With the world witnessing a paradigm shift in power generation techniques, moving from conventional to sustainable means, electric insulators market is certain to be a major beneficiary of this transition. This change also comes on the heels of the increasing awareness toward the deteriorating climatic conditions as well as the energy crisis, which have been proclaimed as high-priority global concerns and have gained the attention of a large number of private and governmental entities globally.
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Speaking along similar lines, one of the top-notch initiatives taken in order to mitigate the energy crisis, particularly with reference to the power sector (transmission and distribution losses), is grid replacement and refurbishment. In fact, as per the World Energy Outlook, more than USD 3 trillion of the overall T&D investments is procured for replacement and refurbishment of the current assets. Add to it, more than 75% of projects worth USD 50 billion in the U.S. are focused on integration of renewable energy by 2023. Not to mention, such initiatives are overt to bring about a revolution of sorts in the electric insulators industry space, opening a myriad range of opportunities for the concerned players.
Speaking of the lucrative opportunities that companies operating in this business sphere are expected to thrive on, the emerging economies are claimed to be a prominent hub for the market players with regard to exploiting the commercialization potential. Citing a relevant statistic by the World Bank – more than 55% of the total T&D investment across the Asia Pacific belt & Africa will be solely driven by the need to extend transmission lines to 75 million kilometers – a fact clearly depicting huge electric insulators market demand across the regions.
In fact, as per experts, China is anticipated to be a major stakeholder of the electric insulators industry space, with a projected CAGR of 5% over 2018-2024. The region’s State Grid Corporation plan which claims of investing 28% more in expanding power transmission network in next five years further validates China’s strong foothold in the electric insulators market space.
Elaborating on the application spectrum of electric insulators market, transformers bagged 15% of the global share in 2017, driven by a robust expansion of smart grid networks in the emerging economies and a massive demand from utilities & residential sectors. In the years to come, transformers are expected to gain a substantial proportion if electric insulators industry, given the rising focus on real time monitoring of power networks.
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Looking at these affluent trends of energy reforms and the smart grid network revolution, it is rather obvious for the competitive landscape of electric insulators industry to be dynamic. In the backdrop where product innovations and cost margins are referred to as the major success quotients for the electric insulators market players, industry analysts anticipate M&As and R&D investments to primarily characterize the strategic spectrum of this fraternity.
With reference to the aforementioned context, the latest scoop grabbing the headlines is the strategic partnership between a smart grid company Moixa and Japan’s leading trading house ITOCHU Corporation. Reportedly, under the deal, ITOCHU will invest £5 million in the firm to market Moixa’s GridShare platform, which is designed to optimize home energy storage systems. The move, as speculated by industry analysts, will considerably impact the global portfolio of Moixa, which also revealed its plan to conduct more grid trials in the U.S. and Europe, this year.
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Some other renowned names constituting the electric insulators industry landscape include ABB, Lapp Insulators, General Electric, Maclean Fogg, NGK Insulators, Seves Group, Siemens, and Hubbell Incorporated. These participants are further anticipated to undertake similar growth tactics focusing on maintaining a balance between the product line and the global sustainability mix.
All in all, with renewable energy sector yet to unfold massive opportunistic arenas in the coming timeframe, the growth prospect of electric insulators market is overt to be synonymously lucrative in the coming years. In fact, as claimed by Global Market Insights, Inc. global electric insulators industry share is projected to surpass a valuation of USD 6 billion by 2024.