Asia-Pacific Electric Insulator Market Size, Share, and Analysis by 2028

The APAC electric insulator market is expected to grow from US$ 3,614.23 million in 2021 to US$ 5,764.49 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028.

China, Japan, India, South Korea, and Australia are major economies in APAC. Growing trend of smart cities and smart grids is expected to surge the market in coming years. With the rise in urbanization and the emergence of advanced technologies, many countries are focusing on building smart cities for a healthier and luxurious lifestyle. For instance, in 2021, Japanese automobile manufacturing company “Toyota” announced that their Smart City project, the ‘Woven City’, had begun at Mount Fuji, Japan. The city is envisioned to be a smart city that is a “living laboratory” spread across 175 acres and will be used to test autonomous vehicles, along with consumer and industrial grade robotics, and above all, the integration of artificial intelligence with the personal lives and mobility of its residents. The Woven City was initially announced back in January 2020 at the Consumer Electronics Show, where it was described as a “prototype city of the future where all ecosystems are connected.” Similarly, according to the India Brand Equity Foundation website, the government of India has selected 100 cities for area-based and pan-city development between 2019 and 2023. For this, in 2020, the total allocated investments for the “Smart City Mission” stood at US$ 28.31 billion. Of the total investments, 5,331 projects worth US$ 24.31 billion (86% of the total) have been tendered as of 2020. Work orders have been issued for 4,540 projects worth US$ 19.33 billion (68% of the total) and 2,122 projects worth US$ 4.83 billion have been completed (17% of the total) as of 2020. In smart cities, the key services including utility, transportation, safety, and health are managed more efficiently using technology and proper utilization of resources. Smart cities are likely to depend on smart grids to provide robust energy to perform the key activities and functions. Therefore, with the growing number of smart city projects, the need for electric insulators is required for applicable in smart power grids which will drive the APAC Electric Insulator market growth.

In case of COVID-19, APAC is highly affected specially India. The COVID-19 that emerged in China has affected several neighboring countries such as India, South Korea, and Japan, among others. China and India are the most prominent manufacturing hub in the region and have an enhanced focus on industrialization. The growth of the manufacturing industry has been hampered due to lockdown but soon expected to recover the development by enhancing the production capabilities in the second half of the year 2021. The imposition of a ban on commercial activities has disrupted the industrial supply chains in APAC region, leading to raw material shortages. Further, due to COVID-19 outbreak, the demand of electricity in the region falls in 2020. However, with uplifting of lockdown in 2021, the electricity demand and production both increasing due to the working of industrial and commercial sector. Therefore, with growing electricity demand, the need for electric insulator is also rising.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC electric insulator market. The APAC electric insulator market is expected to grow at a good CAGR during the forecast period.

APAC Electric Insulator Market Segmentation      

APAC Electric Insulator Market – By Product Type

• Shackle Insulator
• Pin Insulator
• Suspension Insulator
• Other Product Types

APAC Electric Insulator Market – By Material Type

• Ceramic
• Glass
• Composite

APAC Electric Insulator Market – By Application

• Transformer
• Busbar
• Cable
• Switchgear
• Surge Protection Device
• Other Applications

APAC Electric Insulator Market – ByEnd User

• Utilities
• Industries
• Other End Users

APAC Electric Insulator Market, by Country

• Australia
• China
• India     
• Japan
• South Korea
• Rest of APAC

APAC Electric Insulator Market -Companies Mentioned

• Aditya Birla Insulators
• General Electric Company
• Hitachi ABB Power Grids Group
• Hubbell Incorporated
• MacLean-Fogg Company
• NGK Insulators, Ltd.     
• PFISTERER Holding AG
• SEVES Group
• Siemens AG
• TE Connectivity Ltd. 

Asia-Pacific Electric Insulator Report Scope