How Has the Air Insulated Switchgear Market Evolved Historically and What is its Current Size?
The air insulated switchgear market has seen considerable growth due to a variety of factors.
• Over the past few years, the air insulated switchgear market has seen considerable growth. The market is projected to expand from $7.99 billion in 2024 to $8.6 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.6%.
The surge in the historical timeframe is principally due to the development of smart grid networks, increased peak load demand, the spread of micro-grid networks, growing global electricity use, and the expansion of industrial action.
What is the Forecasted Market Size and CAGR for the Air Insulated Switchgear Market?
The air insulated switchgear market is expected to maintain its strong growth trajectory in upcoming years.
• The air insulated switchgear industry is projected to experience substantial growth in the upcoming years. The market is expected to expand to $11.45 $ billion by 2029, with a compound annual growth rate (CAGR) of 7.4%.
This growth during the predicted period can be tied to factors such as increasing urbanization, expansion in the marine industry, investments in power utilities, the rise of renewable energy, and a surge in demand for infrastructure projects. In addition, the period is likely to see major trends such as the development of smart grids and infrastructure, smart and digitally enhanced switchgears, energy storage systems, evolving hybrid switchgear systems, the adoption of smart grid technology, compact and modular design innovations, and the revamping and upgrading of existing systems.
What Main Forces Are Fueling Expansion In The Air Insulated Switchgear Market?
The surge in electricity needs is projected to stimulate the advancement of the air-insulated switchgear market. The growth in electricity demand can be attributed to expanding populations, urbanization, the escalating use of electric vehicles, and the uptick in renewable energy utilization. Air-insulated switchgear plays a pivotal role in managing electricity as it safely controls and safeguards electrical equipment, ensures optimal power distribution, and reduces electrical flaws. For example, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported in July 2024 that global electricity demand is likely to increase from 2.5% in 2023 to approximately 4% in 2024. Therefore, the escalating demand for electricity is fueling the air-insulated switchgear market.
What Are The Market Segments In The Air Insulated Switchgear Market?
The air insulated switchgearmarket covered in this report is segmented –
1) By Type: Metal-Enclosed And Spaced Switchgear, Metal-Enclosed Armored Switchgear, Metal-Enclosed Box-Type Switchgear
2) By Voltage Level: Low Voltage, Medium Voltage, High Voltage
3) By Installation: Outdoor Installation, Indoor Installation
4) By Application: Transmission And Distribution, Manufacturing And Processing, Infrastructure And Transportation, Other Applications
5) By End-Use: Commercial, Residential, Utility, Other End-Uses
Subsegments:
1) By Metal-Enclosed and Spaced Switchgear: Compact Metal-Enclosed Switchgear, Modular Metal-Enclosed Switchgear, High Voltage Metal-Enclosed Switchgear, Medium Voltage Metal-Enclosed Switchgear
2) By Metal-Enclosed Armored Switchgear: Fully Armored Switchgear, Partially Armored Switchgear, Indoor Metal-Enclosed Armored Switchgear, Outdoor Metal-Enclosed Armored Switchgear
3) By Metal-Enclosed Box-Type Switchgear: Box-Type Switchgear for Distribution Systems, Box-Type Switchgear for Substation Applications, Outdoor Metal-Enclosed Box-Type Switchgear, Indoor Metal-Enclosed Box-Type Switchgear
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What Trends Are Shaping The Air Insulated Switchgear Market?
Leading firms engaged in the air-insulated switchgear market are innovating advanced air-insulated (AIS) medium-voltage (MV) switchgear to augment efficiency, bolster safety, and cater to the escalating demand for trustworthy power distribution systems. AIS medium-voltage switchgear is an electrical instrument used in power systems for supervising and safeguarding circuits. It leverages air for insulation to distance live components from the grounded ones. For instance, in September 2023, ABB Ltd., a company headquartered in Switzerland and specializing in power, heavy electrical equipment, and automation technology, unveiled the UniGear ZS1. This cutting-edge air-insulated medium-voltage (MV) switchgear technology is designed with a focus on sustainability and efficiency, addressing the pressing challenges confronting industries like oil and gas, utilities, and high-rise buildings. With a 500-mm panel version, it is the most compact in its category, making it ideal for locations with limited space. This design not only optimizes space but also boosts energy distribution efficiency.
Who Are the Key Players In The Air Insulated Switchgear Market?
Major companies operating in the air insulated switchgear market are:
• Siemens AG
• TEPCO Group
• Mitsubishi Electric Corporation
• Schneider Electric SE
• GE Vernova Inc.
• ABB Ltd
• Larsen & Toubro Limited
• Toshiba Corporation
• Eaton Corporation
• WEG S.A.
• CHINT Global
• Alfanar Group
• Hyosung Heavy Industries Corporation
• Meidensha Corporation
• Nissin Electric Co. Ltd
• Ormazabal GmbH
• ZPUE S.A.
• C&S Electric Ltd
• Powell Industries Inc.
• Lucy Electric UK Ltd
• Hyundai Electric Co.Ltd.
• EFACEC Power Solutions SGPS S.A.
• Medelec Switchgear Ltd.
• Ghorit Electrical Co. Ltd
• TGOOD Global Ltd.
• Orecco Electric
• Wenzhou Unisun Electric Co Ltd
What Are The Regional Insights Into The Air Insulated Switchgear Market?
Asia-Pacific was the largest region in the air-insulated switchgear market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the air insulated switchgear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
