Air Insulated Switchgear Market: Current Analysis and Forecast (2021-2027)

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Air Insulated Switchgear Market is anticipated to display a CAGR of around 5% over the forecast period (2021-2027). The Global Air Insulated Switchgear Market is experiencing significant growth due to the increased demand for building automation systems, rising global demand for energy-efficient electrical products and increase in urban population and rise in industrialization activities are the key factors complementing the Air Insulated Switchgears market. In addition, rising investments in power transmission and distribution networks coupled with the growing augmentation and modernization of transmission and distribution networks across the globe, are expected to drive the market. For instance, to meet the demand of China’s cities and industrial zones for electricity, the State Grid Corporation of China (SGCC) is building 12 electricity transmission lines linking the coal production and hydropower centers for a project valued at US$ 33.7 billion. According to China’s state grid company, the line can transmit up to 12 gigawatts, which is enough to power 50 million Chinese households.

Furthermore, Increasing expenditure in electrical networks and low capital investment of switchgear coupled with increasing focus of power companies on installing technologies such as air-insulated switchgear that have a lower outage and can ensure uninterrupted power supply, are major driving factors in the market.

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 metals, among others.

However, in early 2020, the majority of the countries and regions witnessed a countrywide lockdown due to the spread of COVID-19. This has influenced the overall demand for Air Insulated Switchgear market. Globally countries witnessed an economic slowdown. The industrial sector witnessed a major decline, 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.

Insights Presented in the Report

“Amongst Voltage Level, High Voltage Category to Witness Tremendous Growth During 2020–2027”

Based on voltage level, the market is bifurcated into Low Voltage, Medium Voltage, and High Voltage. Among these, the high voltage category is expected 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. It is widely used in power distribution stations and compact substations in load centers such as residential areas, high-rise buildings, large public buildings, and factory enterprises. Thus, with the growing construction of high-rise residential as well as commercial buildings coupled with heavy government investments across the world, the market for high-voltage air insulated switchgear to witness tremendous growth opportunities during the forecast period. For instance, The Government of India in the Union Budget 2014-15, has announced a project to develop ‘One Hundred Smart Cities’ as satellite towns of larger cities by modernizing the existing mid-sized cities in the country, US$ 1 billion (INR 70.6 Billion) were allocated in FY2014–2015 for the same.

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“Amongst End-User, Power Utilities Category to Dominated the Market in 2020”

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. The power and utilities industry is undergoing a radical transformation. Distributed renewable generation, new digital technologies, and shifting consumer expectations are resulting in a more complex, competitive, and challenging energy world. In addition, the need to invest in building and replacing assets, regulatory pressure to reduce costs, and the growth of distributed energy resources are some other major factors for the major share of power utilities category in the air insulated switchgear market. Thus, the category is expected to witness steady growth of XX% during 2021–2027.

“Asia-Pacific will Dominate the Market During the Forecast Period”

Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of growing investments in the upgradation of old power transmission and distribution equipment, growing development of smart cities coupled with increasing industrialization in different countries of the region. The region is expected to dominate the Air Insulated Switchgear market during the forecast period as the region is a hub for manufacturing electronics components and devices corresponding to various industries.

In addition, an upsurge in renewable power generation projects is expected to positively influence the market demand for shunt reactors. For instance, in 2021, China’s total renewable energy capacity increased 10.2 percentage points as compared to 2015. The capacity exceeded 1,000 GW in 2021, according to the National Energy Administration, accounting for 43.5% of the country’s total power generation capacity.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Air Insulated Switchgear Market were the three major steps undertaken to create and analyze the demand and sales of Air Insulated Switchgear across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Air Insulated Switchgear through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Air Insulated Switchgear, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are voltage level and end-user. Further regional level analyses were conducted to evaluate the overall demand of Air Insulated Switchgear in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the healthcare sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Air Insulated Switchgear across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Air Insulated Switchgear Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Air Insulated Switchgear market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of voltage level, end-user, and regions.

The main objective of the Air Insulated Switchgear Market Study

The current & future market trends of the Air Insulated Switchgear Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Air Insulated Switchgear in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include voltage level, end-user, and regions
• Defined analysis of the regulatory framework for the Air Insulated Switchgear industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Analyze the current and forecast market size of the Air Insulated Switchgear across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Air Insulated Switchgear sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry