About Electrical Insulation
Electrical Insulation is used to create an air gap for safeguarding effective insulation between two or more conductors. These insulators are composed of a unique combination of materials that have been verified for chemical compatibility when used at certain maximum temperatures. Electrical Insulation as an integral part of transmission & distribution that helps in resisting stresses against heat, cold, and contamination. These insulators are used in electrical equipment to support and discrete electrical conductors without letting current through themselves. The growing use of electrical insulation in various end-user industries has driven the global electrical insulation market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
CAGR | 5.43% |
In Electrical Insulation Market, it has been observed that most of the companies are upgrading or introducing innovative products. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.The Vendors having a strong hold in the market are ABB, General Electric, Siemens, Toshiba, Aditya Birla. Analyst at AMA Research estimates that North America and Asian Vendors will contribute the maximum growth to Global Electrical Insulation market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB (Switzerland), Siemens (Germany), Toshiba (Japan), Aditya Birla (India), General Electric (United States), NGK Insulators (Japan), Hubbell Power Systems (United States), Bharat Heavy Electricals Limited (India), LAPP Insulators (United States), Maclean-Fogg (United States), Seves Group (Italy) and TE Connectivity (Switzerland) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Elantas Electrical Insulation (Germany), Zhengzhou Orient Power Co. Ltd (China), INAEL Electrical Systems, S.A. (Spain), El Sewedy Electric Co S.A.E. (Egypt), GIPRO GmbH (Austria), Southwire Company, LLC (United States), Goldstone Infratech Limited (India) and Nanjing Electric (Group) Co., Ltd. (China).
Segmentation Overview
AMA Research has segmented the market of Global Electrical Insulation market by Type (Ceramic Insulator, Glass Insulator and Composite Insulator), Application (Transformer, Switchgear, Cables & Transmission Line, Surge Protection Device, Busbar and Others) and Region.
On the basis of Type, Ceramic Insulator are dominating the market in the year 2023 where as Composite Insulator stood as second largest market share.
On the basis of application, Transformer segment is dominating the market in the year 2023 where as Cables and Transmission Lines segment stood as second largest market .On the basis of geography, the market of Electrical Insulation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Installation, the sub-segment i.e. Distribution will boost the Electrical Insulation market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Voltage, the sub-segment i.e. Low Voltage will boost the Electrical Insulation market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Utilities will boost the Electrical Insulation market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. Asia Pacific is projected to be the fastest-growing market, expanding at a CAGR of 6.88% from 2023 to 2030.
Influencing Trend:
Growing Demand From Asian Countries such as India and China
Market Growth Drivers:
Increasing Investments in Transmission and Distribution (T&D) Network, Rising Adoption of Renewable Energy Sources and Renovation of Existing Grid Networks
Challenges:
Volatility in Raw Material Prices
Restraints:
Increasing Grey Market Products of Low Quality
Opportunities:
Investments in the Industrial Sector, HVDC Transmission Methods for Long-Distance Transmission and Increasing Investments in Smart Grid Projects
Market Leaders and their expansionary development strategies
In March 2019, Siemens acquired Massachusetts-based Russelectric®, a leading U.S. manufacturer of power control systems including paralleling switchgear and automatic transfer switches. The acquisition brings together the companies’ complementary electrical power portfolios and service organizations.
In September 2019, Siemens has been awarded a contract to deliver two converter stations for the first high-voltage direct-current (HVDC) link between Great Britain and Denmark. Viking Link will enable the exchange of electricity up to 1,400 megawatts (MW) to provide increased power-supply reliability and security to consumers in both countries., and In October 2018, ABB opened a high voltage gas insulated switchgear (GIS) manufacturing facility in Indonesia. This facility focus on manufacturing 170kV GIS units and is expected to address the growing demand for reliable power supply.
Key Target Audience
Electrical Insulation Manufacturers, Manufacturers of Thermoplastics, Epoxy Resins, Ceramics, Manufacturers in End-Use Industries, Traders, Distributors, and Suppliers of Electrical Insulating Materials, Regional Manufacturers' Associations and General Electrical Insulation Materials Associations and Government & Regional Agencies and Research Organizations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.