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Air Insulated Medium Voltage Switchgear Market Size

Report ID: GMI7108
Published Date: Oct 2023
Report Format: PDF

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Air Insulated Medium Voltage Switchgear Market Size

Air Insulated Medium Voltage Switchgear Market was valued at USD 5.4 billion in 2023 and is set to register over 7.5% CAGR between 2024 and 2032. The increasing focus on renewable energy sources like wind and solar power has necessitated the expansion and modernization of electrical grids. This has led to a growing demand for air-insulated switchgear to ensure reliable power distribution. Increasing environmental regulations and a focus on reducing greenhouse gas emissions are driving the adoption of more eco-friendly air-insulated switchgear solutions. In addition, The need to fortify the resilience and security of electrical grids against disruptions and cyber threats is encouraging investments in modern switchgear technologies.

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The need for efficient and environmentally friendly solutions is promoting the adoption of air-insulated medium voltage switchgear due to its lower environmental impact compared to some other alternatives. Additionally, the growing industrialization in emerging economies and the need for safe and reliable electrical distribution systems further boost the market. Futhermore, the rise in smart grid initiatives and infrastructure development projects worldwide contributes to the market's expansion.

Air Insulated Medium Voltage Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Air Insulated Medium Voltage Switchgear Market Size in 2023:	USD 5.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.5%
2032 Value Projection:	USD 10.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	705
Tables, Charts & Figures:	976
Segments covered:	Voltage, Component, End Use, Application
Growth Drivers:	North America & Europe Expansion of smart grid networks Refurbishment & retrofit of the existing grid infrastructure Asia Pacific Rising peak load demand Expansion of micro-grid networks Grid stability & security of supply concerns Middle East & Africa and Latin America Increasing electricity demand Integration of a sustainable energy infrastructure
Pitfalls & Challenges:	Slow paced technological evolution across developing regions High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of air insulated medium voltage switchgear was worth USD 5.4 billion in 2023 and is envisioned to record over 7.5% CAGR from 2024 to 2032.

The circuit breakers segment value was exceeded USD 2.6 billion in 2022 and will surpass USD 5 billion by 2032 as they play a pivotal role in safeguarding the safety and reliability of electrical distribution systems.

Asia Pacific air insulated medium voltage switchgear market is anticipated to observe over 5% CAGR from 2023 to 2032, owing to the region's rapid industrialization and urbanization which are leading to an increased demand for reliable and efficient electrical distribution systems.

ABB, Siemens, Schneider Electric, Eaton, HYOSUNG HEAVY INDUSTRIES, Toshiba Infrastructure Systems & Solutions Corporation, Ormazabal, CG Power & Industrial Solutions Ltd, NISSIN ELECTRIC Co.,Ltd., Xiamen Huadian Switchgear Co., Ltd., Lucy Group Ltd., HD Hyundai Electric Co., Ltd., Switchgear Company, Yueqing Liyond Electric Co., Ltd., Bulox Corporation, and CAHORS.