Jul 09, 2023
Heightened Demand in Electrical Insulation will Drive Ceramic Insulator Market to Grow at a Robust CAGR of 5.2% by 2029
Ceramic Insulator Market Expands Due to the Refurbishment of Existing Grid Networks PUNE, India, March 27, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of
Ceramic Insulator Market Expands Due to the Refurbishment of Existing Grid Networks
PUNE, India, March 27, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Ceramic Insulator Market.
The global Ceramic Insulator Market size was USD 11 Billion in 2022 and is projected to reach USD 17.36 Billion by 2029, exhibiting a CAGR of 5.2% during the forecast period.
Ceramic insulator is generally designed and merchandised with popular natural raw materials, namely porcelain and kaolinite that possess excellent properties of resistance to high temperature and heat. The ceramic insulator market offers products in different shapes and designs depending on the methodology and application. Thus, facilitating consumers to install ceramic insulators in any form, with respect to the requirement. Demand for ceramic insulators is expected to increase over the forecast period, due to the rapid growth of its usage in upcoming projects to install new transformer lines, which will allow the transmission of electricity in remote areas.
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A renowned technology in the production of ceramic insulators is expected to enhance market acknowledgement, as it provides high voltage electricity without electrical breakdown. A megatrend has been observed in gasoline engine technology to maintain the carbon dioxide emission level. The ceramic insulator plays a vital role to act as a barrier between the electrodes that force the spark plugs to jump to initiate combustion. Thus, growth of the ceramic insulator market can be observed to a great extent in a varied range of sectors over the forecast period.
In February 2022, Recticel Insulation announced that it had received the Programme for the Endorsement of Forest Certification (PEFC) for its multilayer thermal insulation products. The company claims that it is the first polyisocyanurate (PIR) and polyurethane (PUR) producer to do so. The insulation manufacturer will be selling thermal insulation products with multilayer paper facings made from wood fibers, which are sourced from PEFC-certified and sustainably-managed forests.
The Asia Pacific region is expected to be the 55% fastest-growing market for electric insulators, with the greatest CAGR over the forecast period.
In countries like India and China, the power demand has surged as a result of population growth, urbanization, and the expansion of the industrial sector. Governments in Asia Pacific countries are intending to expand their electrical infrastructure and power generation capacity, increasing the demand for insulators in the region. As a result, rising power demand and upgrades to current electrical infrastructure are likely to drive higher demand for electric insulators in the region.
Emerging Technology Trends for Ceramic insulator market
The technologies in Ceramic insulator market have undergone significant change in recent years, with traditional ceramic insulator to advanced polymeric insulator. The rising wave of new technologies such as, polymer technology are creating significant potential in high voltage industrial applications and driving the demand for Ceramic insulators.
Ceramic insulator suppliers are using various material technologies, such as glass, ceramic, and polymer for manufacturing of different Ceramic insulator. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources are creating new opportunities for various Ceramic insulator technologies.
Key Impact Factors:
Growth in infrastructure expenditure in various nations, as well as favorable government regulations. Furthermore, ceramic insulators are favored over glass insulators because they have advantages such as greater resistance to external damage during installation and shipment, as well as superior performance in damp situations.
The Refurbishment of Existing Grid Networks Gives Grow to The Ceramic Insulator Market
Existing infrastructure must be replaced and upgraded due to aging equipment. The requirement for secure and reliable transmission and distribution networks has grown as energy demand has increased. Because of unexpected power interruptions, unreliable T&D infrastructure provides a security risk. According to the International Energy Agency, worldwide power sector investments are expected to total USD 9.7 trillion between 2023 and 2029, with an additional USD 7.2 trillion for T&D grids (40 percent to replace existing infrastructure and 60 percent to build new infrastructure). According to the US Department of Energy (DOE) and the North American Electric Reliability Corp. (NERC), the United States has more blackouts than any other developed country, with the number of power outages lasting more than an hour continuously increasing over the previous several years.
The global ceramic insulator market is driven by growth in infrastructure expenditure in various nations, as well as favorable government regulations.
Demand for the global ceramic insulator market is fuelled by factors such as a growth in infrastructure expenditure in various nations, as well as favorable government regulations. Furthermore, ceramic insulators are favored over glass insulators because they are more resistant to external damage during installation and shipping, and they operate better in damp circumstances. It also has great resilience to thermal shock. During the forecast period of 2023 to 2029, all of these factors are likely to promote market growth. The market's growth is projected to be hampered by an increase in the number of pollution flashover accidents.
