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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.
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 Attribute | Details |
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Base Year: | 2022 |
Air Insulated Switchgear 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.