Global demand for insulators used in transmission and distribution will reach US$ 6.5 billion by 2025 according to Goulden Reports – a British consulting organization that provides market intelligence to the electrical industry. The latest edition of a report published for more than 20 years – ‘The World Market for High Voltage Insulators and Bushings 2015-2025’ has recently been released and provides an overview of the international markets for high voltage insulators and bushings. The report gives an estimate of value of insulator as well as bushing consumption in each of 170 national markets, which are also grouped into 10 regions. It also segments data by insulator technology (porcelain versus composite versus glass) while bushings are divided by application, i.e. transformers, switchgear and other.
The following synopsis of market data and projections from this latest report has been provided to INMR as a service to readers, some of who may wish to contact Goulden Reports to order the complete document.
Global Insulator Market Size & Growth
The world market for HV insulators was estimated at US$ 4,822 million last year and is expected to reach US$4,953 million for 2015. This market is forecast to increase at a compound annual rate of growth (CARG) of 3.1% to nearly $5.8 billion by 2020 but growth is then expected to slow to 2.4%, reaching $6.5 billion by 2025.
The largest single market last year was China, estimated to be valued at US$ 684.3 million and accounting for over 14% of the total. The next largest markets were the United States (US$ 436.7 million), followed by Germany (US$ 299.7 million) and India (US$ 292.6 million). The Indian Sub-continent, Asia and Africa are forecast to show highest growth rates over the next 10 years, with regional CARGs of 6.4%, 4.6% and 4.2% respectively. By contrast, the Middle East will grow at only up to 1.8%, Eastern Europe and FSU at 2.3% and South & Central America as well as the Caribbean at 2.9%.
In 2010, porcelain insulators accounted for a little over 50% of the overall market, while glass accounted for just over 10%. Composite type insulators represented 39% of the total. This year, glass is expected to have increased share to nearly 12%, with composite types also increasing slightly to 40%. Porcelain has declined in share to just over 48%.