Visiongain has published a new report entitled the Electric Insulator Market Report 2021-2031. It includes profiles of Electric Insulator and Forecasts Market Segment by Material (Ceramic Insulator, Composite Insulator, Glass Insulator), Market Segment by Category (Bushings, Others Insulator) Market Segment by End-User (Utility Sector, Industrial Sector, Commercial Sector, Other End-User) Market Segment by Application (Electric Cables, Electric Transformers, Electric Switchgear, Electric Busbar, Surge Protection Device) Market Segment by Type (Pin Insulator, Suspension Insulator, Shackle Insulator, Antipollution-Type Insulator, Cap Insulator, Composite Insulator, Conductor Insulation, Hollow Insulator, Insulator Set, Insulator String, Long Rod Insulator, Multi-Element Insulator, Post Insulator, Rigid Insulator, Solid-Core Insulator, Stabilized Insulator, Strain Insulator, Special-Purpose Insulator, Other Electric Insulator Types) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global electric insulator market was valued at US$20879 million in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2031.
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Growth in Asia will drive a 50% increase in global energy consumption by 2050.
Between 2018 and 2050, global energy consumption in the industrial sector will increase by more than 30%. By 2050, worldwide industrial energy usage was estimated to be about 315 BTU. Between 2018 and 2050, transportation energy consumption rises by over 40%. Non-OECD nations accounted for about 80% of the growth in energy consumption between 2018 and 2050. For both personal and freight movement, energy in these countries develops at a far quicker rate than in many OECD countries. Between 2018 and 2050, end-use consumption growth leads to a 79 percent rise in energy generation. Electricity use in the residential sector is expanding as non-OECD countries' populations and living standards rise, boosting demand for equipment. Energy is also becoming more widely used in the transportation sector, as electric plug-in automobiles become more common and the usage of electricity for railway purposes grows. As a result of these reasons, the network of electric transmission and distribution is expanding, resulting in increased need for electric insulators.
How has COVID-19 had a significant negative impact on the Electric Insulator Market?
The power companies are confronted with Covid-19 unprecedented times, which badly paralyzes some industries, while keeping others largely intact. Some companies suffer more of the influence in the electrical construction industry than others. Some of them crush the pandemic, while others stay relatively impacted. There is hope of a significant recovery notwithstanding the uncertainty faced by the electrical construction industry. The activities of electric building are reported to return in 34 states to the pre-coronavirus level. After observing the influence patterns on different power sectors, it seems clear that they are adjusting well to the economic trend (i.e., the renewable energy industry and the heavy civil engineering sector). As Covid-19 creates a new normal not only for the United States, but for the entire global economy, the power industry will need flexibility and improvements that allow the industry to operate, or perhaps thrive in some sectors of sub-power.
How this Report Will Benefit you?
Visiongain’s 552+ page report provides 393 tables and 386 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global electric insulator market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Electric Insulator. Get the financial analysis of the overall market and different segments including type, category, application, material and capture higher market share. We believe that high opportunity remains in this fast-growing electric insulator market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Renewable Energy Adoption Among Consumers Has Increased
With advancements in energy storage technology, consumer acceptance of renewable energy has grown. Solar panels and batteries, on the other hand, are used in tiny clusters due to their high installation costs and electricity generation reliability. As a result, renewable energy penetration is limited, resulting in a strong reliance on fossil fuels. However, as concerns about carbon footprints and greenhouse gas emissions have grown, along with national goals for renewable integration, developing and developed countries have boosted their usage of clean energy to improve electricity generation efficiency.
Electric Vehicle Adoption is having an Impact on Distribution Load
Improved battery technology help lower the cost of electric vehicle production, encouraging more carmakers to enter the market and build competitive models. Prices for lithium-ion battery packs have dropped 73% since 2010, but their energy density has doubled, allowing EVs to run on a single charge. Electricity battery production on a large scale has increased economies of scale and lowered costs, while manufacturers are aiming for prices much below the DOE target price of 125 dollars per kWh. In 2018, about 707,000 electric vehicles were available on American roadways, compared to 39,000 in 2015. By 2025, the United States is estimated to have about 10 million electric vehicles on the road.
Where are the market opportunities?
Increasing Investment for Smart Grid Projects
A smart grid is a cutting-edge technology that includes smart gadgets in circuits and allows for remote monitoring of normal operation. These devices use two-way communication to allow the utility to engage with each device and control its operation in order to detect and remove issues. The growing number of smart city initiatives around the world gives a great opportunity for technology firms, service providers, utility companies, and consultancy firms. Smart cities use technology and optimal resource utilization to manage critical services such as utility, safety, transportation, and health more efficiently and intelligently.
Electricity Sector Funding Opportunities
Climate adaption projects are receiving increased financing from both the EU budget and development organizations. The ESI Funds62 invest in a variety of investment goals and union priorities to promote climate change adaptation, risk prevention, and management under the broad theme of "Climate Change Adaptation & Risk Prevention." The availability of these funds, which can be used to include adaptation actions in a wide range of projects, including essential infrastructure developments (such as road and rail infrastructure), flood and fire protection, and land rehabilitation and risk management, can benefit project developers
The major players operating in the electric insulator market are ABB Ltd, Siemens AG, Hubbell Incorporated, Toshiba Corp, Bharat Heavy Electricals Limited (BHEL), NGK INSULATORS, LTD., General Electric Company, Alstom SA, El Sewedy Electric Company SAE, TE Connectivity, Asian Insulators Public Company Limited, DALIAN INSULATOR GROUP CO., LTD, Subsea 7 S.A., MacLean-Fogg, PPC INSULATORS, LAPP Insulators Group, W T Henley, ELANTAS GmbH, The KREMPEL-GROUP, GIPRO. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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