Report : Electric Insulator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Shackle Insulator, Pin Insulator, Suspension Insulator, and Other Product Types), Material Type (Ceramic, Glass, and Composite), Application (Transformer, Busbar, Cable, Switchgear, Surge Protection Device, and Other Applications), and End User (Utilities, Industries, and Other End Users)
Expansion of Railway Lines to Provide Growth Opportunities for Electric Insulator Market during 2021–2028
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 and is projected to reach US$ 15,309.3 million by 2028; it is expected to grow at a CAGR of 5.8% from 2021 to 2028.
With the growing railway lines and seaports construction, the demand for electric insulators increases as it is used for electrification in railway lines and seaports. For instance, as of Statista data of 2020, Italy has more than 1,100 km length of only high-speed railway network, with a maximum length of 254 km connecting Florence and Rome. Further, several ongoing projects are running in the railway sector in Italy. For instance, in May 2021, a contract was assigned to the IRICAV DUE consortium and Rete Ferroviaria Italiana for the construction of the Verona-Padua high-speed railway. Similarly, in August 2020, a contract was awarded to IRICAV 2 consortium (Webuild Group) for high-speed rail development between Verona and Padua. Therefore, with the expansion of seaports and railway tracks, the demand for electric insulators is expected to increase.
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 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 utilities 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 APAC region with more than ~34.5% revenue share, followed by North America and Europe.
Impact of COVID-19 Pandemic on Electric Insulator Market
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; and TE Connectivity Ltd. are among the major companies operating in the electric insulator market.
Electric Insulator Market — by Geography, 2020 and 2028 (%)