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Report
Electric Insulator Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 125 Pages I Mordor Intelligence
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.
Electric Insulator Market Trends
Increasing Demand for Ceramic/Porcelain Type Insulators
The ceramic/porcelain type dominated the electric insulator market in 2020. Electrical insulators made of ceramic are primarily used in high voltage insulating systems. Furthermore, these insulators can be custom manufactured to be applied in high-temperature resistors.
Ceramic insulators usually have a higher dielectric constant, which does not vary much with varying temperatures, unlike glass, which conducts more electricity at elevated temperatures, i.e., the dielectric constant of glass varies with temperature.
The demand for ceramic electrical insulators is expected to be driven by the expanding transmission and distribution network, supported by growing energy consumption and penetration of renewables in the global energy mix, among various other factors.
It is expected that by the end of 2022, the renewable energy capacity growth would be as high as 90%, out of which a significant fraction is likely to come from big utility-scale projects, which, in turn, is a positive indicator for the transmission and distribution market, and consequently offers a bright market outlook for the ceramic electric insulators over the coming years.
Asia-Pacific to Dominate the Market
Asia-Pacific dominated the electric insulator market in 2020 and is expected to continue its dominance over the coming years. The demand for electricity in the region is witnessing high growth, owing to rapid industrialization and urbanization. This, in turn, has resulted in an increment in the power generation capacity and a rapid expansion of transmission and distribution (T&D) infrastructure in countries such as China, India, and Japan. For instance, Adani Group's Adani Transmission Limited (ATL) announced that it had completed the construction of an 897 circuit km power transmission line in Uttar Pradesh, India, which is expected to drive the demand for electric insulators in India.
China, in its 13th Five Year Plan for Electricity (2016-2020), aims to raise non-fossil fuel's share of total electricity production from 35 to 39% by 2020. By 2030, one-fifth of the country's electricity consumption is forecast to come from non-fossil fuel sources.
The Chinese government has selected renewable energy and natural gas to fill the gap created by the shutdown of coal-based fired power plants and meet the increasing electricity demand. The development of the renewable sector is expected to continue over the coming years, and China is anticipated to account for more than 40% of the global renewable energy mix by 2022. This is expected to result in the development of T&D infrastructure to deliver renewable energy to end users, hence driving the demand for electrical equipment, such as electric insulators.
The T&D expenditure in India is witnessing significant growth due to increasing power generation capacity and privatization of the distribution sector. During 2020 (up to October 2020), 11,921 circuit kilometers (ckm) of transmission lines (220 kV and above) have been added in India. During the same period, transformation capacity addition has been 35,760 MVA, which has resulted in huge demand for electric insulators.
China has also witnessed significant growth in EV charging stations. As of December 2021, a total of 74,700 charging stations had been deployed in China, resulting in significant demand for electric insulators.
Therefore, factors such as integration of renewable energy sources, expansion of the existing T&D infrastructure, and deployment of electric vehicle charging stations are expected to drive the electric insulator market in the region over the forecast period.
Electric Insulator Market Competitor Analysis
The global electric insulator market is fragmented due to a large number of companies operating in the industry. The key players in this market include ABB Ltd, Siemens AG, General Electric Company, Hubbell Inc., and Bharat Heavy Electricals Limited.
Additional Benefits:
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1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Dielectric Material Type
5.1.1 Ceramic/Porcelain
5.1.2 Glass
5.1.3 Composite/Polymer
5.2 End User
5.2.1 Residential
5.2.2 Commercial
5.2.3 Industrial Sector/Utilities
5.3 Geography
5.3.1 North America
5.3.1.1 US
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 UK
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 South America
5.3.3.1 Brazil
5.3.3.2 Argentina
5.3.3.3 Rest of South America
5.3.4 Asia-Pacific
5.3.4.1 China
5.3.4.2 India
5.3.4.3 Japan
5.3.4.4 South Korea
5.3.4.5 Rest of Asia-Pacific
5.3.5 Middle-East
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Aditya Birla Nuvo Ltd
6.3.3 NGK Insulators Ltd
6.3.4 Siemens AG
6.3.5 General Electric Company
6.3.6 Bharat Heavy Electricals Limited
6.3.7 Lapp Insulators GmbH
6.3.8 Hubbell Inc.
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