New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Air-insulated switchgear Market Research Report, by Voltage, End-User, Installation, and Region- Forecast Till 2030, the global market for Air-insulated switchgear is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 4.6%. The reports anticipate the market acquiring a valuation of around USD 8,512 Million by the end of 2030.
Air-insulated switchgear Market Overview:
air-insulated switchgear refers to a small, metal-encapsulated switchgear made using high-voltage parts, such as circuit breakers, fuses, and electrical disconnect switches.
Competitive Analysis
The listing of the prominent leaders across the global market for Air-insulated switchgear includes players such as:
- Larsen & Toubro Limited (India)
- ABB Ltd. (Switzerland)
- Toshiba Corporation (Japan)
- Schneider Electric S.E. (France)
- Crompton Greaves Ltd. (India)
- Eaton Corporation PLC (Ireland)
- Ormazabal (Brazil)
- Siemens AG (Germany)
- C&S Electric (India)
- General Electric Company (U.S.)
- Lucy Electric (U.K.)
- Alfanar Group (Saudi Arabia)
- TEPCO Group (Japan)
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Market USP Covered
Air-Insulated Switchgear Market Drivers
The global Air-insulated switchgear market has displayed massive development in recent times. The main parameter supporting the market's development is the rising power demand in developed nations. Furthermore, factors such as expanding electricity transmission & distribution infrastructure, major advancements in renewable energy generation, the building of transmission & distribution networks, and rising investments in electrical networks are also likely to cause a surge in the market performance.
Air-Insulated Switchgear Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high equipment costs along with the substitution of air-insulated switchgear with gas-insulated switchgear (GIS).
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 8,512 Million |
| CAGR during 2022-2030 | 4.6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Installation, and End-Use |
| Key Market Opportunities | Increasing transmission & distribution infrastructure investments to support demand for air-insulated switchgear market |
| Key Market Drivers | Expansion of renewable energy-based capacity to drive the market for air-insulated switchgear |
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Air-Insulated Switchgear Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Air-insulated switchgear market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Air-Insulated Switchgear Market Segment Analysis
Based on Voltage Insights, the low voltage switching devices or up to 36kV switchgear segment secured the top position across the global Air-insulated switchgear market in 2021. The main parameter supporting the development of the segment is the tremendous development of the transmission and distribution infrastructure. Developed countries invest highly in smart grid technologies for load control, fault monitoring, and electricity supply. Because of the multiple advantages of air-insulated switchgear equipment in the sub-transmission and distribution industry, the segment leads the global market. On the other hand, the above 36 kV category or medium voltage switchgear segment showcased the highest growth rate in the year 2021.
Among all the installation types, the outdoor segment secured the top spot in the global market for air-insulated switchgear in 2021, given mainly to the vast range of outdoor applications such as ultra-high voltage transmission, very large power plants, and long-distance power transmission. On the other hand, the indoor segment displayed the maximum growth rate in 2021, given the widespread use of switching devices in tiny substations along with the low-voltage transmission in the power industry.
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Among all the end-users, the transmission & distribution segment secured the top position across the global Air-insulated switchgear market in 2021, given mainly to the demand for power, transmission, and distribution utilities. Furthermore, factors such as the use of both renewable and non-renewable energy sources, the need to modernize the existing infrastructure, the growing adoption of renewable energy sources for power generation, and the growing adoption of air-insulated switchgear are also likely to catalyze the development of the segment over the coming years.
Air-Insulated Switchgear Market Regional Analysis
The global market for air-insulated switchgear is analyzed across five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the Asia-Pacific region is predicted to ensure the top spot across the global market for Air-insulated switchgear over the assessment era. The region led the market in 2021. The majority of the nations across the region have insufficient electrical distribution systems. The lack of T&D networks is the most common in rural areas. The countries are investing substantially in constructing transmission line networks to electrify these parts. In addition, it is projected that Southeast Asia, one of the regions with the most rapidly expanding energy consumption in the last few decades, will continue its previous growth rates by boosting demand by 5.4% in 2021 compared to 2020. Consequently, over the forecasted era, factors such as the region's aging grid infrastructure and the enhancing energy demand are also likely to catalyze the regional market's growth.
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The European regional market for Air-insulated switchgear showcased the maximum growth rate in 2021, given mainly to the growing energy demand. Furthermore, the government's attempts to upgrade grid infrastructure and modernize aging hydropower facilities are also likely to support regional market development over the review era. Moreover, the escalating transmission and distribution infrastructure investments are predicted to boost the regional market's performance over the assessment period. In addition, the growing transmission and distribution infrastructure investments are anticipated to impact the regional market performance over the coming years positively.
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