Insulators – the electrical components used for providing lining between two conductors are also used to offer mechanical support in their area of application. While the chief function of an insulator is to reduce the electrical stress, and the environmental stress, which occurs due to weather changes, they are extremely vital for the power transmission and distribution infrastructure. Therefore, the global market size grows simultaneously with the global power industry ecosystem.
The constantly increasing demand for electricity, bolstered by the rise in population globally and rapid industrialization are some of the crucial factors adding momentum to the global insulator market share.
Furthermore, the surge in demand for reliable electric supply and subsequent investment in the transmission & distribution network has led to grid expansion. Ensuring safe electrical infrastructure is a resulting factor predicted to drive the growth of the global insulator market. According to recent report by Market Research Future, the aforementioned factors are anticipated to bolster the insulator market growth at a Compound Annual Growth Rate of 5.38 percent.