Global electric insulator market projected to reach USD 22.4 billion by 2033 with 5.4% CAGR
From GlobeNewswire: 2024-07-30 16:00:00
The Global Electric Insulator Market is projected to increase from USD 13.2 billion in 2023 to USD 22.4 billion by 2033, with a CAGR of 5.4%. Insulators inhibit electrical current flow by having no free electrons in their valence shells. The market growth is driven by expanding power infrastructure and increased electricity demand due to industrialization and urbanization.
The ceramic/porcelain segment is expected to dominate the global electric insulator market due to their high-voltage suitability. Bushings, which provide support and insulation to power lines, are projected to grow rapidly. Distribution networks, crucial for efficient power transportation, will hold the highest revenue share. Asia Pacific is expected to lead the market, driven by growing populations and smart grid adoption.
The US market for electric insulators is forecasted to grow rapidly due to rising energy demand and the need for safe energy transmission. The market is expected to accelerate as US electrical companies prioritize reliability and safety. Major market players include Hubbell Power Systems, NGK Insulators, TE Connectivity, ABB Ltd, and Siemens AG. Recent developments include Fluke’s launch of portable insulation resistance testers for efficient testing up to 2500 V.
Read more at GlobeNewswire: Global Electric Insulator Market Size To Worth USD 22.4