Global Hollow Core Insulator Market - 2021-2028

Market Overview

The global hollow core insulator market size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2028, growing at a CAGR of YY% during the forecast period (2021-2028).

Hollow core insulators are insulating materials used in a variety of high-voltage applications, including transmission lines. Hollow core insulators, an alternative to glass and porcelain insulators, offer high quality, dependable and strong performance at high voltages up to 1100 kV AC and DC.Hollow core insulators have several advantages over glass and porcelain insulators, including less weight, improved contamination resistance, seismic resistance and increased protection in a catastrophic failure.

Flanges, fiber-reinforced plastic rods and sheds are the three main components of Hollow Core Insulators. Hollow core insulators provide dimensional uniformity, allowing for greater dielectric optimization and overall seal system performance.Because of the hydrophobicity of its sheds, which enable superior performance in tough environmental and polluted conditions, the demand for hollow core insulators has surged in the wake of protecting transformers and power transmission lines.

Market Dynamics

Growing customer preference towards safe and high-performance power transmission equipment and networks drives the global hollow core insulator market. Nonetheless, the high price of hollow core insulators and the availability of cheaper alternatives could constrict the market growth of the respective market.

Demand for safe and high-performance power equipment

Consumers' choice for safer and high-performance power equipment can also be attributed to the rise of the hollow core insulators market. As previously said, the hollow core insulator market continues to rise due to the advantages hollow core insulators provide over glass and porcelain insulators.

According to the EIA, worldwide power consumption will expand faster than the population, resulting in per capita electricity consumption. The power transmission and distribution industry has seen an increase in intermittent power outages, ranging from scheduled load shedding to abrupt customer terminations. It could be caused by electricity transmission line wiring failures or short circuits, which could be dangerous to surround residents.

Hollow core insulators allow an electrical conductor to flow safely through a conducting barrier without producing problems such as electrical contact. For instance, switchgear is one of the most common applications for hollow core insulators. Hollow core insulators provide tight dimensional insulation, flexibility, and a quick design cycle time, all of which contribute to the growth of the hollow core insulator's popularity and market growth.Additionally, hollow core insulators also have many applications in ultra and extra-high voltage apparatuses, which bodes well for the market's growing development.

Availability of cheaper alternatives

The materials used to make hollow core insulators must meet several mechanical requirements, including the ability to withstand high pressures, terminal weight and pull, pole attraction during short circuits and, most crucially, earthquake stresses, among several others. As a result, hollow core insulators are also more expensive than standard glass or porcelain insulators.

For instance, flanges used in hollow core insulators are usually glued together using epoxy. The maximum temperature for these epoxy bonding is 105°C. As a result, there is a significant production cost since poor designs might impair the flange bond and cause failure.

As a result, though hollow core insulators have extreme benefits compared to cheaper alternatives such as glass or porcelain, cost-effective options could restrict the demand, sales and overall growth of the global hollow core insulator market.

COVID-19 Impact Analysis

The ongoing COVID-19 pandemic has negatively impacted all industrial verticals, resulting in lower capital investments, slower production rates, and lower supply to end-users. Though the opposite is expected from the lockdowns, the overall electricity consumption and demand decreased dramatically due to the COVID-19 outbreaks. Even though people stayed at home more during COVID - 19, resulting in a large increase in residential load demand, a decrease in industrial and commercial loads affected the market demand for numerous network equipment such as distribution transformers and protection devices.

As a result, the expected growth rate for the current fiscal year has been lowered for hollow core insulators, an important component of the distribution and protection equipment industry.

The chemicaland physical properties of the ceramic segment allow it to dominate the product type segment of the global hollow core insulator market

Based on product type, the global hollow core insulator market is segmented into ceramic and composite. The ceramic segment dominates the market due to certain physical and chemical properties associated with them, such as high dielectric constant and strength and minimal electrical loss. Further, the reliability and longer lifetime of the ceramic hollow insulator also boost its sales in the respective market, compared to the composite segment.

