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.
Request Sample Report: https://www.coherentmarketinsights.com/insight/request-sample/6826
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 |
|
|
Restraints & Challenges |
|
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.
Immediate Delivery Available | Buy This Premium Research Report: https://www.coherentmarketinsights.com/insight/buy-now/6826
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.
Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/6826
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:
- U.S.
- Canada
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
Browse More Trending Reports:
Industrial Energy Efficiency Market: The industrial energy efficiency market size is expected to reach US$ 41.2 Bn by 2030, from US$ 23.13 Bn in 2023, growing at a CAGR of 8.6% during the forecast period.
Captive Power Plant Market: The captive power plant market size is expected to reach US$ 61.14 Billion by 2030, from US$ 25.99 Billion in 2023, at a CAGR of 13% during the forecast period.
Combined Heat and Power (CHP) Market: The combined heat and power (CHP) market size is estimated to be valued at US$ 250 Mn in 2022 and is expected to surpass around US$ 445.6 Mn by 2030, expected to exhibit a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030.
Energy Retrofit Market: The global energy retrofit market size was valued at US$ 111.2 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Contact Us:
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: [email protected]
Website: https://www.coherentmarketinsights.com
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/902389/Coherent_Market_Insights_Logo.jpg
SOURCE Coherent Market Insights
