.

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 semiconductor industry took a significant hit as the demand for electric insulator components was lowered from the industrial sector and other end users. The production of electric insulators was at a halt during lockdowns. However, with the uplifting of lockdowns and vaccination processes in 2021, the manufacturing of insulators has started again. 

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For instance, in 2021, Japanese automobile manufacturing company “Toyota” announced that their Smart City project, the ‘Woven City’, had begun at Mount Fuji, Japan. The city is envisioned to be a smart city that is a “living laboratory” spread across 175 acres and will be used to test autonomous vehicles, along with consumer and industrial grade robotics, and above all, the integration of artificial intelligence with the personal lives and mobility of its residents. The Woven City was initially announced back in January 2020 at the Consumer Electronics Show, Las Vegas, where it was described as a “prototype city of the future where all ecosystems are connected.” Similarly, according to the India Brand Equity Foundation website, the government of India has selected 100 cities for area-based and pan-city development between 2019 and 2023.

For this, in 2020, the total allocated investments for the “Smart City Mission” stood at US$ 28.31 billion. Of the total investments, 5,331 projects worth US$ 24.31 billion (86% of the total) have been tendered as of 2020. Work orders have been issued for 4,540 projects worth US$ 19.33 billion (68% of the total) and 2,122 projects worth US$ 4.83 billion have been completed (17% of the total) as of 2020. In smart cities, the key services including utility, transportation, safety, and health are managed more efficiently using technology and proper utilization of resources. Smart cities are likely to depend on smart grids to provide robust energy to perform key activities and functions. Therefore, with the growing number of smart city projects, the need for electric insulators is required for application in smart power grids.

Electric Insulator Market: Competitive Landscape and Key Developments

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. are among the key market players in the global electric insulator market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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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.

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