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Air Insulated Power Distribution Component Market Trends

Report ID: GMI8954
Published Date: Apr 2024
Report Format: PDF

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Air Insulated Power Distribution Component Market Trends

Growing emphasis on smart grid technologies and renewable energy integration will augment the deployment of the product over the forecast timeline. Additionally, rising demand for reliable and efficient power distribution drives adoption of advanced air insulated switchgear and components. Key industry collaborations further strengthen market positions and meet growing need for advanced power distribution solutions.

For instance, in April 2024, Empower Semiconductor signed a representation and distribution agreement with Dimac Red Spa, a European sales and engineering organization, which aims to expand Empower's presence in European market and enhance accessibility to its IVR and ECAP products. Advancing product portfolios coupled with the leading industry participants undertaking mergers & acquisitions as a key strategic implication will drive the industry growth.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

Air insulated power distribution component market size was USD 17.6 billion in 2023 and is expected to register 7.7% CAGR from 2024-2032 owing to the lack of effective electric infrastructure across developing economies worldwide.

Air insulated power distribution component industry from the switchgear segment is expected to record over USD 14 billion by 2032 due to its pivotal role in controlling, protecting, and isolating electrical circuits in power distribution networks.

Asia Pacific air insulated power distribution component industry is expected to exceed USD 15 billion by 2032 due to rapid industrialization, urbanization, and infrastructural developments across emerging economies in the region.

Hitachi Energy, Lucy Group Ltd., L&T Electrical & Automation, Meiden Europe GmbH, Ormazabal, Powell Industries, Schneider Electric, Siemens, and Toshiba Energy Systems & Solutions Corporation, are some of the major air insulated power distribution component companies worldwide.