Sellbyville, DE -- (SBWIRE) -- 01/21/2019 -- Electric Insulators Market will exceed USD 6 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising investment toward upgradation of aging infrastructure to establish sustainable electrical network will boost the electric insulators market. Rising public and private investments to avail uninterrupted power supply will further enhance the business landscape. In 2017, the Asian Development Bank (ADB) declared an investment of USD 6.5 million toward the development of electrical infrastructure in Southeast Asia.

The long-standing Hwange Power Generation extension project of USD 1.5 billion undertaken by Sino Hydro, that was apparently dealing with stumbling block since October 2014 with regards to financial closure, is finally onboard after the official confirmation by the Chinese Government. Sources claim that the regional government has had to make quite some trade & investment negotiations with the Zimbabwe government to proliferate the massive grid extension project of 600MW.

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The European Union has recently allocated 9.9 million euros grant for the extension project of Georgian Transmission Network. Co-financed German government owned KfW Development bank and EBRD, the main goal of the program is to refurbish the grid infrastructure for the integration of hydropower plants, which would improve the energy supply of the Gregoria as well as cross bore trade. Transboundary projects such as these, involving hefty investments are bound to upscale the demand for grip equipment, which by extension would impel regional electric insulators market share.

Growing investments toward the refurbishment of aging grid infrastructure across developed economies along with the growing adoption of smart grid technology will stimulate the global electric insulators market size. Sizeable expenditure toward modernization of electrical infrastructure along with rapid urbanization will further drive the industry. According to the recent report of World Energy Outlook, an investment of over USD 3.4 trillion contribute to the refurbishment and replacement of existing assets.

Speaking of the lucrative opportunities that companies operating in this business sphere are expected to thrive on, the emerging economies are claimed to be a prominent hub for the market players with regard to exploiting the commercialization potential. Citing a relevant statistic by the World Bank – more than 55% of the total T&D investment across the Asia Pacific belt & Africa will be solely driven by the need to extend transmission lines to 75 million kilometers – a fact clearly depicting huge electric insulators market demand across the regions. In fact, as per experts, China is anticipated to be a major stakeholder of the electric insulators industry space, with a projected CAGR of 5% over 2018-2024.

UK market will exceed an annual installation of 5 million units by 2024. Increasing demand for smart grid structure along with stringent energy-efficiency protocols will stimulate the industry landscape. Channelized investment by regulators to support the electricity generation and distribution will further enhance the business outlook.

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Medium voltage electric insulators market is anticipated to witness appreciable growth owing to their wide applications in residential and commercial establishments. Favorable power distribution reforms toward expansion of distribution networks coupled with increasing commercialization will further enhance the industry landscape.

Key industry players operating across the electric insulators industry include ABB, GE, Siemens, Bharat Heavy Electricals Limited, Hubbell Incorporated, TE Connectivity, Elsewedy Electric, Maclean Fogg, SEVES, NGK Locke Polymer Insulators and others.