The electrical insulators are products with weak electrical conductivity due to the lack of free flow of electricity. Electric insulators are the most critical gears in the power grid network providing electric isolation and mechanical support.
When an electromotive force source (EMF) is introduced, it displays characteristics such as high resistivity and helps to control the electrical current flow effectively.
What are the key drivers and barriers in the global industry of electrical insulators, and what is its market size?
The electric insulator market is expected to reach US$ 10 billion by 2025 from US$ 8 billion in 2018.
The key driver in the global market of electric insulators is the growing demand for a stable and reliable power supply. In addition to government efforts to develop sustainable infrastructure, the growing investments to modernise existing grid networks across developed customs will increase the growth of electrical insulator. The increasing electrification in developing countries will stimulate demand for insulators.
The emerging markets are taking various initiatives such as implementation of smart grid, grid energy storage system and green energy portals, which will further enhance the demand growth. Additionally, the rising deployment of electrical networks on the back of rising electricity demand will support the insulator market.
However, the growing adoption of the underground over overhead cables in the transmission and distribution network is expected to hamper long-term growth in demand for electrical insulators.
On the other hand, the increase in grey market products, particularly counterfeited products is damaging market-leading brands. The increasing sales by both local and counterfeited producers are also negatively affecting the market shares and sales of global players.