Hollow Core Insulator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 06/14/2018 -- According to a new market report pertaining to the hollow core insulator market, published by Transparency Market Research, the global hollow core insulator market is expected to reach US$ 4,959.2 Mnby2026, expanding at a CAGR of 4.9% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of 5.8% through 2026.
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Global transmission investment continues to be strongdriven by the replacement of aging infrastructure, reliability improvements, and growth in renewable energy as well asnew natural gas power. Countries across the world are also incorporating advanced monitoring systems, thereby aiding the energy grid flexibility and resiliency, further adding to the overall cost of power transmission investment. This, in turn is anticipated to directly facilitate the growth ofhigh-quality insulator products in the power sector including hollow core insulators.
The global hollow core insulator market is broadly segmented by material, voltage rating,and application. By material, ceramichollow core insulatorscomprised the highest market share in 2017. However, the composite type is expected to register highest growth over the forecast period. High performance under contamination with reduced creepage distances,low maintenance requirement, and favoring safety considerations are the major factors responsible for its increasing adoption. By voltage rating, above 230 kV segment is expected to be the most lucrative owing to increasing government spending on development of ultra-high voltage transmission lines particularly in Asia Pacific and Europe among other regions. Furthermore, based on application, the current & voltage transformer, and cable termination & bushing are collectively expected to comprise approximately 50% of the global hollow core insulator market by 2026.
Asia Pacific dominated the hollow core insulatormarket in 2017with China contributing majority share of revenue. The dominance of the regionis attributed to the high presence of hollow core insulator manufacturers,increasing industrialization and urbanization, growth in transmission and distribution networks, increased renewable energy production, andsupportive government initiatives for expansion or upgrade of existing transmission systems. Analyzing the Asia Pacific hollow core insulator market at a country level, it is anticipated that China would dominate the APAC market in terms of revenue and volume owing to increasing number of transmission grids for bulk power transmission lines to connect south to north and east to west provinces of the country and strengthening the mid voltage distribution lines to reduce transmission losses.
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Also, India and Japan are anticipated to contribute a combined revenue share of ~45% in terms of revenue by 2026 by expanding at a significant CAGR of 5.9% and 6.2% respectively during the forecast period.Europe and North Americacollectively represented ~50% revenue share in 2017 and are further expected to expand at a considerable CAGR owing to increasing replacement of ceramic hollow core insulators with composite typesas also increasing investment on grid transmission quality improvement initiatives in the region.