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Air Insulated Switchgear Market Size By Voltage (Medium {> 3 kV to ≤ 36 kV}, High {> 36 kV}), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI5437
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Air Insulated Switchgear Market size valued at USD 8 billion in 2022 and is projected to depict at more than 8% CAGR from 2023 to 2032, as a result of the introduction of grid resilience programs and smart meter adoption.
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A paradigm shift toward information technology integration is influencing global energy and electricity trends. Due to such technological advancements, the adoption of smart meters in power transmission and distribution has surged. The strong focus on grid resiliency has also accelerated the development of electric infrastructure. For instance, in August 2022, the U.S. DOE sought input on the Grid Resilience and Innovation Partnership Program of USD 10.5 billion to increase the reliability of America’s electric grid. Such initiatives will foster the installation of air-insulated switchgear components for power distribution applications.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 8.4 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8.1% |
| 2032 Value Projection: | 18.5 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 513 |
| Segments covered: | Voltage, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The modernization of existing grid networks has also become imperative to boost renewable integration, enhance security, lower peak load demand, and cut operational costs. The growing retrofit and refurbishment of energy grid infrastructure will therefore provide lucrative growth opportunities for air-insulated switchgear manufacturers. However, the imposition of higher import excise duties and the subsequent rise in raw material prices may hinder industry expansion to some extent.
Upgradation of small-scale industries will stimulate air-insulated MV switchgear installation
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The air insulated switchgear market from the medium (> 3 kV to ≤ 36 kV) voltage segment is slated to register over 7.5% growth rate between 2023 and 2032 impelled by the increasing upgradation and refurbishment of small-sized industries. Commercial establishments are also emphasizing the integration of medium voltage air-insulated switchgear for energy storage and power distribution applications. In addition, the mounting energy demand in isolated load centers and the development of high-tension power networks will further augment the use of air-insulated MV switchgear.
Rising investment in clean energy to drive air-insulated switchgear use for commercial & industrial applications
| Application | Market Size, 2022 |
|---|---|
| Residential | 1.66 |
| Commercial & Industrial | 3.68 |
| Utility | 3.07 |
| Total | 8.41 |
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In terms of application, air insulated switchgear market from commercial & industrial segment surpassed USD 3.5 billion in 2022. This was a result of rapid industrialization and commercialization to propel economic growth and the subsequent increase in the reliance on primary and secondary power distribution and transmission networks. The adoption of fire-resistant, reliable, secure, advanced, and energy-efficient equipment has also surged. Furthermore, the escalating FDI in renewable energy will amplify the production of switchgear systems to safeguard clean energy plants for commercial and industrial applications.
High spending on rural electric grid modernization fuels air-insulated switchgear construction in North America
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North America accounted for 23% share of the global air insulated switchgear market in 2022, on account of the mounting investment in energy infrastructure. For instance, in January 2023, the USDA announced an investment of USD 2.7 billion to aid electric utilities and cooperatives in expanding and modernizing the rural electric grid, as well as enhancing grid security in the nation. Additionally, the introduction of favorable regulatory policies to design low-emission electric components will further add impetus to regional business expansion.
New product launches to serve as a key growth strategy for industry participants
The competitive landscape of the air insulated switchgear market consists of companies such as Toshiba Corporation, Lucy Group Ltd., Shanghai Delixi Group Co., Ltd., S&C Electric Company, RITTER Starktstromtechnik GmbH & Co. KG, Beijing Sojo Electric Company Limited, Chint Group, Eaton, alfanar Group, Schneider Electric, Hitachi Energy Ltd., Mitsubishi Heavy Industries, Ltd., General Electric, ABB, and Siemens, among others. These firms are focusing on business expansions and new product ranges to boost their customer base and strengthen their presence in the market.
For example, in April 2021, Siemens launched its 8DJH 24 switchgear and RMUs of up to 24 kV powered by clean air technology. The MV switchgear, completely free of fluorinated gases, was designed as a climate-neutral insulation medium that consists of natural components from ambient air. This initiative was meant to allow the company to gain a competitive edge and reinforce its footprint in the industry.
Impact of COVID-19 pandemic on air insulated switchgear market trends
The COVID-19 outbreak has become a key factor affecting the pace of progress toward universal energy access. The impacts of the pandemic, including supply chain disruptions, lockdowns, and fiscal resource diversion, have slowed the progress toward SDG 7 (Sustainable Development Goal) of ensuring reliable, affordable, and sustainable energy by 2030. These challenges may have created roadblocks to the installation of air-insulated switchgear for power distribution. However, the steady economic recovery and the strong electricity demand will add impetus to the industry growth in the upcoming years.
The air insulated switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2019 to 2032, for the following segments:
Market Insights, By Voltage
- Medium Voltage
- High Voltage
Market Insights, By Application
- Residential
- Commercial & Industrial
- Utility
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- Oman
- South Africa
- Egypt
- Latin America
- Brazil
- Peru
- Argentina