North America Air Insulated Switchgear Market Size

North America Air Insulated Switchgear Market Size

North America Air Insulated Switchgear Market was valued at USD 2.1 billion in 2023 and is anticipated to register 8.6% CAGR from 2024 to 2032. The adoption of smart grid technologies in North America has been primarily led by government initiatives. Countries with sustainable population growth, higher income levels, and increased electricity consumption are expected to be the driving forces behind the expansion of smart grid networks. The proliferation of smart grid networks within industries necessitates the safe and secure operation of the existing infrastructure, which, in turn, fosters the growth of the gas insulated switchgear industry.

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The power structure management industry is primarily being propelled by the ongoing modernization and refurbishment of the existing grid infrastructure within the region. The U.S. Department of Energy defines the electrical grid as a comprehensive ecosystem that includes manufacturers, asset owners, federal, state, and local government entities, as well as service providers. For instance, the Office of Electricity Delivery and Energy Reliability (OE) has been collaborating with both private and public partners to enhance, upgrade, and transform the energy infrastructure. This collaborative effort aims to guarantee access to secure, clean, and dependable energy resources.

Growing geopolitical imbalances in developing regions have left industry players and investors uncertain about whether to invest or divest in specific areas. As a result, this uncertainty has disrupted the progression of technological adoption and the integration of advanced transmission components. Consequently, the slow technological evolution in developing regions is likely to impede the overall industry dynamics. There is a widespread belief that auxiliary technologies such as solar and wind electricity will reduce the geopolitical influence of traditional energy producers. This is because these low-carbon alternatives offer diversification and energy security, particularly for countries that heavily rely on fossil fuel imports.