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Utility Air Insulated Power Distribution Component Market Trends

Report ID: GMI11537
Published Date: Sep 2024
Report Format: PDF

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Utility Air Insulated Power Distribution Component Market Trends

Continuous & exponential renewable energy integration coupled with increasing rural electrification projects across developing economies are creating a favourable scenario for the market growth across the globe.

For instance, in May 2024, in China, the State Grid Qinghai Provincial Electric Power Company, a subsidiary of SGCC, has announced an annual investment of over USD 350 million for 2024 to strengthen rural and pastoral power grid infrastructure in Qinghai Province. Government-led initiatives aimed at rural electrification are pushing for the installation of reliable and cost-efficient distribution systems. As a result, air-insulated power components are favoured for these projects due to their simpler maintenance needs and affordability.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of utility air insulated power distribution component reached USD 6.6 billion in 2023 and will further proliferate with 7.1% CAGR from 2024 to 2032, owing to the aging power infrastructure and increasing electricity demand.

The switchgear segment is expected to surpass USD 5 billion by 2032, as they help in managing voltage levels and reducing power losses.

U.S. market will surpass USD 1.1 billion by 2032, due to the rising technological advancements in power distribution components.

ABB, ALSTOM, CG Power & Industrial Solutions Ltd., Eaton, GE Grid Solutions, G&W Electric, Hitachi Energy, Lucy Group Ltd., L&T Electrical & Automation, Meiden Europe, and Ormazabal.