According to ReportsnReports recent Electric Insulator Market Report, the electric insulator market is projected to reach $13.34 billion by 2023, from an estimated $10.17 billion in 2018, at a CAGR of 5.58%. However, increasing availability of low-quality gray market products can hinder the growth of the market. The governments of Asia Pacific countries are planning to develop more electrical grid and power generation capacity, which would further boost the demand for insulators in the region.
- The leading players in electric insulator market are ABB Ltd. (Switzerland), Aditya Birla Nuvo Ltd. (India), General Electric, Siemens AG (Germany), and Toshiba Corporation (Japan). Contracts & agreements are the most commonly adopted strategies by the top players.
- Rise in electrical grid infrastructure spending and growing access to electricity in rural & remote areas of developing economies are driving the market for low voltage electric insulators.
- Asia Pacific is estimated to be fastest growing market for electric insulators by 2023 & is projected to grow at highest CAGR during forecast period.
- Electric insulator market, by voltage, is segmented into low, medium, and high. Low voltage segment is expected to dominate electric insulator market in 2018. Low voltage equipment is extensively used in commercial, residential, & industrial applications for various purposes; therefore, demand for low voltage electric insulators is in-line with industrial & urban developments. These advantages are some of key factors that support growth of ceramic insulator market.
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