Oil Insulated Switchgear Market Size - By Voltage, By Current, By Application, Analysis, Share, & Forecast, 2025 - 2034

Oil Insulated Switchgear Market Size

The global oil insulated switchgear market was valued at USD 9.4 billion in 2024 and is estimated to grow at a CAGR 6.5% from 2025 to 2034, due to growing demand for reliable and efficient power distribution systems is driving its adoption, particularly in industries that require stable electricity supply, such as manufacturing and energy generation. OIS offers advantages like enhanced insulation, robust performance in extreme conditions, and the ability to handle high voltages, making it suitable for utilities, substations, and industrial applications.
 

Additionally, the trend toward modernization of electrical grids and expanding infrastructure in emerging economies contributes to market growth. OIS is being increasingly integrated into distribution networks to improve reliability and minimize downtime. Furthermore, advancements in oil insulation technology, making it safer and more environmentally friendly, are fueling the growth of this market. The increasing need for renewable energy integration, along with the replacement of aging equipment in developed regions, further boosts the demand for oil-insulated switchgear.

Oil Insulated Switchgear Market Trends

The oil-insulated switchgear (OIS) industry is experiencing growth due to increasing demand for reliable and efficient power distribution systems is driving its adoption, particularly in industries that require stable electricity supply, such as manufacturing and energy generation. OIS offers advantages like enhanced insulation, robust performance in extreme conditions, and the ability to handle high voltages, making it suitable for utilities, substations, and industrial applications.
 

Additionally, the trend toward modernization of electrical grids and expanding infrastructure in emerging economies contributes to market growth. OIS is being increasingly integrated into distribution networks to improve reliability and minimize downtime. Furthermore, advancements in oil insulation technology, making it safer and more environmentally friendly, are fuelling the growth of this market. The increasing need for renewable energy integration, along with the replacement of aging equipment in developed regions, further boosts the demand for oil-insulated switchgear.
 

Oil Insulated Switchgear Market Analysis

Based on voltage, low voltage segment is anticipated to surpass USD 9.1 billion by 2034, due to the increasing need for reliable and efficient electrical distribution systems in residential, commercial, and industrial sectors. Low voltage switchgear plays a crucial role in protecting electrical circuits from overloads, short circuits, and other faults, ensuring safety and operational continuity. The rapid growth of urbanization and infrastructure development in emerging economies, alongside the expansion of industrial sectors globally, is fueling the demand for low voltage OIS.
 

Based on current, the AC segment is projected to achieve a CAGR of over 6.3% through 2034, owing to the increasing demand for AC power in both residential and industrial applications, fueling the adoption of AC oil-insulated switchgear systems. AC power remains the dominant form of electricity used globally, with its widespread application in power distribution grids, commercial and industrial infrastructure, and residential sectors.
 

The U.S. oil insulated switchgear market is anticipated to surpass USD 1.2 billion by 2034, since the ongoing modernization of aging electrical infrastructure is a major driver. As the U.S. power grid continues to age, there is a growing need to replace obsolete switchgear systems with more efficient, reliable, and advanced oil-insulated solutions. This trend is especially strong in utility companies and industrial sectors that rely on stable power distribution for operations.
 

APAC, especially countries like China, India, and Southeast Asia is experiencing rapid urbanization and industrialization. As more cities grow and industries expand, the demand for efficient and reliable power distribution systems increases. OIS plays a pivotal role in this by ensuring the safe and uninterrupted delivery of electricity, particularly in power plants, substations, and manufacturing facilities. The construction of new infrastructure in both residential and industrial sectors further boosts the market demand.
 

Oil Insulated Switchgear Market Share

Companies like Hitachi and General Electric lead the air-insulated industrial switchgear market, capitalizing on their vast industry experience, innovative technologies, and global presence. These companies provide advanced solutions, including digital substations, which facilitate real-time monitoring, improved automation, and predictive maintenance—key capabilities that enhance grid stability and optimize operational efficiency.
 

Oil Insulated Switchgear Market Companies

Major players operating in the oil insulated switchgear industry are:

• ABB
• Bharat Heavy Electricals
• CG Power and Industrial Solutions
• E + I Engineering
• Eaton
• Fuji Electric
• General Electric
• HD Hyundai Electric
• Hitachi
• Hyosung Heavy Industries
• Lucy Group
• Mitsubishi Electric
• Ormazabal
• Schneider Electric
• Siemens
• Skema
• Toshiba
   

Oil Insulated Switchgear Industry News

• In April 2024, Schneider Electric and Digital Realty launched a circular economy initiative at the Paris 5 (PAR5) data center. This partnership aims to extend the lifespan of critical systems at PAR5, including Schneider Electric's low-voltage (LV) and medium-voltage (MV) electrical equipment, switchgear, and UPS units. The project underscores Digital Realty's commitment to advancing its Environmental, Social, and Governance (ESG) objectives.
   
• In May 2024, SAEL Ltd, an Indian renewable energy company, revealed its intention to issue its dollar denomination bonds, with a target of raising USD 500 Mn. The proceeds will be allotted to energy projects, specifically the development of solar power plants.
   

This oil insulated switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million and ‘‘000 Units’ from 2021 to 2034, 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 countries across the region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina