Selbyville, Delaware, March 23, 2023 (GLOBE NEWSWIRE) -- The air insulated switchgear market is expected to record a valuation of USD 18 billion by 2032, according to a new research report by Global Market Insights Inc. The report reveals that the peak load demand and electrification programs will fuel air-insulated switchgear development. Citing an instance, in June 2022, the Ivorian government inked deals with the EU and the French Development Agency to provide over USD 7.3 million in funding to finance a rural area electrification project. Despite the economic recovery from the COVID-19 crisis, smart grid investment must also be more than double by 2030 to reach the 2050 Net Zero Emission target. Since such factors may lead to an increased interest in smart grid development, the usage of air insulated switchgear in power distribution facilities and substations is likely to rise.
In addition, governments are undertaking favorable regulatory measures for uninterrupted electricity delivery. These initiatives, alongside the expansion of micro-grid networks and rising renewable energy integration, will create lucrative growth opportunities for air-insulated switchgear manufacturers. However, slow-paced technological innovation may restrict the installation of advanced power transmission modules. Furthermore, regulatory and geopolitical constraints may hamper industry development to some extent.
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Air insulated switchgear market from high > 36 kV voltage segment will amass substantial gains during the forecast period, due to the expansion of large-scale industries and manufacturing facilities. Over the years, there has been a strong focus on boosting the reliability and safety of large electric grid networks. Several investor-owned utility companies have also reported a record addition of power transmission and distribution in-services, spurring high-voltage air-insulated switchgear production.
Residential air insulated switchgear market is slated to observe more than 9% growth rate through 2032, considering the rising private and public funding schemes for real estate development. For instance, in April 2022, Tata Housing announced plans to invest over USD 145 million to acquire land and develop housing projects over the next two years. Moreover, government initiatives geared toward the modernization of electrical networks will escalate the usage of air-insulated switchgear components for residential power distribution.
Europe air insulated switchgear market is projected to register over 8% CAGR from 2023 to 2032, as a result of the introduction of favorable electricity regulations. European states have also set renewable energy targets to curb carbon dioxide emission rates. The report claims that the preference for energy-efficient technologies and the emphasis on the refurbishment of existing grid infrastructure will further contribute to regional industry growth.
Middle East and Africa air insulated switchgear market revenue is anticipated to reach nearly USD 1 billion by 2032, considering the high investment in power transmission systems. To cite an instance, in 2022, the Dubai Electricity and Water Authority commissioned 17 electricity transmission substations at a cost of USD 871 million. Countries including the UAE have also been undertaking key measures to foster the adoption of clean energy for electricity generation. These initiatives will augment the use of air-insulated switchgear to protect grid-connected renewable energy systems across the region.
Key participants operating in the global air insulated switchgear market are Eaton, Toshiba Corporation, Lucy Group Ltd., S&C Electric Company, Shanghai Delixi Group Co., Ltd., Beijing Sojo Electric Company Limited, Chint Group, alfanar Group, Schneider Electric, ABB, Hitachi Energy Ltd., Mitsubishi Heavy Industries, Ltd., General Electric, and Siemens. These firms are incorporating strategies such as product range expansions to expand their customer base and business footprint in the industry.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Air Insulated Switchgear Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 North America & Europe
3.3.1.1.1 Ongoing development of smart grid networks
3.3.1.1.2 Retrofit & refurbishment of prevailing energy grid infrastructure
3.3.2 Industry pitfalls & challenges
3.3.2.1 Slow paced technological evolution across developing regions
3.3.2.2 Heavy reliability on imports
3.4 Growth potential analysis
3.5 Porter's Analysis
3.6 PESTEL Analysis
3.7 COVID- 19 impact on the industry outlook
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
