According to our latest market research on “Electrical Insulators 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 USD 10,324.5 million in 2021 To reach USD 15,309.3 million by 2028; from 2021 to 2028, it is expected to grow at a CAGR of 5.8%.
Many developing countries, including India, Saudi Arabia, Brazil and Vietnam, are focusing on industrialized growth.In India, the government is focusing on the development of industries under the “Make in India” scheme.This is a major national initiative of the Indian government to promote investment, foster innovation, enhance skills development, protect intellectual property rights, and build a first-class manufacturing infrastructure in the country.The Make in India programme focuses on 25 industries including automotive, auto parts, aerospace, biotechnology, chemicals, construction, defence manufacturing electrical, electronic systems, food processing, IT & BPM, leather, media and entertainment, mining, petroleum and Natural gas, pharmaceuticals, ports and shipping, rail, renewable energy, roads and highways, space, textiles and clothing, thermal power, tourism and hospitality, and health.Likewise, Saudi Arabia is growing and diversifying its economy to achieve Vision 2030.The development and growth of industry and manufacturing is being driven by industrial cities, well-developed infrastructure, high-quality utility supply and well-developed logistics networks.Furthermore, industrial production in Saudi Arabia increased by 0.60% in May 2021 compared to the same period last year.Therefore, with the increasing industrialization of developing countries, the demand for electrical insulators will increase.
The COVID-19 pandemic has shaken multiple industries.The huge increase in the spread of the virus has prompted governments around the world to impose severe restrictions on the movement of vehicles and people.The pandemic has affected economies and countless industries across countries due to travel bans, mass lockdowns and business closures.The imposition of the lockdown resulted in a reduction in the production of goods, goods and services.Manufacturing, automotive, semiconductor and electronics, oil and gas, mining, aviation and other industries saw their operations slump as activity temporarily shut down.Lockdowns around the world to minimise the spread of the virus have severely disrupted supply chain activity and the production volumes of several manufacturers, especially small and medium business owners.
The overall electrical insulators market size has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been carried out using internal and external sources to obtain qualitative and quantitative information relevant to the market.The process is also used to obtain an overview and forecast of the Electrical Insulators market across all market segments.It also provides an overview and forecast of the market based on all segments provided by five major regions (North America, Europe, Asia Pacific, Middle East & Africa, and South America).In addition, preliminary interviews were conducted with industry participants and commentators to validate the data and gain additional analytical insights on the topic.Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and country sales managers, as well as external consultants such as valuation experts, research analysts and key opinion leaders, specializing in the electrical insulator market.
The global electrical insulators market is segmented by product type, material type, application, end user, and geographic region.On the basis of product type, the electrical insulator market is segmented into shackle insulators, pin insulators, suspension insulators, and others.The pin insulator segment accounted for the largest market share in 2020.On the basis of material type, the market is segmented into ceramics, glass, and composites.The composites segment is expected to be the fastest growing material type during the forecast period from 2021 to 2028.Transformers, busbars, cables, switchgear, and surge protection devices are key application areas for the global electrical insulators market.In 2020, the transformer application accounted for the largest market share, followed by cables.On the basis of end user, the market is segmented into utilities, industrial, and others.The utility sector is expected to dominate the market over the forecast period.Geographically, the global electrical insulators market is segmented into North America, Europe, Asia Pacific, MEA, and SAM.In 2020, the market is dominated by Asia Pacific with a revenue share of over 34.5%, followed by North America and Europe.
Major companies operating in the electrical insulators market include Hitachi ABB Power Grids; Aditya Birla Insulators; General Electric Company; Hubbell Corporation; McLean Fogg Corporation; Company; and TE Connectivity Ltd.
In July 2021, GE received multiple orders for the supply of 765 kV transformers and reactors in India from Power Grid Corporation of India Limited (PGCIL), India’s largest state-owned power transmission company.As part of the order, GE will supply 13 765 kV transformers and 32 765 kV reactors.
In April 2021, GE and Hitachi ABB Power Grids signed a non-exclusive cross-licensing agreement for the use of an alternative gas to sulfur hexafluoride (SF6) in high-voltage equipment.Compared to SF6, the environmental impact of this fluoronitrile-based gas mixture is significantly reduced.
The Insight Partners is a one-stop industry research provider of actionable intelligence.We help clients obtain solutions to their research needs through our syndicated and consultative research services.We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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Post time: Mar-23-2022