As per the analysis by Market Research Future Reports (MRFR), the Global Electric Insulator Market is estimated to expand at a CAGR of 5.88% during the review period. The rising initiatives taken by the government towards clean energy economy and renewable power integration have played a major role in driving investments in power transmission and distribution infrastructure. These factors will escalate the expansion of the electric insulator market 2020. Due to the fast urbanization in the developing economies, the market is likely to expand at a significant speed. The rising investments in the power grid infrastructure have also propelled the electric insulator market at a global level. The market is estimated to expand considerably during the forecast period due to the increasing adoption of renewable energy resources. Countries across the world are inclining towards the usage of renewable energy. Besides, the increasing investment in the refurbishment of the aging grid infrastructure across the developed countries will escalate the expansion of the electric insulator market at a global level. This can result in several opportunities in the electric insulator market. As per a study, the maximum utilities are spending enormously on distribution systems, which is primarily driven by capital expenditures on the replacement of aging electrical equipment.
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The forefront players of global electric insulator market are Southwire Company (US), General Electric (US), ABB (Switzerland), Siemens (Germany), Hubbell (US), NGK Insulators (Japan), Toshiba (Japan), Lapp Insulators (Germany), Bharat Heavy Electricals Limited (India), Maclean Fogg (US) and a few more.
The global electric insulator market can be segregated into voltage, application, type, end-user, and region.
On the basis of voltage, the global electric insulator market can be segmented into high, medium, and low.
On the basis of application, the global electric insulator market can be segmented into the transformer, switchgear, busbar, cable, and others.
On the basis of type, the global electric insulator market can be segmented into composite, glass, and ceramic. The ceramic segment is the leading segment and has the largest market share.
On the basis of end-user, the global electric insulator market can be segmented into industries, utilities, and others.
On the basis of region, the global electric insulator market can be segmented into Asia-Pacific, Europe, North America, South America, and the Middle East and Africa.
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The geographical analysis of North America, Europe, Asia-Pacific, Middle East and Africa, and South America has been performed. As per the research, the Asia Pacific market acquired the largest market share of the global electric insulator market in 2017. In the APAC region, China acquires the largest market share due to higher investment in transmission and distribution networks, which results in an increased demand for electric insulators. China aims to dedicate USD 360 billion by 2020, which will also result in the expansion of the market. It has also been anticipated that the APAC region would grow at the fastest speed during the review period, majorly because of increasing investment in the power grid infrastructure, construction activities, and rapid urbanization across the world. The electric insulators in the power industry would be influenced by the increase in infrastructural activities and growing electrification across the world. The North American region and the European market is likely to expand a significant rate during the forecast period. The region is likely to expand considerably due to the presence of developed countries like the US, Canada, the UK, Germany. The Rest of the World (RoW), is likely to show a moderate expansion during the forecast period.