MARKET OVERVIEW- UNITED STATES ELECTRIC INSULATORS MARKET
An electrical insulator is used in an electrical system to prevent the unwanted flow of current to the earth from its supporting points. The insulator plays a vital role in the electrical system. An electrical insulator is a very high resistive path through which practically no current can flow. Electrical insulators are useful for coating wires, or acting as dielectrics in capacitors. An increase in power consumption, renovation of present grid networks along with strategic government investments in the energy industry are major factors driving the growth of the market. Furthermore, the development of renewable-based power generation across the U.S is anticipated to provide lucrative growth opportunities for key players operating in the market.
MARKET DRIVERS
The growth of the Electric Insulators market is driven by an increase in power consumption, which has led to a rise in demand for electrical insulators. According to Energy Information Administration (EIA), total U.S. electricity consumption in 2021 was about 3.93 trillion kWh and 13 times greater than electricity use in 1950. In 2021, retail sales of electricity were about 3.79 trillion kWh, equal to 97% of total electricity consumption. Total direct use of electricity by the industrial and commercial sectors was about 0.14 trillion kWh, or about 3% of total electricity consumption. Further, EIA has projected that the power demand will rise to a two-year high of 3,864 billion kilowatt-hours (kWh) in 2021 and 3,931 billion kWh in 2022 from a coronavirus-depressed, of about 3,803 billion kWh in 2020. Thus, an increase in power consumption is expected to fuel the demand for electrical insulators over the forecast period. Also, the increase in renovation of present grid networks is a major factor that is expected to accelerate the growth of the market in U.S.
MARKET OPPORTUNITIES
Several investments in smart grid technologies and smart cities is expected to have a positive impact on the growth of the market. Also, rising investments in renewable energy projects is expected to provide lucrative growth opportunities for key players in the market.
MARKET RESTRAINTS
Fluctuations in raw material prices are expected to negatively impact the growth of the market. Silicon, rubber and steel are the major raw materials used for the manufacturing of electric insulators. The prices of these materials fluctuate frequently and are highly volatile. It is expected to restrain the growth of the market.
MARKET GROWTH CHALLENGES
Prominent market companies are experiencing stiff competition from players in the unorganized sector, who supply low-quality and low-priced products. These companies from the unorganized field suppress the well-established players in terms of price competitiveness and the networks of local supply maintained by them, which are challenging for U.S companies to achieve. It is expected to impact the growth of the market.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the United States Electric Insulators market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in renovation of present grid networks is expected to stimulate the demand for electric insulators, and therefore, the market is expected to witness growth at a specific CAGR from 2022-2029
UNITED STATES ELECTRIC INSULATORS MARKET SEGMENTAL OVERVIEW
United States Electric Insulators market comprises of different market segments like type, voltage, application, end user.
UNITED STATES ELECTRIC INSULATORS MARKET BY TYPE
On the basis of type, the United States Electric Insulators market consists of key segments like
The ceramic segment is expected to gain the major market share over the forecast period. The ceramic insulators usually have a higher dielectric constant, which does not vary much with varying temperature, unlike other which conducts more electricity at higher temperatures. It is expected to fuel the growth of the segment over the forecast period. Expansion of transmission and distribution network, along with growing energy consumption are key factors driving the demand for ceramic insulators.
Also, the composite segment is expected to witness high growth over the forecast period. Composite insulators have a special type of insulation control that can play an important role in overhead transmission lines. Composite insulators are increasingly used to electrically isolate line conductors from the support structure and provide them with mechanical support.
UNITED STATES ELECTRIC INSULATORS MARKET BY VOLTAGE
By voltage, the United States Electric Insulators market includes segments like
The medium voltage segment is expected to lead the market over the forecast period due to large-scale use of medium voltage electric insulators in transmission and distribution of communications, and substations.
Also, the high voltage segment is expected to witness high growth over the forecast period. High voltage insulators are designed to increase the length of the leakage path to reduce leakage currents in outdoor settings.
UNITED STATES ELECTRIC INSULATORS MARKET BY APPLICATIONS
The United States Electric Insulators market finds major applications in
- Transformers
- Cables
- Busbar
The cable segment is expected to lead the market during the forecast period. Rising focus on electric grid modernization coupled with increasing focus on real time monitoring of power networks are expected to drive the growth of the segment.
The transformers segment is expected to witness high growth over the estimated time period. The growth of the segment is driven by the introduction of Internet of Things based transformers to effectively control and monitor electrical grids. Internet of Things based transformers are reliable as they are able to monitor an ambient temperature rise, and load current levels efficiently.
UNITED STATES ELECTRIC INSULATORS MARKET BY END-USER
The United States Electric Insulators market include major end-users like
The utilities segment is expected to dominate the market over the forecast period as electrical insulators are used to restrain the flow of current towards earth and maintaining the flow of current in the transmission line in utilities.
The industries are expected to witness high growth over the forecast period. Electric insulators are helpful in reducing the consumption of electricity. Therefore, these insulators are widely used in industrial settings. Rising investments in renewable energy is a key factor driving the growth of the segment. For example, in September 2021, Vestas Wind Systems A/S announced orders to deliver turbines for 290 MW of wind projects in the United States. As a part of this project is supplying 16 units of the V162-6.2 MW turbines in a 6.0 MW operating mode and one V150-6.0 MW machine in a 5.6 MW operating mode for the Deerfield 2 wind farm in Michigan, this in turn culminates for the growth of country's power market.
COVID-19 IMPACT ANALYSIS ON THE UNITED STATES ELECTRIC INSULATORS MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Electric Insulators market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the electric insulators market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemic on United States economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has significantly affected the entire economy, and society in general. It has significantly changed the economic situation in the U.S. The pandemic led to a huge disruption in supply chains and shortage of essential raw materials and subsequently led to a reduction in demand for electric insulators. Also, as a result of the pandemic distribution in the supply chain, it certainly created a hurdle for the industries in the world for importing and exporting products. However, after the uplifting of lockdowns and ongoing vaccination processes, the electricity demand in commercial and industrial areas are recovering slowly. This is expected to drive the growth of the market in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Electric Insulators market is primarily focused on expanding the growth of electric insulators industry in the United States with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in electric insulators sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
- NGK Insulators
- LAPP Insulators
- Sediver
- Maclean-Fogg
- Elsewedy Electric
- Gipro
- South Wire Company
- Goldstone Infratech Limited
- Nanjing Electric
- TE Connectivity
- Inael Electrical System
- K-Line Insulator Limited
- PPC Austria Holding Gmbh
RECENT DEVELOPMENT:
August 2021: PPC Insulators has announced the release of 28 new fashions to their ESP Insulator line. These popular fashions may be determined with the aid of using downloading the flyer precise to America market. The fashions proven are similar to many not unusual place CoorsTek ESP insulators and are crafted from PPC`s specialized LD ceramic to offer superb thermal, mechanical, and electric properties.
April 2021: GE Renewable Energy’s Grid Solutions business and Hitachi ABB Power Grids Ltd announced an agreement related to the use of an alternative gas to sulfur hexafluoride (SF?) for use in high voltage equipment. The company also revealed that the partnership will help accelerate the use of fluoronitrile-based eco-efficient insulation and switching gas in high-voltage equipment as an alternative to SF? gas.
