Press release
Air-Insulated Switchgear Market Set for Strong Growth with Increasing Investment in Rural Electrification and Industrialization
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 5.58% during the forecast period.
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In response to growing environmental concerns, numerous countries worldwide have implemented laws and regulations aimed at reducing the reliance on hydrocarbons for electricity generation. This trend is expected to drive the expansion of the global air-insulated switchgear market. Additionally, substantial investments by developing nations in electrifying rural areas and the ongoing development of energy networks have significantly contributed to the growth of the market. The increasing demand for resilient and highly reliable electrical grids across various industries further fuels market expansion. Governments are also introducing favorable regulatory measures to ensure a continuous power supply, which, coupled with the growth of microgrid networks and the increased integration of renewable energy, presents profitable opportunities for air-insulated switchgear manufacturers. Over the forecast period, rising energy demand and the need to modernize aging grid infrastructure are anticipated to further drive the demand for air-insulated switchgear globally.
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:
The demand for air-insulated switchgear is expected to increase over the forecast period, driven by factors such as rising energy demand in developed nations, higher electrification rates globally, and the expansion of electricity transmission and distribution (T&D) infrastructure. The growth in industrialization worldwide has led to increased power consumption across various end-use industries, including steel manufacturing and chemical production. Emerging economies, particularly India, China, and Brazil, with rapidly expanding industrial sectors, are anticipated to further fuel the market's growth. Additionally, the lack of T&D networks in remote and rural areas has prompted significant investments in electrification projects. Countries are also implementing favorable regulatory measures to ensure a stable and continuous electricity supply, while the expansion of microgrid networks and the integration of renewable energy will create profitable opportunities for air-insulated switchgear manufacturers.
Challenges:
The global economic slowdown caused by the COVID-19 pandemic resulted in a decline in industrial and commercial activity, which negatively impacted the growth of the air-insulated switchgear market. Moreover, the increasing adoption of gas-insulated switchgear (GIS) as an alternative to air-insulated switchgear may impede market growth during the forecast period, as air-insulated switchgear substations require high levels of maintenance, leading to higher operational costs.
Regional Trends:
The air-insulated switchgear market in the Asia Pacific region is expected to capture a significant market share and grow at a strong compound annual growth rate (CAGR) in the near future. Many Asian countries face challenges related to insufficient electrical distribution networks, with the lack of T&D infrastructure being particularly prevalent in remote and rural areas. These countries are making substantial investments in transmission line networks to address this issue. In China, for example, power demand surged by 10% in 2021, driven by the industrial sector, including iron, steel, cement, and construction, as well as increased demand for cooling. The ongoing investment in transmission and distribution networks and the presence of a robust manufacturing sector are expected to drive the expansion of the air-insulated switchgear market in North America.
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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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