Asia Pacific Oil Insulated Switchgear Market Size - By Voltage (LV, MV, HV), By Current (AC, DC) By Application (Residential, Commercial & Industrial, Utility), Regional Outlook & Forecast, 2024 – 2032

Asia Pacific Oil Insulated Switchgear Market Size

Asia Pacific Oil Insulated Switchgear Market was valued at USD 4.8 billion in 2023 and is estimated to attain a CAGR of over 6.1% between 2024 and 2032, due to the increasing urbanization and industrialization. The expansion of the power sector, particularly in developing regions, and the modernization of aging grid infrastructures in developed countries also contribute to the market's growth. Additionally, oil insulated switchgear's superior performance in harsh environmental conditions and its ability to handle high voltage levels make it a preferred choice in many applications.
 

Technological advancements and innovations aimed at enhancing efficiency and reducing maintenance costs are further driving the market. Moreover, supportive government policies and investments in smart grid projects are fostering market expansion. Despite competition from other insulation technologies, the proven reliability and cost-effectiveness of oil insulated switchgear continue to sustain its market growth.
 

Asia Pacific Oil Insulated Switchgear Market Trends

Rapid urbanization across Asia-Pacific countries, particularly in emerging economies like India and China, is leading to substantial investments in infrastructure development. As cities expand and industrial zones grow, there is a rising demand for reliable and efficient electrical systems, including oil insulated switchgear (OIS). These systems are favored for their ability to handle high voltage levels and their robustness in diverse environmental conditions. There is a significant push towards incorporating advanced technologies into oil insulated switchgear systems.
 

Innovations in insulation materials, such as improved oils and additives, are enhancing the performance and longevity of these switchgears. Additionally, the integration of smart grid technologies is improving the monitoring and control capabilities of OIS systems, leading to more efficient and reliable energy distribution. Many Asia-Pacific countries are focusing on modernizing their existing electrical infrastructure to meet the growing energy needs and improve system reliability. This includes replacing outdated switchgear with newer, more efficient oil insulated models. This trend is particularly prominent in countries with aging power infrastructure and high energy demands.
 

Asia Pacific Oil Insulated Switchgear Market Analysis

Based on voltage, the low voltage segment is projected to exceed USD 4.2 billion by 2032, driven by the continuous development of smart cities which is increasing the demand for low voltage switchgear. The construction of new commercial and industrial buildings emphasizes the need for dependable low voltage electrical systems. Both residential and commercial sectors are increasingly adopting low voltage switchgear due to its cost-effectiveness, compact design, and reliability. These sectors require efficient and secure power distribution, which is further propelling market growth.
 

Based on current, the AC segment is anticipated to witness more than 6% CAGR through 2032, owing to the predominant use of alternating current (AC) in electrical power systems, particularly for grid distribution and large-scale industrial applications, driving the demand for AC oil insulated switchgear. AC systems are favored for their efficiency in long-distance power transmission, which supports market growth. Innovations in AC oil insulated switchgear technology, including enhanced insulation materials and improved reliability, are contributing to market growth.
 

China oil insulated switchgear market is projected to surpass USD 3 billion by 2032, since the Chinese government is investing heavily in modernizing and expanding the electrical grid infrastructure, including the adoption of advanced switchgear technologies. Policies and ongoing advancements in oil insulated switchgear technology, such as improved insulation materials and enhanced performance features, are driving adoption. These innovations meet the growing demands for efficiency and reliability in power distribution systems. incentives aimed at improving grid reliability and efficiency are contributing to market growth.
 

In India, Japan, and South Korea, increasing energy demand and expansion of power generation projects, including both conventional and renewable sources, are also fueling the need for reliable switchgear solutions. Oil insulated switchgear plays a crucial role in managing and distributing power generated from various sources.
 

Asia Pacific Oil Insulated Switchgear Market Share

Companies such as ABB, Schneider Electric, and Siemens dominate the Asia-Pacific oil insulated switchgear market thanks to their vast experience, technological advancements, and global presence. They provide sophisticated, reliable, and efficient switchgear solutions designed to meet a wide range of industry requirements. These firms invest substantially in research and development, which supports ongoing enhancement and alignment with evolving market trends.
 

Asia Pacific Oil Insulated Switchgear Market Companies

• ABB
• Eaton Corporation
• Fuji Electric Co., Ltd.
• Hitachi Ltd.
• Hyundai Electric & Energy Systems Co., Ltd.
• Hubbel Incorporated
• Lucy Group Ltd.
• Mitsubishi Electric Corporation
• Meidensha Corporation.
• Orecco Electric
• Powell Industries
• Sensata Technologies Inc
• Schneider Electric
• Switchgear Company
• Siemens
• Skema S.p.A.
   

Oil Insulated Switchgear Industry News

• In May 2024, L&T Switchgear introduced its innovative brand, i.e. 'Lauritz Knudsen Electrical & Automation,’ now under the collaboration of Schneider Electric company. the company has announced that it will an invest of USD 100 Mn in India over the coming three years. This investment will be directed towards enhancing R&D infrastructure, expanding manufacturing capabilities, and solidifying its position as a key player in India's rapidly growing electrical sector.
   
• In May 2024, SAEL Ltd, an Indian renewable energy company, revealed its intention to issue its first dollar-denominated bonds, with a goal of raising USD 500 million. The proceeds will be allocated to sustainable energy projects, notably for the development of solar plants. SAEL plans to complete the bond issuance by the end of June, highlighting the substantial market opportunities for renewable energy ventures in the region.
   

This Asia Pacific oil insulated switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million, ‘000 Units” from 2021 to 2032, for the following segments:

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Market, By Voltage

• Low
• Medium
• High

Market, By Current

• AC
• DC

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions across the countries:

• China
• Australia
• India
• Japan
• South Korea
• Rest of Asia Pacific