Air Insulated Switchgear Market To Grow At USD 98.14 Billion By 2032, At 4.9% CAGR | PMR

(MENAFN- GlobeNewsWire - Nasdaq) Growing requirement for effective power dissemination systems is boosting the air insulated switchgear market.

New York, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- market Overview:

The global air insulated switchgear market size is projected to grow from USD 64.27 billion in 2023 to USD 98.14 billion by 2032, at a CAGR of 4.9%, according to a new report by Polaris Market Research.

Market Overview:

Air insulated switchgear is utilized in power dissemination spaces and compact sub-stations involving residential communities, edifices, substantial public buildings, and industrial establishments. To scatter the electricity from the principal power transmission gear, which is fuelled by a solitary extensive electrical dissemination transformer, the air-insulated switchgear, which is an additional power dissemination gadget, is a power transmission switchgear. The switchgear's duration and sustenance rely on how it was structured. AIS insulates utilize air in a metal clad framework. It engages three position power take circuits. It may be disassembled for service and fine-tuning.

Key Insights from the Report:

• The market for air insulated switchgear is significantly shaped by growing funding in projects pertained to renewable energy sources such as solar and wind power push the need for progressive switchgear.
• The air insulated switchgear market segmentation is mainly based on installation, voltage, application, and region.
• Based on installation, the indoor segment is expected to experience the highest CAGR during the forecast period.
• By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

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Air Insulated Switchgear Market Scope:

Report Attributes	Details
Market size value in 2023	USD 64.27 billion
Market size value in 2024	USD 67.17 billion
Revenue forecast in 2032	USD 98.14 billion
CAGR	4.9% from 2024 to 2032
Base year	2023
Historical data	2019-2022
Forecast period	2024-2032

Market's Growth Drivers:

Partnerships for Augmenting Market Share : Firms are growing their accession and alliances to augment their market share. In July 2024, Mitsubishi Electric obtained a command for 84 kV dry Air Insulated Switchgear from Kansai Transmission and Distribution in Japan. The contemporary green commodity is outlined for usage in gas-insulated switchgear (GIS) and will be positioned in substations. It sanctions elevated security, assists to decrease ecological influence and enhance the efficacy of function and sustenance contributing to the air insulated switchgear market growth.

Evolution in Renewable Sources : The evolution in renewable energy estimates is a prominent driver in the acquisition of air insulated switchgear (AIS) as the worldwide energy sector move towards immaculate sources such as solar, wind and hydroelectric power. This transformation generates an increasing requirement for productive, dependable, and flexible power dissemination systems. AIS is especially appropriate for extensive scale installations because of its robustness and modularity, and the longevity sanctions it to perform dependably in grinding environments such as deserts and offshore wind farms.

Dependable Power Dissemination : The growing demand for dependable power dissemination is a crucial propeller for acquisition of air insulated switchgear particularly in advancing regions experiencing speedy urbanization and industrial development. As populations and industries dilate, the requirement for strong and productive dissemination systems becomes important to reinforce economic ventures and infrastructure advancements. This demand underscores the significance of funding dependable solutions that can encounter the provocations of an evolving energy topography.

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List of Air Insulated Switchgear Market Key Players:

• ABB (Switzerland)
• General Electric (US)
• Siemens (Germany)
• Schneider Electric (France)
• Mitsubishi Electric Corporation (Japan)
• Eaton Corporation (Ireland)
• Toshiba (Japan)
• GE Vernova
• Larsen & Toubro (India)
• CG Power and Industrial Solutions Ltd. (India)

Geographical Analysis:

Asia Pacific accounted for the largest air insulated switchgear market share. This is due to speedy industrialization, infrastructure advancement, and augmenting energy requirements. Nations including China, India and Japan are at the vanguard of this growth propelled by augmenting energy demands and government capabilities to streamline the power grid.

North America is also expected to grow at the highest CAGR during the forecast period. This is due to the requirement to overhaul the framework and restore old-fashioned electrical systems. In both the US and Canada, there is a notable demand for power dissemination, especially from the benefit and industrial sectors.

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Market Segmentation:

By Installation Outlook:

• Indoor
• Outdoor

By Voltage Outlook:

• Low
• Medium
• High

By Application Outlook:

• Transmission & Distribution Utilities
• Industrial
• Commercial & Residential
• Transportation
• Others

By Region Outlook:

• North America (US, Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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