China electric insulators market is projected to surpass over 200 million units by 2024, propelled by Significant focus on expansion and upgradation of their existing electrical network coupled with favorable reforms ensuring energy efficiency.
Selbyville, DE -- (ReleaseWire) -- 04/17/2018 --The Industry share report "Electric Insulators Market Size By Material, By Voltage, By Application, By Category, By End Use, Industry Analysis Report, Regional Outlook (U.S, Canada, Mexico, UK, Germany, France, Spain, Italy, Sweden, Austria, Russia, China, Japan, India, South Korea, Australia, Indonesia, Philippines, Thailand, Malaysia, Saudi Arabia, UAE, Iran, Kuwait, Jordan, Turkey, Egypt, Nigeria, South Africa, Brazil, Argentina, Chile, Venezuela), Application Potential, Competitive Market Share & Forecast, 2017 – 2024" by Global Market Insights, Inc. forecast Electric Insulators Market share is expected to cross $6 billion by 2024.
Rising investments for development of electrical infrastructure coupled with increasing expenditure toward the refurbishment of the existing grid infrastructure will stimulate the electric insulators market. The need to expand the capacity and improve the reliability of T&D networks fuelled by long term regulatory requirements will further provide an avenue to the industry growth.
The U.S. electric insulators market is set to witness annual installation of over 90 million units by 2024. The need to boost grid resiliency and reliability along with grid modernization will positively influence the business outlook. Expansion of cross-border interconnections across Canada coupled with stringent energy efficiency reforms will further stimulate the industry growth.
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Composite electric insulators market will grow owing to its rapid adoption in restructuring of T&D networks. These insulators are preferred over their conventional counterparts on account of its good hydrophobic surface property in conditions of rain, dew and fog and low surface energy. Easy installation, light weight and high mechanical strength are some of the key features that will further enhance the material growth.
Rising inclination toward replacement of conventional grids along with escalating demand for expansion of distribution networks will positively complement the utility electric insulators market. The China state-owned utility plans to invest USD 350 billion between 2016 and 2020 period for expanding its power transmission network.
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Growing inclination toward expansion of sustainable electricity networks coupled with imminent closure of over-lying generation assets will fuel the electric insulators market growth. Expansion of smart-grid networks along with supportive government initiatives will further thrust the industry growth. Initiatives consisting smart grid vision, green energy corridors, UDAY reforms are positive steps that focus on scalable and comprehensive solutions for supporting electricity grids.
Shackle insulators will witness appreciable growth owing to their effective applicability across low voltage distribution networks. The product has gained appreciable penetration across residential establishments on account of its minimized possibility of breakage on excessive load lines.
Increasing electricity demand with growing investment for extension of electric networks across remote locations will thrust the Middle East & Africa electric insulators market size. Ongoing electrification reforms to cater the rising energy demand coupled with deployment of cost effective distribution systems will encourage the industry growth. The government of Saudi Arabia is making annual investments of USD 4 billion in distribution and USD 5 billion in generation to strengthen its existing and expanding electricity infrastructure.
Ongoing technological development coupled with stringent energy efficiency reforms for grid stability will augment the electric insulators market. Positive outlook for integration of sustainable energy mix will further boost the business growth. As per the World Energy Outlook, 76% of the USD 50 billion projects in the U.S. aim at renewable energy integration by the year 2023.
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Notable participants in the electric insulators market include, ABB, General Electric, Lapp Insulators, NGK Insulators, Maclean Fogg, Seves Group, Hubbell Incorporated, Siemens and Elsewedy Electric.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.