Electric Insulators Market Research, Industry Outlook, Size, Growth Factors, And Forecast 2028

PUNE, India - Jan. 9, 2023 - PRLog -- MARKET OVERVIEW- GLOBAL ELECTRIC INSULATORS MARKET

Increasing renovation of present grid networks is making more demand for electric insulators. Aging equipment needs advancement and replacement of present infrastructure. Increasing demand for energy has result in the need for reliable and stable transmission and distribution (T&D) networks. Unreliable or inconstant T&D infrastructure poses hazards to national security owing to unexpected power outages. Moreover, as per IEA, over the 2012-2035 period, strategic investments in the electricity industry for the global generating capacity is approximately US$ 9.7 trillion, with an added US$ 7.2 trillion for T&D grids (60% to construct new infrastructure and 40% to change present infrastructure). Therefore, the healthy infrastructure expenditure across the globe will help to improve the electric insulator market.

MARKET OPPORTUNITY

Growing investment for smart grid projects is an emerging opportunity for the electric insulators market to grow across the globe. The rate of urbanization and industrialization in APAC is the highest; both developing and developed nations in the region are considering to adopt smart city technologies. An ongoing smart city projects in developing economies, increase in investments in smart grid technologies and smart cities that include power quality equipment, distribution grid automation, and demand response systems in nations such as South Korea, Japan, and Australia would create prospects for the electric insulator market. Additionally, government strategies in favor of building more smart cities will also increase the demand for electric insulator during the estimated timeframe.

MARKET GROWTH CHALLENGES

Increasing grey market products of low quality is major challenge towards the market growth. The electric insulator market comprises both unorganized and organized players/sectors. The organized division primarily targets industrial buyers and keeps high quality of the product, while companies in the unorganized segment offer low-priced substitutes to increase their presence in the market and penetrate local markets. Prominent market companies are experiencing stiff rivalry from market players of unorganized sector, who supply low-quality and low-priced products. These companies from the unorganized field suppress the well-established players in terms of price competitiveness and the networks of local supply maintained by them, which are challenging for global companies to achieve.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global electric insulators market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing use of electric insulators in end use sectors like utilities and various industries is attributed to the market growth.

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