The global electric insulators market is projected to showcase a moderate growth rate during the forecast period. Electric insulators are devices that are used on electricity supply networks to separate and support conductors at high voltages. Electric insulators are of different types that include a composite insulator, ceramic insulator, and glass insulator. Ceramic insulator significantly finds its application in electrical insulation and high temperature and high voltage work environments across the globe. Electric insulators are adopted widely in the industrial and commercial sector due to its property of very high resistivity, high dielectric strength, and low thermal expansion. The electric insulators market is driven by growing investment in the refurbishment of aging grid infrastructure across the developed countries of the globe.
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The increasing need for uninterrupted electricity has also accelerated the demand for stable and reliable transmission and distribution (T&D) networks as sudden power outages caused by the unreliable T&D network can lead to treat to national security. According to the US Department of Energy, the US experiences more blackouts as compared to any other developed number. These blackouts lead to an additional cost of $150 billion per year to US businesses. Aging infrastructure, lack of investments, and lack of clear policy to modernize the grid are the key factors that are responsible for the increased number of blackouts. In 2018, American Electric Power, the US has planned to invest $17.7 billion in the development of the power grid over the next three years. The investment for grid refurbishment is expected to further support the growth of the electric insulators market.
The stringent government regulations for reducing the number of power blackouts and the refurbishment of the aging T&D networks across the globe are further supporting the growth of the electric insulators market. For instance, the US Energy Independence and Security Act (2007) mandate and promote the development and investment funds to make an investment in the intelligent electric network technologies. The up-gradation of the substation in the developed nations along with network additions across the globe to handle the increasing flow of power is anticipated to propel the growth of the electric insulator market.
According to the US DOE, nearly 75% of transmission lines and transformers older than 25 years and need rejuvenation, therefore, in 2017, the US and Canadian power utilities had planned to invest $980 billion over the next 20 years for the replacement, up-gradation, and expansion of the aging transmission infrastructure. The huge infrastructure spending to recreate the T&D network is anticipated to propel the growth of the electric insulator market.
Global Electric Insulators Market Segmentation
By Type
By Application
Global Electric Insulators Market – Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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