Press release
Air-Insulated Switchgear Market is on an Upward Growth Curve
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global air-insulated switchgear market are:
• Rising energy needs
• Shifting emphasis toward sustainable power
• Expanding the capacity of existing power plants
The following are the primary obstacles to the air-insulated switchgear market's expansion:
• Safety and regulations regarding the environment
• High cost of equipment
• Strong competition from well-established market leader
Future expansion opportunities for the global air-insulated switchgear market include:
• Rising power consumption in industrialized nations
• Rapid growth in urbanization
• Rise of smart technology and the digital revolution
Market Analysis:
The global air-insulated switchgear market has been experiencing strong expansion due to rising network development and substantial investments in powering rural areas by developing nations. Additionally, market expansion has been driven by the increasing demand for robust and dependable electric networks in different industries. Moreover, they have increased industrialization and disposable income, accelerating the demand for air-insulated switchgear worldwide.
List of Prominent Players in the Air-Insulated Switchgear Market:
• ABB, ltd.
• Schneider Electric
• Siemens AG
• General Electric Company
• Eaton Corporation, PLC
• Larsen & Toubro Limited
• Toshiba Corporation
• Crompton Greaves, Ltd.
• Elatec Power Distribution GmbH
• Epe Power Switchgear Sdn. BHD
• Efacec Power Solutions
• Alfanar Group
• Ormazabal
• Zpeu, PLC.
• Tavrida Electric AG
• C&S Electric Limited
• Lucy Electric
• Tepco Group
• Arteche
• Nissin Electric Co. Ltd.
• Kohl S.A R.L
• Medelec
• Matelec Group
• Pars Tableau
• Wenzhou Rockwell Transformer Co. Ltd
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Recent Developments:
• In February 2024, Eaton, a power management business, announced that its Mobility Group is introducing new mobile power solutions. These include directional hydraulic control valves from APSCO and the Bezares 3960, 2500, and 500 series of power takeoff (PTO) units.
• In Feb 2024, GE Vernova unveiled Proficy for Sustainability Insights, a new software solution that helps manufacturers achieve their sustainability goals and enhance efficiency and profitability.
• In Nov 2023, The European Investment Bank, the European Union's lending arm, and ABB agreed to a €500 million deal to enhance ABB's electrification business sector research and development.
Air-Insulated Switchgear Market Dynamics:
Market Drivers: Growing Need for Electricity
The demand for air-insulated switchgear is increasing due to the growing population, urbanization, and industrialization, all of which contribute to worldwide electricity consumption. Furthermore, air-insulated switchgear technology has been steadily developing due to improved safety features and smaller designs. With these upgrades, air-insulated switchgear can now work with smart grid technologies and handle the current needs of electrical networks. The increasing awareness has spurred global efforts to mitigate emissions through policies, technological advancements, and sustainable practices. As a result, this encourages air-insulated switchgear and boosts market expansion.
Challenges: Excessively Priced Equipment
Several restrictions hinder the anticipated growth of the global market. A major reason is that high-voltage applications necessitating vast quantities of space and infrastructure can significantly drive up the initial investment in air-insulated switchgear. Smaller enterprises with low capital budgets hesitate to use air-insulated switchgear solutions due to the initial investment required. The worldwide market is seeing slower expansion because the high initial and ongoing costs of air-insulated switchgear manufacturing plants hinder new competitors and slow the expansion of the market.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American air-insulated switchgear market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is due to the increasing need for power distribution systems with higher voltages. Development in this area is anticipated to accelerate because of increasing investments within the projected period of new power-generating facilities and higher demand from end-use sectors. Furthermore, the implementation of regulatory measures that encourage the development of electric components with low emissions is growing the market of air-insulated switchgear over the forecast period.
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Segmentation of Air-Insulated Switchgear Market-
By Voltage Range-
• 3kV-36 kV Air-Insulated Switchgear
• >36 kV Air-Insulated Switchgear
By Installation-
• Indoor Air-Insulated Switchgear
• Outdoor Air-Insulated Switchgear
By Application-
• Transmission & Distribution
• Manufacturing & Processing
• Infrastructure & Transportation
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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