BURLINGAME, Calif., July 4, 2024
/PRNewswire/ -- The global Industrial Insulators Market,
valued at $4.29 billion in 2024, is
on a trajectory of rapid expansion, with projections indicating it
will soar to $6 billion by 2031,
growing at a compound annual growth rate (CAGR) of 4.9% from 2024
to 2031, as per a recent report by Coherent Market Insights.
Growing focus on renewable energy production with mounting concerns
regarding climate change and energy security, governments worldwide
are prioritizing renewable energy generation through solar and wind
power projects. Industrial insulators have wide utility in solar
farms and wind turbines where they are used to insulate electrical
components from ground.
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Market Dynamics:
The industrial insulators market is driven by the increasing
demand for electricity owing to rapid industrialization and
urbanization. According to the International Energy Agency, global
energy consumption is projected to grow by 1% annually up to 2030.
This increasing demand for energy is expected to propel the need
for transmission and distribution networks which in turn supports
market growth. Moreover, insulators help prevent short circuits,
reduce transmission and distribution losses and ensure safety.
Thus, growth in energy generation and transmission infrastructure
development is fueling market expansion.
Industrial Insulators Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$4.29 billion
|
Estimated Value by
2031
|
$6 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 4.9%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Form, By Material,
By Application
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Rising adoption of
energy efficiency standards and regulations
- Growing investments
in process industry infrastructure
|
Restraints &
Challenges
|
- Stringent
environmental regulations & Availability of substitute
materials
- High operational
costs
|
Market Trends:
Composite insulators are increasingly being adopted over
traditional ceramic and glass insulators due to their superior
performance. Composite insulators provide higher corrosion
resistance, less maintenance requirement and have longer lifespans
compared to conventional insulators. They also have hydrophobic,
self-cleaning and anti-fogging properties which aid in reliable
insulator performance. According to research, composite insulators
account for over 30% of the overall industrial insulators
market.
Standardization of insulator dimensions by various regulatory
organizations such as International Electrotechnical Commission
(IEC) is another key trend. Adherence to standardized insulator
dimensions facilitates interchangeability between different
manufacturers and ensures product reliability. It also helps
utilities to maintain uniformity in their transmission and
distribution networks. Thus, standardization is supporting
large-scale adoption of industrial insulators.
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Market Opportunities:
The pipe insulators segment accounted for the largest market
share of over 35% in 2024. Pipe insulators provide excellent
electrical and thermal insulation and are widely used in
applications involving piping systems across various end use
industries such as power generation, oil and gas etc. Rapid
infrastructure development and increasing investments into
modernization of aging power grids in developing economies is
expected to drive the demand for pipe insulators during the
forecast period.
Blanket insulators segment is expected to witness significant
growth during 2024-2031. Blanket insulators provide flexible
insulation solutions and are easy to install. They are increasingly
being used as cost effective alternatives to rigid insulators for
applications requiring vibration dampening. Growing investments in
upgrading transmission and distribution infrastructure in regions
such as Asia Pacific and
Middle East is anticipated to
boost the demand for blanket insulators.
Key Market Takeaways:
The global industrial insulators market is anticipated to
witness a CAGR of 4.9% during the forecast period 2024-2031, owing
to growing investments in infrastructure modernization projects
across both developed and developing economies.
On the basis of form, the pipe insulators segment is expected to
hold a dominant position, accounting for over 35% market share in
2024 due to wide applicability in piping systems.
By material, the mineral wool segment holds the major share of
over 30% due to its excellent dielectric and physical
properties.
In terms of application, the power generation industry dominated
the industrial insulators market in 2024 and is expected to
maintain its lead, driven by capacity additions and grid
modernization projects globally.
Regionally, North America
dominated the overall market in 2024 due to large base of aging
infrastructure in countries like United
States. However, Asia
Pacific is anticipated to depict highest growth during the
forecast period supported by increasing investments in transmission
and distribution networks across developing nations.
Some of the prominent players operating in the industrial
insulators market include ABB Ltd, Alstom, Hubbell Incorporated,
Lapp Insulator Group. Market leaders are focusing on inorganic
growth strategies such as acquisitions to expand their product
portfolio and geographical presence.
Recent Development:
In 2022, Power Grid Corporation of India plans to invest USD 34 billion by 2030 by setting up an
interstate transmission network. Such developments are expected to
increase the demand for industrial insulators among end-users,
which, in turn, is anticipated to drive the growth of the regional
market during the forecast period.
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Market Segmentation
By Form:
- Pipe
- Blanket
- Board
- Others
By Material:
- Mineral Wool
- Calcium Silicate
- Others (Plastic Foams, etc.)
By Application:
- Power Generation
- Petrochemical & Refineries
- EIP Industries
- LNG/LPG
- Others
By Regional:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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SOURCE Coherent Market Insights