Air Insulated Switchgear Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- April 6, 2022
- ENERGY & POWER, NEWS
- Air Insulated Switchgear Market, Air Insulated Switchgear Market growth, Air Insulated Switchgear Market share, Air Insulated Switchgear Market size, Air Insulated Switchgear Market trends
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The air-insulated switchgear is a secondary power distribution device that redistributes the power of a primary power distribution device that is powered by a high voltage distribution transformer. The global air insulated switchgear market is expected to grow at a CAGR of ~5% from 2021 to 2027. Increasing expenditure in electrical networks and low capital investment of switchgear are major factors driving the market. In addition, power utilities are focusing on substations and switchgear technologies that require less space and have a lower outage due to an increased emphasis on conserving and ensuring an uninterrupted power supply. Thus, creating demand for advanced air-insulated switchgear.
Moreover, the surging consumption of electricity in developing countries is escalating the adoption of smart grids coupled with the increasing need to upgrade existing infrastructure has positively influenced the market growth. In 2021, China witnessed an increase in electricity demand of 10%. This was mainly led by the industrial sector such as cement, construction, steel and other metals, among others.
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During the COVID-19 pandemic in early 2020, the majority of the countries and regions witnessed a countrywide lockdown. This has impacted the overall demand for Air Insulated Switchgear market. Globally countries witnessed an economic slowdown. The majority of the decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of COVID-19. All these factors affected the market for Air Insulated Switchgear in a negative way.
Based on voltage level, the market is bifurcated into Low Voltage, Medium Voltage, and High Voltage. Among these, the high voltage category is to witness the fastest growth during the forecast period owing to the expansion of power transmission and distribution (T&D) infrastructure to achieve high rates of electricity access in both developing and underdeveloped nations.
Based on end-user, the market is categorized into Power Utilities, Industrial, and Commercial and Residential. In 2020, the Power utilities category accounted for the majority share in the market. The growth of the category is mainly due to the growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization.
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For a better understanding of the market adoption of Air Insulated Switchgear, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020. Countries such as China and India are among the major countries considered as the main manufacturing hub for switchgear. Increasing electricity generation and consumption, along with the changing power generation industry dynamics, are expected to be the major drivers for the T&D network growth, which, in turn, is expected to drive the air insulated switchgear market, during the forecast period. Furthermore, growing investments in the renewable energy sector and the aging power infrastructure are expected to offer huge business opportunities for the market players in the coming years.
Some of the major players operating in the market include ABB Ltd., Siemens AG, Schneider Electric SE, Larsen & Toubro Limited, Alfanar Group, Eaton Corporation PLC, Wenzhou Unisun Electric Co. Ltd., Mitsubishi Electric Corporation, Elatec Power Distribution GmbH, and Tavrida Electric
Air Insulated Switchgear Market Segmentation
Market Insight, by Voltage Level
• Low Voltage
• Medium Voltage
• High Voltage
Market Insight, by End-User
- Power Utilities
- Commercial and Residential
MARKET INSIGHTS BY REGION
- North America Air Insulated Switchgear Market
- Rest of North America
- Europe Air Insulated Switchgear Market
- Rest of Europe
- Asia-Pacific Air Insulated Switchgear Market
- Rest of Asia-Pacific
- Rest of World Air Insulated Switchgear Market
Top Company Profiles
- ABB Ltd
- Siemens AG
- Schneider Electric SE
- Larsen & Toubro Limited
- Alfanar Group
- Eaton Corporation PLC
- Wenzhou Unisun Electric Co., Ltd.
- Mitsubishi Electric Corporation
- Elatec Power Distribution GmbH
- Tavrida Electric