Geographical Analysis

Asia-Pacific holds the largest market shareglobal Hollow Core Insulator Market

The Asia-Pacific dominates the global hollow core insulator market primarily due to the region's high population and growing energy requirement. As per Global Energy Agency, the people of the Asia-Pacificis around 4,208.68 million and is further increasing exponentially. Due to the growing population, expansions are witnessed in almost all construction, infrastructure and others. Since power is an inseparable part of every development, exhaustive growth is witnessed in the power consumption of the region.

As per data, the total electricity consumption of the Asia-Pacific rose from 10,998.3 TWh in 2017 to 11,576.4 TWh in 2018. The electricity consumption further increased to 11,985.5 TWh in 2019.Additionally, China has the greatest average per capita electrical use. China also boasts one of the world's largest hydroelectric power transmission lines, which would need the help of efficient hollow core insulators.

Since hollow core insulator is widely employed in power grids, transformers and circuit breakers to ensure safe handling of electricity, the demand for the respective product is growing colossally in the Asia-Pacific with rising electricity consumption, thereby providing the region with market prospects capable of dominating other regions in the respective market.

Competitive Landscape

The hollow core insulator market is competitive with the presence of local as well as global companies. Someof the key players which are contributing to the growth of the market include PPC Austria Holding GmbH, CTC INSULATOR, Modern Insulators Ltd., PFISTERER Holding AG, Jiangsu Shenma Electric Power Co., Ltd, MaschinenfabrikReinhausen GmbH, Nanjing Electric(Group)Co.,Ltd., NGK INSULATORS, LTD, Aditya Birla Insulators, MacLean-Fogg, Hitachi Energy Ltd., among others.

The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the Hollow Core Insulator Marketglobally.

For instance, in October 2019, Grasim Industries Limited (a subsidiary of Aditya Birla Insulators) and MaschinenfabrikReinhausen GmbH (MR) of Germany have agreed to establish a joint venture company (JVC) in India to manufacture and sell Composite Hollow Core Insulators (CHCI) for the global power transmission and distribution (T&D) market. The joint venture has acquired significant insulator industry knowledge, allowing them to expand their product offering and global influence across the region.

Hitachi Energy Ltd.:

• Overview: Hitachi Energy Ltd. is one of the leading manufacturers of advanced, sustainable and flexible energy solutions to ensure a green and sustainable future. The company intends to initiate a digital transformation with its partners and customers to ensure a carbon-neutral future. The company was established in 1800and is headquartered in Switzerland. The company has a global presence in more than 140 countries, with around 38,000 employees. The company generated US$ 10 million in 2020.

Product Portfolio: The company has a product portfolio of electrical coating insulation that includes:

• Hollow composite insulators (72 - 1,200 kV):Power composites are high-performance insulating components constructed of fiber composite materials for high-voltage and substation applications, which the business develops and manufactures.

• Key Development: In August 2020, Hitachi Energy Ltd. stated that it would take a step toward a more sustainable energy future by entering the transmission voltage level with its Econi eco-efficient high-voltage portfolio. EconiQ is the company's environmentally friendly portfolio for long-term sustainability, with products, services and environmentally friendly solutions. As a result, the company produced the first commercially accessible alternative to SF6 for gas-insulated switchgear with circuit breakers for power transmission networks, greatly decreasing environmental effects.

Why Purchase the Report?

• Visualize the composition of the hollow core insulator marketsegmentation by voltage, shed material, shed design, productsandapplication, highlighting the key commercial assets and players.

• Identify commercial opportunities in the hollow core insulator market by analyzing trends and co-development deals.

• Excel data sheet with thousands of data points of hollow core insulator market-level 4/5 segmentation.

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

• Product mapping in excel for the key product of all major market players

The global hollow core insulator market report would provide access to an approx. 73 market data table, 83 figures and 180 pages.

Target Audience 2022

• Hollow Core Insulation Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Suppliers/Distributors