Electric Insulator Market to Grow at a CAGR of 5.8% by 2028 | $ 15,309.3 million - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

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 focusing 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.

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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.

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 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 the 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. And also, the demand for electricity increases all across the globe due to the re-opening of factories and offices. Thus, in 2021, there is an expectation of an increase in the demand for the electric insulator market.

Key Findings of Study:

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.

Major key players covered in this report:

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
TE Connectivity Ltd.

Electric Insulator Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

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Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Electric Insulator market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Electric Insulator market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue. 
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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