Electric Insulator Market: Current Analysis and Forecast (2021-2027)

Report Description

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The Global Electric insulator market was valued at around 11 bn in 2020 and is expected to grow at a CAGR of more than 6% during the forecast period (2021-2027). Insulators are used in every electrical circuit as they have high resistivity and low conductivity. Insulators avoid leakage of current and ensure the safety of humans and the stable operation of an electric circuit. Insulators are used for isolation and to avoid external disturbance of electrical equipment and circuits. Factors that are positively influencing the market size of an electric insulator such as several developed economies are currently investing in the refurbishment of aging grid technology and establishing sustainable electrical networks for carrying electricity generated through renewable sources.

On the other hand, with rapid urbanization and technological developments, governments in the emerging economies are undertaking initiatives, such as smart grid vision and green energy corridors, to create reliable and efficient grid infrastructure to wider the reach of electricity in every corner of a rural and urban area is expected to escalate the market size of electric insulator. 

Electric Insulator, Application, 2020

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ABB, General Electric, Toshiba, NGK Insulator, Siemens, LAPP Insulators, TE Connectivity, Hubbell, Bharat Heavy Electricals Limited, Seves Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, composite segment holds the major share”

Based on type, the electric insulator market is classified into ceramic, composite, and glass. The composite segment caters to extensive market share in the electric insulator market and is predicted to be the fastest-growing segment in the forecasted period. Compared with ceramic insulators and glass insulators, composite insulators possess superior mechanical properties, good insulation, anti-pollution flashover performance, and are easily installed and maintained.

“Amongst voltage, medium segment holds the major share”

Based on voltage, the electric insulator market is categorized into low, medium, and high. The medium voltage segment caters to a significant market share in the electric insulator market. The medium voltage insulator demand is increasing owing to the rising adoption of high insulation resistance insulator material coupled with good thermal conductivity, moisture coupled with high mechanical strength, and convenient processing which is positively influencing the demand for medium voltage to isolate the charged parts with different potential in electrical equipment.

“Amongst end-user, industries segment holds the major share”

Based on end-user, the electric insulator market is classified into utilities, industries, and others. The industry segment caters to a considerable share of the electric insulator market. The increasing growth of industries that require major power consumption is mining, construction, and agriculture. Continuous development of industries and urbanization in developing countries are creating the scope and demand for the electric insulator to ensure power distribution efficiency.

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“Asia Pacific represents one of the extensive market shares of global Electric Insulator Market”

For a better understanding of the market dynamics of the global electric insulator. The Asia Pacific caters to extensive market share in the electric insulator market and is expected to grow at an increasing rate. Factors such as the growing demand for electricity in the region is witnessing high growth, owing to rapid industrialization and urbanization are escalating the market size of the electric insulator.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Electric Insulator Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electric insulator market were the three major steps undertaken to create and analyze the adoption of an electric insulator in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Electric insulator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Electric insulator market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric insulator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, voltage, product application, end-user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric insulator market. Further, we conducted factor analysis using dependent and independent variables such as increasing investments in T&D networks, and refurbishment of existing grid networks across the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric insulator market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electric insulator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the Electric insulator market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Electric insulator market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electric insulator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, voltage, product application, and end-user in the global Electric insulator market.

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The main objective of the Global Electric insulator Market Study

The current & future market trends of the global Electric insulator market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric insulator market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type, voltage, product application, and end-user.
• Define and analysis of the regulatory framework for the electric insulator market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the electric insulator market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the electric insulator market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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