Market for Oil Insulated Switchgear Market to Record Significant Incremental Dollar Opportunity Through 2031

Oil Insulated Switchgear Market: Introduction

Electricity is an essential source of energy for modern life. Most of the industrial machineries, home appliances, trains, gadgets and many other systems are dependent upon supply of electricity. In an electricity distribution system, safety measure are essential to ensure safety and minimum power loss and current overriding resulting in short circuits or breakdown in power transmission in the network. For that purpose, switchgears are used for switching and protecting devices such as fuses, switches, relays and circuit breakers. The major application of switchgears is to safeguard the electricity distribution system from any short-circuit.

There are mainly two type of switchgears used includes, oil insulated and gas/air insulated. The oil insulated switchgear has been the older type since the inception of switchgears which are traditionally used in various industries including, power generation, oil & gas, utilities sector and for other industrial sectors. The oil insulated switchgears specifications differ in accordance with the operating voltage they are employed. There are mainly three type of oil insulated switchgears are available in the market such as, low voltage oil insulated switchgear, medium voltage oil insulated switchgear and high voltage oil insulated switchgear. However, the oil insulated switchgears use oil for circuit braking. It can be toxic and can cause various health hazards. Also the combustibility nature of oil insulated switchgears limits its use and give an advantage to other switchgears systems.

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Oil Insulated Switchgear Market: Dynamics

The demand for electricity for domestic and industrial sectors is rising at a significant rate owing to urbanization, civic infrastructure and setting up of industrial facilities across the globe. In past few years, the electricity consumption took a significant surge and projected to grow further in the future owing to various electrification projects in different developing nations. Additionally, the growing per capita consumption of power among the developed and developing countries projected to boost the demand for oil insulated switchgears over the forecast period. Moreover, increasing implementation of electricity based appliances, gadgets, equipment, vehicles and other products is expected to increase electricity distribution network and power demand.

Furthermore, escalating demand for renewable sources of energy, growth in industrial and construction sectors projected to create demand for new transformers and power stations, which in turn expected to fuel the growth of oil insulated switchgear market over the forecast period. However, the oil insulated switchgears use oil for circuit braking. It can be toxic and can cause various health hazards. Additionally, there are possibilities of ignition of oil which can result in a falling-out of the switch oil chamber, consequentially the ejection of burning oil, causing death or serious injuries to persons and can cause catastrophic damage to plant. These factors coupled with preference of using gas insulated switchgears are expected to hamper the growth of the global oil insulated switchgear market.

Oil Insulated Switchgear Market: Segmentation

On the basis of operating voltage
Low Voltage Oil Insulated Switchgear
Medium Voltage Oil Insulated Switchgear
High Voltage Oil Insulated Switchgear
On the basis of phases
1-phase Oil Insulated Switchgear
3-phase Oil Insulated Switchgear
On the basis of end use
Power Generation
Oil & Gas
Utilities Sector
Industrial

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Oil Insulated Switchgear Market: Regional Outlook

Asia Pacific is expected to be the most lucrative region in the global oil insulated switchgear market owing to increasing demand for electricity in the region. The growing number of renewable energy projects in countries like, China, India, etc. anticipate to lay a strong base for the growth of oil insulated switchgear market in the region. North America is estimated to be the prominent market for oil insulated switchgear due to rising demand of energy in the region. Europe is anticipated to have moderate growth in the market owing to stringent government regulations regarding workers safety and security in the industries. Additionally, Latin America and Middle East & Africa region projected to register promising growth in the oil insulated switchgear market during the forecast period.

Oil Insulated Switchgear Market: Key Players

Some of the market participants in the global oil insulated switchgear market are:

Eaton
Mitsubishi Electric Systems
CG Power and Industrial Solutions Limited
Inter-Teknik
Lucy Electric
Powell Industries
OTDS UK Ltd.
Tenaga Switchgear Sdn. Bhd.
Hyosung Power and Industrial Systems
OJSC Power
Xian XD
Rittal

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The research report presents a comprehensive assessment of the oil insulated switchgear market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

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