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Oil Insulated Switchgear Market Size

Report ID: GMI10464
Published Date: Nov 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2024
Oil Insulated Switchgear Market Size in 2024:	USD 9.4 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	6.5%
2025 – 2034 Value Projection:	USD 16.4 Billion
Historical Data for:	2021 – 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Voltage, Current, Application
Growth Drivers:	Rising Demand for Electricity Growing Renewable Energy Integration
Pitfalls & Challenges:	High dependency on imports

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for oil-insulated switchgear was reached USD 9.4 billion in 2024 and is estimated to grow at a 6.5% CAGR from 2025 to 2034, driven by the growing demand for reliable and efficient power distribution systems.

The 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.

The AC segment is projected to achieve a CAGR of over 6.3% through 2034, fueled by the increasing demand for AC power in both residential and industrial applications.

Major players in the industry include 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, and Toshiba.