Report : South 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)
Suspension Insulator Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to a new market research study on “SAM 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$ 1,151.02 million by 2028 from US$ 782.67 million in 2021. The market is estimated to grow at a CAGR of 5.7% from 2021 to 2028. The report provides trends prevailing in the SAM electric insulator market along with the drivers and restraints pertaining to the market growth. Increasing electricity demand and trend of smart cities and smart grids are the major factor driving the growth of the SAM electric insulator market. However, fluctuation in raw material prices hinders the growth of SAM electric insulator market.
In case of COVID-19, SAM is highly affected specially Brazil followed by Peru, Chile, Colombia, and Ecuador, among others. The SAM countries have been witnessing growth in several industries over the past few years. Industries such as automotive, aerospace, and equipment manufacturing have experienced a fair growth rate; however, the COVID-19 outbreak has created a significant turmoil among the manufacturers across the industries in the region. The Government of SAM has taken an array of actions to protect its citizens and contain the COVID-19 spread. Further, due to the COVID-19 impact, the demand of electric insulator has decreases across the region. Such as, according to the Statista data 2020, around 23% of declined in the electricity has been observed in Argentina and around 26% declined Peru, both in March month. However, with the uplifting of lockdowns, and opening of factories and offices, the electricity demand increases slowly in countries such as Brazil, Argentina, and Peru, among others. It helps in the growth of electric insulator market in the region.
The SAM 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 SAM 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 SAM 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 SAM 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 SAM 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 Brazil, Argentina, and rest of SAM.
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 SAM 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, Under the contract, GE will supply four substations, including gas-insulated switchgear (GIS) and seven substation extensions. The contract covers the most important high-voltage substation in the country, Vedoko, and is strategically located to help strengthen the country’s transmission backbone. GE also aims to work on upgrading the substations in Maria-Gleta, Berecingou, Djougou, Bohicon, Natitingou, and Parakou.