Air Insulated Switchgear Market size to grow by USD 21.73 billion from 2022 to 2027
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22 Aug, 2023, 07:55 ET
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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
Air Insulated Switchgear Market - Segmentation Assessment
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).
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.
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?
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The Gas Insulated Transformer Market size is estimated to grow at a CAGR of 5% between 2022 and 2027 and the size of the market is forecast to increase by USD 995.05 million. This report extensively covers market segmentation by installation sites (indoor and outdoor), end-user (utility, industrial, and commercial), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The growth of transmission and distribution (T&D) of power is driving trends in the insulated transformer market.
The low voltage (LV) and medium voltage (MV) switchgear market size is estimated to grow at a CAGR of 6.75% between 2022 and 2027 and the size of the market is forecast to increase by USD 40,704.86 million. This report extensively covers market segmentation by type (GIS and AIS), installation sites (indoor and outdoor), and geography (APAC, Europe, North America, Middle East and Africa, and South America). Increasing implementation of smart grid technology is the key factor driving the growth of the global low voltage (LV) and medium voltage (MV) switchgear market.
Air Insulated Switchgear Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 7.38%
Market growth 2023-2027
USD 21,734.94 million
YoY growth 2022-2023 (%)
APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution
APAC at 50%
US, Canada, China, Japan, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
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.
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
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
Historic Market Size
Five Forces Analysis
Market Segmentation by Power Rating
Market Segmentation by Deployment
Market Segmentation by Geography
Drivers, Challenges, and Trends
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.
ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com