Report : Middle East & Africa Electric Insulator Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Shackle Insulator, Pin Insulator, Suspension Insulator, and Other Product Types), Material Type (Ceramic, Glass, and Composite), Application (Transformer, Busbar, Cable, Switchgear, Surge Protection Device, and Other Applications), and End User (Utilities, Industries, and Other End Users)
Utilities Segment to Dominate MEA Electric Insulator Market During 2021–2028
According to a new market research study on “MEA Electric Insulator Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type, Material Type, Application, and End User” is expected to reach US$ 700.45 million by 2028 from US$ 521.64 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the MEA electric insulator market along with the drivers and restraints pertaining to the market growth. Surging industrialization in several countries and burgeoning trend of smart cities and smart grids are the major factor driving the growth of the MEA electric insulator market. However, variations in raw material prices hinders the growth of MEA electric insulator market.
In case of COVID-19, MEA is highly affected specially Turkey and South Africa. The MEA region has a smaller number of companies operating or offering market-specific solutions. The countries such as the UAE and South Africa are adopting advanced electronics such as smartphones, smart wearables, and IoT connected devices. Increasing focus of governments toward industrialization is expected to drive the market growth in the Middle Eastern countries. Further, due to COVID-19 impact in 2020, the electricity demand was low in the region due to factories and offices shutdown. However, with uplifting of lockdowns and opening of factories and offices, the electricity demand increases in countries such as Iran, Kuwait, Oman, UAE, and Iraq, according to the International Energy Agency report of July 2021.
The MEA electric insulator market has been segmented based on product type, material type, application, end user, and country. Based on product type, the market is segmented into shackle insulator, pin insulator, suspension insulator, and other product types. The pin insulator segment dominated the MEA electric insulator market in 2020 and suspension insulator segment is expected to be fastest growing during forecast period. Based on material type, the market is segmented into ceramic, glass, and composite. The ceramic segment dominated the MEA electric insulator market in 2020 and composite segment is expected to be fastest growing during forecast period. Based on application, the market is segmented into transformer, busbar, cable, switchgear, surge protection device, and other applications. The transformer segment dominated the MEA electric insulator market in 2020 and same segment is expected to be fastest growing during forecast period. Based on end user, the market is segmented into utilities, industries, and other end users. The utilities segment dominated the MEA electric insulator market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market has been segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
Aditya Birla Insulators; General Electric Company; Hitachi ABB Power Grids Group; Hubbell Incorporated; MacLean-Fogg Company; NGK Insulators, Ltd.; PFISTERER Holding AG; SEVES Group; Siemens AG; and TE Connectivity Ltd. are among the leading companies in the MEA electric insulator market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, The new division, formed by the merger of MacLean Fogg Component Solutions and Master Automatic, will be known as MacLean Master LLC with locations in Plymouth and Livonia, MI. Through this merger both the company is expected to further diversify and expand their customer base, and increase their capabilities, technology, and products in precision machining.