Global Air Insulated Switchgear Market: Key Trends, Market Share, Growth Drivers, and Forecast for 2024-2033

The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!

LONDON, GREATER LONDON, UNITED KINGDOM, December 5, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!

Has the Air Insulated Switchgear Market Experienced Growth in Recent Years?

Absolutely! The air-insulated switchgear market size has seen significant growth in recent years. The market is set to increase from $7.44 billion in 2023 to $7.99 billion in 2024, indicating a compound annual growth rate CAGR of 7.3%. This growth during the historic period can be attributed to factors such as the expansion of smart grid networks, increasing peak load demand, expansion of micro-grid networks, rising global electricity consumption, and growth in industrial activities.

For a more detailed diagnosis of the market, download our sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=19280&type=smp

What Will Be the Future Growth of the Air Insulated Switchgear Market?

The air-insulated switchgear market size is expected to see strong growth in the next few years. It is projected to surge to $10.67 billion in 2028 at a CAGR of 7.5%. This future growth can be attributed to rising urbanization, growth in the marine sector, investment in power utilities, expansion of renewable energy, and increasing demand for infrastructure projects. Further contributing to the market growth are major trends such as smart grid development, infrastructure development, smart and digital switchgear, energy storage systems, and development of hybrid switchgear systems, among others. Given these trends, one could argue that the future of the air-insulated switchgear market is on a solid foundation.

To help you navigate this market, we offer a detailed report: https://www.thebusinessresearchcompany.com/report/air-insulated-switchgear-global-market-report

What Is Driving the Air Insulated Switchgear Market?

The increasing demand for electricity is expected to propel the growth of the air-insulated switchgear market going forward. Electricity demand is growing due to factors such as population growth, urbanization, and the increased use of electric vehicles and renewable energy. In addition, air-insulated switchgear helps manage electricity by safely controlling and protecting electrical equipment, ensuring efficient power distribution, and minimizing electrical faults. For instance, according to the International Energy Agency IEA, a France-based autonomous intergovernmental organization, electricity demand is expected to rise globally from 2.5% in 2023 to approximately 4% in 2024. Therefore, the burgeoning demand for electricity is driving the air-insulated switchgear market.

Who Are the Key Players in the Air Insulated Switchgear Market?

The air insulated switchgear market boasts of several key players including Siemens AG, TEPCO Group, Mitsubishi Electric Corporation, Schneider Electric SE, GE Vernova Inc., ABB Ltd, Larsen & Toubro Limited, Toshiba Corporation, Eaton Corporation, and others. These companies have significantly contributed to the development and growth of the market.

What Are Some Recent Advancements in the Air Insulated Switchgear Market?

Major companies operating in the air-insulated switchgear market are innovating new technologies to maintain their competitive edge in the industry. For example, in September 2023, ABB Ltd., a Switzerland-based power, heavy electrical equipment, and automation technology company launched the UniGear ZS1. This new air-insulated medium-voltage MV switchgear technology is designed to focus on sustainability and efficiency, addressing the pressing challenges faced by diverse industries. The 500-mm panel version is the narrowest in its category, thereby making it suitable for space-constrained environments. This design not only optimizes space but also enhances energy distribution efficiency.

How Is the Air Insulated Switchgear Market Segmented?

The air insulated switchgear market is segmented by the following categories:

1 By Type: Metal-Enclosed And Spaced Switchgear, Metal-Enclosed Armored Switchgear, Metal-Enclosed Box-Type Switchgear.
2 By Voltage Level: Low Voltage, Medium Voltage, High Voltage.
3 By Installation: Outdoor Installation, Indoor Installation.
4 By Application: Transmission And Distribution, Manufacturing And Processing, Infrastructure And Transportation, Other Applications.
5 By End-Use: Commercial, Residential, Utility, Other End-Uses.

Regional Outlook: Where Is the Air Insulated Switchgear Market Thriving?

Asia-Pacific was the largest region in the air-insulated switchgear market in 2023. The European region, on the other hand, is expected to be the fastest-growing region in the forecast period. Our report contains detailed analysis of regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Browse Through More Similar Reports By The Business Research Company:
Switchgear Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/switchgear-global-market-report
Switchgear Monitoring System Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/switchgear-monitoring-system-global-market-report
Air Based Defense Equipment Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/air-based-defense-equipment-global-market-report

About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn