Pune, India -- (SBWIRE) -- 12/20/2018 -- The growth of the global air insulated switchgear market will be healthy at a compound annual growth rate of 4.5% and is expected to attain a valuation of USD 8.73 Billion by the end of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a recently published research report. The global air insulated switchgear market has been expanding in view of increasing energy prices and towering demand for electrical power worldwide.
Provision of power has become a challenging task for system operators. Moreover, the augmenting need for robust and highly reliable electric networks in various industry verticals has fuelled the growth of the market. Lower initial level capital investment acts a plus for the market growth. The market has been growing in rural areas, and developing countries where there is availability of land as air insulated switchgear requires considerable space. Stringent regulations by government and other administrative bodies aimed at safeguarding the environment is also a market driver. Due to environmental concerns, various rules have been imposed to reduce the use of hydrocarbons in electricity generation. Furthermore, the global trend of a shift towards renewable energy sources has also been a boon for the global air insulated switchgear market. Substantial investment by developing countries towards electrifying rural areas and the expansion of existing networks has boosted the growth of the market. However, the threat from alternatives is likely to restrain the growth of the global air insulated switchgear market over the forecast period.
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Competitive Landscape
The Eminent Players in the Global Air Insulated Switchgear Market include
- ABB Ltd. (Switzerland)
- Eaton Corporation, PLC (Ireland)
- General Electric Company (U.S.)
- TBEA Energy (India)
- SwitchGear Company (Belgium)
- EPE Switchgear (M) Sdn. Bhd. (Malaysia)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Lucy Electric Limited (U.K.)
- Yokogawa Electric Corporation (Japan)
Segmentation
The global air insulated switchgear market has been segmented based on power range, installation, and application. By power range, the market has been segmented into 3 – 24 kV, and Above 24 kV. By installation, the market has been segmented into Indoor and Outdoor. By application, the market has been segmented into Distribution Utilities, Oil & Gas, Infrastructure & Transportation, and Other.
Regional Analysis
The global air insulated switchgear market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is at the forefront of the global air insulated switchgear market followed by Europe. Rapid industrialization and growth of the renewable sector in Asia Pacific regions result in increased demand for air insulated switchgear market. The Asia Pacific market is expected to grow at the fastest rate over the forecast period. Europe is another strong market for air insulated switchgear and is expected to exhibit positive growth due to up gradation of existing infrastructure.
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Industry Updates
In May 2018, Siemens Pakistan launched a new production line for the company's latest technology in air-insulated switchgear. The launch of the new production line will provide an impetus to local manufacturing which will be located at Karachi.