Market Size of Air Insulated Switchgear Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Air Insulated Switchgear Market Analysis
The global air insulated switchgear market is expected to register a CAGR of more than 4% during the forecast period of 2022 - 2027. The outbreak of the COVID-19 led to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities, hampering the growth of the air-insulated switchgear market. Factors such as increasing demand for electricity in the developed countries, increasing electrification rate globally, increasing electricity transmission and distribution infrastructure developments are expected to drive the demand for air-insulated switchgear market during the forecast period. However, the adoption of gas-insulated switchgear (GIS) as an alternative to air-insulated switchgear, as air-insulated switchgear substations require high maintenance, thus leading to high operational costs, which is likely to restrain the market growth during the forecast period.
- The power utility segment is likely to witness significant demand for the air-insulated switchgear market, as they are widely used in power distribution stations and compact substations in load centers.
- 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.
- Asia-Pacific is expected to dominate the market, with majority of the demand coming from the countries, such as India and China.
