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Air Insulated Switchgear Market Size

Report ID: GMI5437
Published Date: Nov 2024
Report Format: PDF

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Air Insulated Switchgear Market Size

The global air insulated switchgear market was valued at USD 9.1 billion in 2023 and is estimated to grow at a CAGR of over 8.1% from 2024 to 2032, driven by increasing demand for reliable and safe power distribution across industrial, commercial, and utility sectors. Also, rapid urbanization, infrastructure development, and expansion of renewable energy projects have intensified the need for efficient and sustainable switchgear systems. Governments' focus on upgrading power grids, particularly in emerging economies, further boosts market growth.

Air Insulated Switchgear Market

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Moreover, market players are investing in innovations like compact, modular designs, enhanced safety, and smart monitoring to boost efficiency in air insulated switchgear. For instance, in October 2023, Siemens expanded its sustainable and digital switchgear offerings with the introduction of the 24kV primary distribution system. This new switchgear enhances energy efficiency and reliability while reducing environmental impact.

Air Insulated Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Air Insulated Switchgear Market Size in 2023:	USD 9.1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	8.1%
2024 – 2032 Value Projection:	USD 18 Billion
Historical Data for:	2021 – 2023
No. of Pages:	70
Tables, Charts & Figures:	10
Segments covered:	Voltage, Application
Growth Drivers:	Ongoing development of smart grid networks Development & expansion of micro-grid networks
Pitfalls & Challenges:	Rising demand for electricity Slow paced technological evolution across developing regions

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The global market for air insulated switchgear was reached USD 9.1 billion in 2023 and is estimated to grow at a CAGR of over 8.1% from 2024 to 2032, due to the increasing demand for reliable and safe power distribution across various sectors.

The medium voltage insulated switchgear market is projected to exceed USD 10 billion by 2032, driven by the need for dependable power distribution systems and the trend toward smart grids and digital solutions.

The commercial and industrial application segment is projected to grow at a CAGR of over 8% by 2032, driven by increasing focus on renewable energy projects and smart grid initiatives.

The U.S. air insulated switchgear market is projected to exceed USD 2.5 billion by 2032, propelled by investments in infrastructure modernization and the transition to renewable energy sources.

Major key players include ABB, Alfanar Group, Beijing Sojo Electric Company, Chint Group, Eaton, General Electric, Hitachi Energy, Lucy Group, Mitsubishi Heavy Industries, RITTER Starkstromtechnik, S&C Electric Company, Schneider Electric, Shanghai Delixi Group, Siemens, and Toshiba Corporation.