Electric Insulator Market Size

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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of electric insulator is evaluated at USD 13.82 billion.

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. The market growth is driven by rise in refurbishment of existing grid networks, and growing adoption of renewable energy resources worldwide.

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.

The major players in the market are ABB, Ltd., Siemens AG, General Electric Company, Seves Group, Bharat Heavy Electricals Limited, and others.

Electric Insulator Market Size