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AC Vacuum Insulated Switchgear Market Size

Report ID: GMI8413
Published Date: Mar 2024
Report Format: PDF

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AC Vacuum Insulated Switchgear Market Size

AC Vacuum Insulated Switchgear Market was reached USD 70.5 billion in 2023 and is expected to achieve around 7.1% CAGR between 2024 and 2032. Increasing demand for reliable and efficient electrical distribution systems, especially in urban areas and industrial settings, propels market expansion.

AC Vacuum Insulated Switchgear Market

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Moreover, the integration of renewable energy sources into the grid and the need for grid modernization initiatives coupled with the advancements in vacuum technology and insulation techniques will contribute to the rapid uptake for AC VIS solutions.

AC Vacuum Insulated Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
AC Vacuum Insulated Switchgear Market Size in 2023:	USD 70.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 131.3 Billion
Historical Data for:	2019 to 2023
No. of Pages:	330
Tables, Charts & Figures:	445
Segments covered:	Voltage, Application, Region
Growth Drivers:	Expansion of smart grid networks Rising peak load demand Expansion of micro-grid networks
Pitfalls & Challenges:	Increasing electricity demand Slow paced technological evolution across developing regions

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of the AC vacuum insulated switchgear was reached USD 70.5 billion in 2023 and is expected to achieve about 7.1% CAGR between 2024 and 2032, owing to the increasing demand for reliable & efficient electrical distribution systems, especially in urban areas and industrial settings.

The low voltage AC vacuum insulated switchgear segment share was over 54% in 2023 and is poised to grow significantly through 2032, due to increasing demand from residential and commercial sectors.

Asia Pacific AC vacuum insulated switchgear industry is anticipated to surpass USD 50 billion by 2032, owing to the rapid industrialization, urbanization, and infrastructural development across emerging economies like China, India, and Southeast Asian nations.

ABB, Bharat Heavy Electricals Limited, DOHO Electric, Dongdian, Eaton, Electro-Mechanical, LLC, General Electric, Ghorit Electrical Co., Ltd., Hitachi, Ltd., Mitsubishi Electric Power Products, Inc., Orecco, Rotary Switchgear & Testing Pte. Ltd, and S&C Electric Company.