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Industrial Oil Insulated Switchgear Market Size

Report ID: GMI11900
Published Date: Oct 2024
Report Format: PDF

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Industrial Oil Insulated Switchgear Market Size

The global industrial oil insulated switchgear market was valued at USD 1.1 billion in 2023 and is projected to grow at a CAGR of over 5.9% from 2024 to 2032, driven by increasing demand for reliable and efficient power distribution in industrial sectors. Oil-insulated switchgears, known for their excellent insulating properties and high voltage handling capabilities, are increasingly used in industries such as manufacturing, oil and gas, mining, and power generation.

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Several factors are contributing to this growth. First, the expansion of industrial infrastructure and the need for reliable electrical networks are driving the adoption of OIS solutions. Second, advancements in technology are enhancing the performance and efficiency of OIS, making them suitable for both new installations and upgrades of existing systems. Additionally, growing investments in renewable energy projects and grid modernization are creating new opportunities for oil-insulated switchgears, especially in medium and high-voltage applications. Finally, the long operational life and low maintenance requirements of OIS are making them a preferred choice for cost-conscious industrial users.

Industrial Oil Insulated Switchgear Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Oil Insulated Switchgear Market Size in 2023:	USD 1.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.9%
2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Voltage and Current
Growth Drivers:	Positive outlook towards renewable power generation technologies Rapidly increasing energy consumption across industrial operations Inclination towards adoption of energy efficient alternatives
Pitfalls & Challenges:	Requirement of substantial initial installation cost

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for industrial oil-insulated switchgear was reached USD 1.1 billion in 2023 and is projected to grow at a 5.9% CAGR from 2024 to 2032, driven by increasing demand for reliable and efficient power distribution in industrial sectors.

The low-voltage segment is projected to surpass USD 900 million by 2032, as industries become more electrified, particularly in manufacturing, mining, and process industries.

The AC segment is anticipated to witness a CAGR of more than 5.6% through 2032, due to the widespread use of AC systems in industrial and commercial applications for efficient power distribution.

The U.S. market for industrial oil-insulated switchgear is likely to exceed USD 165 million by 2032, driven by the ongoing expansion and modernization of industrial infrastructure.

Major players in the industry include ABB, Eaton, Fuji Electric, Hitachi, Hubbell, Hyundai Electric and Energy Systems, Lucy Group, Meidensha, Mitsubishi Electric, Orecco Electric, Powell Industries, Schneider Electric, Sensata Technologies, Siemens, Skema, and Switchgear Company.