Industrial Insulators Market to surpass $6 billion by 2031, growing at a CAGR of 4.9%, says Coherent Market Insights

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.

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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

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.

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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.

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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

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SOURCE Coherent Market Insights