Press release
Air-Insulated Switchgear Market Forecast: Projected Growth to $12.26 Billion by 2031.
Air-Insulated Switchgear Market
The global air-insulated switchgear market is estimated to reach over USD 12.26 billion by 2031, exhibiting a CAGR of 5.20% during the forecast period.
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In accordance with environmental concerns, many countries around the world have enacted laws and regulations to minimize the use of hydrocarbons in electricity generation, which is projected to grow the development of the global air-insulated switchgear market. Significant investment by developing countries in electrifying rural areas, as well as increasing network development, have fueled the growth of the worldwide air-insulated switchgear market.
Furthermore, the growing demand for resilient and highly reliable electric networks across a variety of business verticals has fueled market expansion. Furthermore, countries are enacting favorable regulatory measures to ensure continuous electricity supply. These measures, together with the expansion of microgrid networks and increased renewable energy integration, will generate profitable growth possibilities for makers of air-insulated switchgear. Over the projected period, rising energy demand and aging grid infrastructure are likely to increase demand for air-insulated switchgear around the world.
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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Market Dynamics:
Drivers-
Factors such as rising energy demand in developed nations, rising electrification rates internationally, and expanding electricity transmission and distribution infrastructure are projected to drive demand for air-insulated switchgear over the forecast period. Globally, increasing industrialization has resulted in an increase in power consumption across numerous end-use industries, such as steel manufacturing and chemical production. Due to rising demand from emerging economies with fast-growing industrial sectors, such as India, China, and Brazil, this factor is likely to drive industry growth over the projection period. The lack of T&D networks is more prevalent in remote and rural locations. To electrify these areas, the region's countries are actively investing in transmission line networks. Furthermore, countries are enacting favorable regulatory measures to ensure continuous electricity supply. These measures, together with the expansion of microgrid networks and increased renewable energy integration, will generate profitable growth possibilities for makers of air-insulated switchgear.
Challenges:
The COVID-19 pandemic slowed worldwide economic growth, which slowed industrial and commercial activity, and hampered the expansion of the air-insulated switchgear industry. However, the use of gas-insulated switchgear (GIS) as an alternative to air-insulated switchgear is anticipated to hinder the market growth during the projection period, as air-insulated switchgear substations require high maintenance, resulting in increased operational costs.
Regional Trends:
The Asia Pacific air-insulated switchgear market is expected to register a major market share in terms of revenue and is predicted to grow at a high CAGR in the near future. Many Asian countries have insufficient electrical distribution networks, and the lack of T&D networks is more prevalent in remote and rural locations. The region's countries are actively investing in transmission line networks to electrify these areas. In China, power demand climbed by 10% in 2021, with the industrial sector, including iron, steel, and other metals, cement, and construction, as well as the higher need for cooling, driving the growth. Increasing investments in transmission and distribution networks, as well as the presence of the manufacturing sector in the region, are likely to drive North American market expansion.
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Recent Developments:
• In April 2022, Tata Housing announced intentions to invest more than USD 145 million in land acquisition and development over the next two years. Furthermore, government measures to modernize electrical networks will increase the use of air-insulated switchgear components for residential power distribution.
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 and 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 the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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