New York, United States , July 30, 2024 (GLOBE NEWSWIRE) -- The Global Electric Insulation Market Size Expected to Grow from USD 12.67 Billion in 2023 to USD 19.96 Billion by 2033, at a CAGR of 4.65% during the forecast period 2023-2033.
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The insulation in the house prevents heat transfer and lowers the cost of heating and cooling. Well-insulated homes not only save energy costs for heating and cooling but also provide greater comfort. The continual growth of high-voltage transmission networks and ongoing advancements in grid infrastructure are projected to drive up demand for high-voltage electric insulation. The expanding application of smart grid technology. With the increasing requirement for automation in other industry verticals such as automotive, IT and telecom, energy and power, and others, market participants could have ample opportunities for growth. With the expansion of communications networks to remote and challenging-to-reach locations, there is an increasing need for insulators that can withstand extreme weather and environmental factors. Furthermore, the market is expanding since an increasing number of companies in the telecom sector are financing development plans. However, leading market companies face fierce competition from unorganized players that provide low-priced, low-quality goods. These disorganized market players' competitive rates and local supply networks allow them to outbid the larger companies.
Browse key industry insights spread across 177 pages with 110 Market data tables and figures & charts from the report on the "Global Electric Insulation Market Size, Share, and COVID-19 Impact Analysis, By Type (Shackle Insulator, Pin Insulator, Suspension Insulator, Others), By Material (Ceramic, Composite, Glass, Others), By Application (Transformer, Cables, Switchgear, Busbar, Surge Protection Devices, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The pin insulator segment is expected to hold the largest share of the electric insulation market during the anticipation timeframe.
Based on the type, the electric insulation market is categorized into shackle insulator, pin insulator, suspension insulator, and others. Among these, the pin insulator segment is expected to hold the largest share of the electric insulation market during the anticipation timeframe. As power lines enlarge to accommodate growing energy needs, there is an increasing need for pin insulators that offer dependable and efficient electrical insulation. Particularly in urban and rural regions, they are essential to maintaining the reliable and safe distribution of power.
The ceramic segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the material, the electric insulation market is categorized into ceramic, composite, glass, and others. Among these, the ceramic segment is expected to grow at the fastest CAGR during the anticipation timeframe. Ceramic insulators have excellent mechanical and electrical properties, which make them widely used in high-voltage applications. These insulators frequently have higher dielectric constants that do not fluctuate considerably with temperature, in contrast to glass, which conducts more electricity at higher temperatures and whose dielectric constant varies with temperature.
The transformer segment is predicted to dominate the electric insulation market during the anticipation timeframe.
Based on the application, the electric insulation market is categorized into transformer, cables, switchgear, busbar, surge protection devices, and others. Among these, the transformer segment is predicted to dominate the electric insulation market during the anticipation timeframe. the government's national targets for renewable energy and the replacement of traditional electrical networks. Utilities have supported the increasing percentage of renewable energy sources by giving priority to modernizing and expanding the system.
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Asia Pacific is projected to hold the largest share of the electric insulation market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the electric insulation market over the anticipation timeframe. The Asia Pacific region is primarily responsible for the market's rise. Rapid urbanization, industrialization, and population increase in countries like China, India, and Southeast Asia have resulted in a rise in electricity usage. Numerous telecommunication service providers and companies in the power transmission and distribution systems sector are making significant investments in electrification and enhanced communication expansion projects.
North America is expected to grow at the fastest CAGR growth of the electric insulation market during the anticipation timeframe. Another major advantage is the region's substantial presence in research and development. Within the predicted time frame, demand for electrical insulating materials could rise in North American nations with state-of-the-art development technologies, such as the United States.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric insulation market are ABB, NGK Insulators Ltd, Aditya Birla Nuvo, Siemens AG, General Electric, Hubbell Incorporated, Bharat Heavy Electricals Limited, Toshiba, Krempel, MacLean-Fogg, PFISTERER, Seves Group, WT Henley, and others.
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Recent Developments
- In April 2024, The outstanding electrical insulation capacity of CRP Technology's glass fiber reinforced Windform thermoplastic composites for Selective Laser Sintering has been demonstrated by recent tests on the dielectric strength and dielectric constant.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric insulation market based on the below-mentioned segments:
Global Electric Insulation Market, By Type
- Shackle Insulator
- Pin Insulator
- Suspension Insulator
- Others
Global Electric Insulation Market, By Material
- Ceramic
- Composite
- Glass
- Others
Global Electric Insulation Market, By Application
- Transformer
- Cables
- Switchgear
- Busbar
- Surge Protection Devices
- Others
Global Electric Insulation Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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