NEW YORK, Aug. 22, 2023 /PRNewswire/ — The air insulated switchgear market size is estimated to grow by USD 21,734.94 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.38% during the forecast period. However, the growth momentum will progress. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Air Insulated Switchgear Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on power rating (low voltage, medium voltage, and high voltage), deployment (Indoor and Outdoor) and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The low voltage segment will account for a major share of the market’s growth during the forecast period. The low voltage segment within the global air-insulated switchgear market pertains to switchgear operating at voltage levels up to 1 kilovolt (kV). This segment plays a pivotal role in the broader air-insulated switchgear market due to its extensive applicability across various industries. The utility of low-voltage air-insulated switchgear encompasses power distribution for residential, commercial, and industrial domains. Furthermore, the escalating demand for low-voltage air-insulated switchgear is attributed to its inherent advantages over conventional switchgear solutions. The surge in renewable energy adoption, particularly solar and wind power, coupled with the increasing need for advanced power distribution technologies in emerging markets like India, is anticipated to fuel robust growth within the low-voltage segment of the global air-insulated switchgear market during the forecast period.
Geography Overview
By geography, the air insulated switchgear market is segmented into APAC, North America, Europe, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global air insulated switchgear market.
- APAC is estimated to contribute 50% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In the APAC region, the demand for air-insulated switchgear is poised to be influenced by several factors including the prominent presence of key vendors, rapid urbanization, ongoing new product introductions, and construction activities. Responding to the heightened demand for switchgear solutions, including air-insulated variants, manufacturers are actively unveiling new offerings to cater to this region. However, it’s worth noting that switchgear equipment, including air-insulated systems, contributes to greenhouse gas (GHG) emissions, which have a significant impact on global warming.
Insights on the market contribution of various segments, including country and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Air Insulated Switchgear Market – Market Dynamics
Key factor driving market growth
Growing renewable power generation is notably driving market growth. The global air-insulated switchgear market stands to benefit significantly from the increasing production and demand for renewable energy. This trend presents notable growth prospects for market participants. In response to growing concerns over environmental pollution and the urgent need to address global warming, governments worldwide are anticipated to bolster their investments in renewable energy sources over the forecast period. Stringent emissions regulations, coupled with renewable energy mandates in some of the world’s largest power-producing and consuming nations, are expected to drive substantial growth in renewable energy capacity. The decreasing cost of renewable energy technologies further accelerates their adoption. The necessary investments to achieve these goals are projected to positively impact the demand for switchgear, including air-insulated switchgear, thereby driving the overall growth of the focused market during the forecast period.
Leading trends influencing the market
The growth of smart electricity grid infrastructure is an emerging market trend.
Major challenges hindering the market growth
Intense competition from local and regional vendors is the major challenge hindering market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Air Insulated Switchgear Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the air insulated switchgear market between 2023 and 2027
- Precise estimation of the air insulated switchgear market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the air insulated switchgear market across APAC, North America, Europe, the Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of air insulated switchgear market vendors
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Air Insulated Switchgear Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.38% |
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Market growth 2023-2027 |
USD 21,734.94 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.12 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., alfanar Group, C and S Electric Ltd., CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, ELATEC POWER DISTRIBUTION GmbH, EPE Switchgear M Sdn. Bhd., General Electric Co., Larsen and Toubro Ltd., Lucy Group Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, Sumitomo Electric Industries Ltd., Tavrida Electric GmbH, Tokyo Electric Power Co. Holdings Inc., Toshiba Corp., UNISUN ELECTRIC, VELATIA S.L, and ZPUE S.A. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Power Rating
Market Segmentation by Deployment
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
