Market Size of Electric Insulator Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.81 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Electric Insulator Market Analysis
The electric insulators market is expected to record a CAGR of approximately 7.81% during the forecast period of 2022-2027. The outbreak of COVID-19 in Q1 of 2020 had a negative impact on the electric insulators market. Lockdown restrictions imposed by various governments globally affected the end-user demand, as electric construction remained halted during Q1 of 2020. Additionally, disruptions in the supply chain and global shipping have also affected the market. With the rapid integration of renewables and distributed technologies onto the grid, utilities are increasingly upgrading their existing infrastructure. The development of renewable-based power generation is expected to result in the expansion of T&D infrastructure, resulting in an increase in demand for electric insulators over the coming years. However, the increasing adoption of underground and overhead cables in the T&D infrastructure is expected to hinder the growth of demand for electric insulators in the long run.
As of 2020, a significant share of electrical insulators was made of ceramic/porcelain material. These kinds of insulators are primarily used when the requirement of physical strength is high.
Africa has an aspirational goal to achieve universal electricity access by 2025 with a strong focus on encouraging clean and renewable energy solutions. To achieve the goal, 160 GW of new generation capacity, 130 million new on-grid connections, 75 million new off-grid connections, and providing 150 million households with access to clean cooking solutions are required. Therefore, the combined result of universal access to electricity and the Power Africa program is expected to create huge potential for T&D infrastructure development and create opportunities for electric insulator manufacturers.
Asia-Pacific was estimated to dominate the global market in 2020, with a majority of the demand coming from China and India.
