Market Leaders - Electric Insulator Market
The global electric insulator market is expected to grow from an estimated USD 10.17 billion in 2018 to USD 13.34 billion by 2023, at a CAGR of 5.58%. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Factors such as increasing investments in T&D networks, refurbishment of existing grid networks, and growing adoption of renewable energy sources are driving the electric insulator market.
The electric insulator market is dominated by a few major players that have a wide regional presence. The leading players in the electric insulator market include ABB (Switzerland), GE (US), Siemens (Germany), Toshiba (Japan), and Aditya Birla (India).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements were the most commonly adopted strategy from January 2015 to July 2018. The industry players also adopted new products launches, which was the second most widely followed strategy during the same period.
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ABB is one of the leading power and automation technology companies globally. It offers a wide range of products, systems, solutions, and services to various industries such as oil & gas, power generation, and transport & infrastructure. The company operates through 4 divisions, namely, power grids, electrification products, robotics & motion, and industrial automation. It provides insulators under the power grid segment. The company manufactures hollow composite insulators, which can be used in gas-insulated switchgears, transformers, and wall bushings applications. It has a presence in over 100 countries, with production and R&D centers located across the globe. It has approximately 320 consolidated operating and holding subsidiaries worldwide.
Moreover, in October 2017, ABB received a contract from EDF Energy to build the power transmission infrastructure for the Hinkley Point C power plant in Somerset, England. The scope of the project is to supply six 700 MVA generator transformers, six auxiliary transformers, a 400-kV gas-insulated switchgear, and control and MicroScada systems. The power plant is expected to generate 7% of Britain’s electricity.
General Electric is one of the largest multinational conglomerates and positions itself as a digital industrial company that offers software-defined machines and solutions for various end-user sectors. The company operates through 8 business segments, namely, power, aviation, healthcare, energy connection and lighting, oil & gas, capital, renewable energy, and transportation. It provides electric insulators through its power segment. Its grid solutions segment, which comes under the power segment, provides a wide range of porcelain and polymer insulators for AC and DC transmission, substation, and distribution applications. The company has a presence in 170 countries with R&D facilities in the US, Brazil, India, Germany, and China. In November 2015, GE acquired Alstom’s power and grid businesses. The acquisition helped Alstom to secure the future of its energy activities and helped GE to enhance its products & solutions related to T&D.
Related Reports:
Electric Insulator Market by Type (Ceramic, Glass, and Composite), Voltage (Low, Medium, and High), Category (Bushings), End-User (Utilities, Industries), Application (Transformer, Cables, Busbar), and Region - Global Forecast to 2023
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