Increasing Investment in Smart Grid Projects will create significant growth opportunities in the market.
A smart grid is a cutting-edge technology that includes smart gadgets in circuits and allows for remote monitoring of normal operation. These devices use two-way communication to allow the utility to engage with each device and control its operation to detect and remove issues. The growing number of smart city initiatives around the world gives a great opportunity for technology firms, service providers, utility companies, and consultancy firms. Smart cities use technology and optimal resource utilization to manage critical services such as utility, safety, transportation, and health more efficiently and intelligently. modular construction is increasing as the demand for automation of repetitive and monotonous jobs rises. With the arrival of Industrial, this tendency is predicted to continue, boosting market growth over the projection period. Furthermore, the use of technology to integrate building information, computational design, and modeling tools in optimizing the supply chain and logistics of construction methods is supporting the industry's growth.
Volatility in Raw Material Prices May Hinder Growth of Market
Rapid fluctuations in raw material prices would have a considerable impact on electric and ceramic insulator production. Insulators are made out of steel and silicon rubber as raw materials. These materials' costs are extremely volatile and shift regularly. This price fluctuation can be explained by the fact that China, as one of the world's top steel producers, has been experiencing weak economic growth for the past three years. The country's manufacturing industry is likely to continue to shrink in the future, resulting in more price swings. Volatility in raw material prices would be a significant concern for the electric insulator business.
Ceramic Insulator Market Report Scope
Market size value in 2022
USD 11 Billion in 2022
Revenue forecast in 2029
USD 17.36 Billion by 2029
CAGR of 5.2% from 2023 to 2029
Base year for estimation
2017 - 2022
2023 - 2029
Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, region
North America; Europe; China; Asia; Pacific; Central & South America; MEA
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Key companies profiled
Technical Ceramic Australia, PPC Insulators, Aditya Birla Insulators, Power-grid Switchgears Pvt. Ltd., Meister International, LLC, ZPE ZAPEL S.A., Isolantite Manufacturing Company, ElsewedyElectric, CJI Porcelain Pvt Ltd., Iran
Key Market Opportunities
Demand for the global ceramic insulator market is fueled by factors such as a growth in infrastructure expenditure in various nations, as well as favorable government regulations.
Ceramic Insulator Market: Market Participants
Examples of some of the market participants in the ceramic insulators market are listed below:
CJI Porcelain Pvt Ltd.
Meister International, LLC
ZPE ZAPEL S.A.
Power-grid Switchgears Pvt. Ltd.
Aditya Birla Insulators
China Insulators Manufacturer
Browse Detailed Summary of Research Report with TOC
Key Market Segments: Ceramic Insulator Market
Ceramic Insulator by Product Type, 2023-2029 (USD Million)
Ceramic Pin Insulator
Ceramic Strain Insulator
Ceramic Bushing Insulator
Ceramic Insulator Market by Material, 2023-2029, (USD Million)
Ceramic Insulator Market by Application, 2023-2029, (USD Million)
Ceramic Insulator Market: Dynamics
The ceramic insulator market is expected to witness potential growth, owing to increasing applications of ceramic insulators in various industrial sectors and rural areas. With rapid development in technology, several transmission lines are expected to adopt ceramic insulator products as they are light weight and have higher mechanical strength-to-weight ratio.
Increasing focus towards railway projects in emerging countries, such as India, which have the most rail lines in the world is expected to boost the demand for ceramic insulators in electrical and thermal insulation. Moreover, an increase in the development of smart grids in North America and Europe is expected to drive the demand for ceramic insulators over the forecast period.
Renovation and remodelling of old transmission and distribution lines along with new electrification projects are some of the factors driving growth of the ceramic insulators market over the forecast period.
However, intense competition from other insulators made of composite materials is observed to obstruct the growth for ceramic insulators. For instance, the non-ceramic insulators that are 20% lower in weight than ceramic insulators provide relatively good electric and mechanical properties, especially in high voltage lines.
Key Question Answered
What is the current size of the ceramic insulator market?
What are the key factors influencing the growth of ceramic insulators?
What are the major applications for ceramic insulators?
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Which region will provide more business opportunities for ceramic insulators in the future?
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