Report : North America 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)
Pin Insulator Segment to Dominate North America Electric Insulator Market During 2021–2028
According to a new market research study on “North America 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$ 3,983.90 million by 2028 from US$ 2,774.37 million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028. The report provides trends prevailing in the North America electric insulator market along with the drivers and restraints pertaining to the market growth. Growing electricity demand and increasing industrialization in several countries are the major factor driving the growth of the North America electric insulator market. However, change in raw material prices hinders the growth of North America electric insulator market.
In case of COVID-19, North America is among the worst-hit regions by the pandemic. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. COVID-19 has negatively impacted manufacturing businesses in the region in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, research & development (R&D), and administration of various providers fell adversely, due to severe measures taken during the pandemic. The North American market suffered a loss in the year 2020 owing to the high number of COVID-19 cases, specifically in the US. Such as, there is a decline in the power consumption of about -3.9% from past year in 2020. However, in 2021, after the uplifting of lockdowns and ongoing vaccination processes, the electricity demand in commercial and industrial areas are recovering slowly. As in US, the commercial sector demand remained around 5% in the first quarter of 2021.
The North America 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 North America 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 North America 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 North America 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 North America 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 US, Canada, and Mexico.
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 North America 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, GE and Hitachi ABB Power Grid have signed a non-exclusive, cross-licensing agreement related to the use of an alternative gas to sulfur hexafluoride (SF6) used in high voltage equipment. This fluoronitrile-based gas mixture has a significantly reduced impact on the environment compared to SF6.