Electric Insulator Market size was valued at USD 13.24 billion in 2023 and is set to cross USD 26.56 billion by 2036, expanding at more than 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric insulator is evaluated at USD 13.82 billion. The growth of the market can be attributed to the rise in refurbishment of existing grid networks, and growing adoption of renewable energy resources around the world. Along with these, increasing investments in transmission and distribution networks, and escalating demand for energy globally are expected to bolster market growth in the forthcoming years. According to the U.S. Energy Information Administration (IEA), 599.459 quadrillion Btu of energy was consumed in 2018, up from 582.776 quadrillion Btu of energy in 2017. Furthermore, upsurge in the number of smart city projects, and favorable government policies regarding the establishment of smart grids are projected to offer profitable opportunities for market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.5% |
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Base Year Market Size (2023) |
USD 13.24 billion |
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Forecast Year Market Size (2036) |
USD 26.56 billion |
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Regional Scope |
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The market is segmented by type into ceramic, glass, and composite, out of which, the composite segment is anticipated to observe a notable growth in the global electric insulator market. Properties of the material such as high shock resistance, excellent transmission line aesthetics and ease of installation are predicted to boost the growth of this market segment in the coming years. Apart from this, the ceramic segment is predicted to acquire the largest share over the forecast period owing to the rising expansion of transmission and distribution network that uses ceramic electric insulators. Additionally, on the basis of application, the transformer segment is assessed to witness robust growth in the future, which can be credited to the growing installation of transformers to meet the surging electricity requirements across the globe.
Our in-depth analysis of the global market includes the following segments:
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By Material Type |
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By Application |
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By End User |
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On the basis of geographical analysis, the global electric insulator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is poised to dominate majority revenue share by 2036, owing to rapidly growing population and urbanization, and increasing demand for power in the region. As per the World Bank, the total urban population of East Asia and Pacific as a percentage of the region’s total population was 60.695 percent in 2020, up from 59.887 percent and 59.052 percent in 2019 and 2018 respectively.
growing number of electric vehicle charging stations, especially in China and Japan, is also expected to boost the market growth of the region in the upcoming years. Moreover, the market in North America is projected to acquire the largest share during the forecast period ascribing to the high in-flow of investments in the power generation sector, and strong presence of prominent market players in the region.
June 2021- Siemens Energy and Mitsubishi Electric signed a Memorandum of Understanding for developing gas solutions with zero global-warming potential for high voltage switching solutions.
April 2021- GE and Hitachi ABB signed a cross-license agreement to replace the usage of sulfur hexafluoride, a powerful greenhouse gas with fluoronitrile mixed gas to use as insulator for high voltage electrical equipment and switches.
Author Credits: Dhruv Bhatia
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