Air Insulated Switchgear Market worth $85.9 billion | MarketsandMarkets(TM)

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CHICAGO, May 14, 2024 /PRNewswire/ -- Air Insulated Switchgear Market [https://www.marketsandmarkets.com/Market-Reports/air-insulated-switchgear-market-79980057.html] in terms of revenue was estimated to be worth $67.3 billion in 2024 and is poised to reach $85.9 billion by 2029, growing at a CAGR of 5.0% from 2024 to 2029 according to a new report by MarketsandMarkets(TM).

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The AIS market is poised for substantial growth during this period, primarily due to the development of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy-based capacity and increased investments in industrial production are likely to drive the demand for AIS.

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Air Insulated Switchgear Market Scope:

Report Coverage Details Market Revenue in 2024 $67.3 billion Estimated Value by 2029 $85.9 billion Growth Rate Poised to grow at a CAGR of 5.0% Market Size Available for 2020-2029 Forecast Period 2024-2029 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Voltage, By Installation, and By Application Geographies Covered Asia Pacific, North America, Europe, Middle East and Africa, and South America Report Highlights Updated financial information /product portfolio of players Key Market Opportunities Air-Insulated Switchgear Adoption in Infrastructure Development Key Market Drivers Modernization of power distribution infrastructure

High voltage segment, by voltage, to occupy majority of AIS market share.

During the forecast period, the high voltage segment, categorized by voltage, is expected to secure a dominant market share. High-voltage air insulated switchgears, operating high (above 36 kV), are crucial in transmission, heavy industries, mining, railways, and commercial infrastructures. The high voltage air insulated switchgear includes dead tank circuit breakers and live tank circuit breakers. These switchgears find application primarily in power transmission over long distances. AIS are used at transmission substations and power generation substations. Typically placed outdoors due to space requirements, they consist of circuit breakers, isolators, transformers, and bus bars. Faulty tripping is rare, and these switchgears often remain ON for extended periods. They play a vital role in renewable power transmission and medium-voltage substations. As electrification and renewable integration are on the rise, the demand for high-voltage switchgear, especially automated and smart ones for smart grids, is expected to surge during the forecasted period.

Transportation segment, by application, to be the fifth-largest and fourth-fastest market.

Air Insulated Switchgear (AIS) plays a pivotal role in ensuring the smooth operation of infrastructure and transportation systems worldwide. With its robust design and reliable performance, AIS serves as a cornerstone technology in various critical applications, contributing to the seamless functioning of modern societies, AIS plays a crucial role in transportation, powering railways, airports, and seaports. It ensures uninterrupted operation of signaling systems, lighting, and other essential electrical components critical for the safe and efficient movement of people and goods. By safeguarding the reliability of transportation networks, AIS contributes to the overall sustainability and economic growth of regions and nations.

North America to emerge as the third-largest Air Insulated Switchgear Market.

During the forecast period, North America is anticipated to hold the third-largest market share in the global Air Insulated Switchgear Market encompassing the US, Canada, and Mexico. With the US and Canada jointly contributing approximately 92.8% to North America's Air Insulated Switchgear Market in the same year, the region boasts robust trade ties and substantial foreign investments. With a combined population of nearly 530 million and an economy representing over one-quarter of the world's GDP, North America faces substantial power demands, leading to increased investments in fortifying and modernizing its transmission and distribution utilities.

The region is currently undergoing a transformative phase in its utilities sector, characterized by a shift toward digital operational strategies focusing on decentralization, digitization, and decarbonization of power systems. Aging power infrastructures, with nearly 72% of the US power infrastructure beyond 25 years of service, pose blackout risks, prompting active government initiatives to upgrade and replace these structures for enhanced grid reliability.

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Key Market Players of Air Insulated Switchgear Industry:

Key players in the global Air Insulated Switchgear Market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).

Recent Developments of Air Insulated Switchgear Industry:

    --  In August 2023, ABB expanded its partnership with Northvolt to electrify
        the world's largest battery recycling facility, Revolt Ett, established
        by Northvolt in Skelleftea, northern Sweden.
    --  In April 2023, Siemens Energy and Spain's Dragados Offshore has signed a
        framework agreement with German-Dutch transmission system operator
        TenneT to supply high-voltage direct current (HVDC) transmission
        technology for three grid connections in the German North Sea.
    --  In April 2023, Eaton announced it has completed the acquisition of a 49%
        stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a manufacturer of
        power distribution and sub-transmission transformers in China.

The primary interviews conducted for this report can be categorized as follows:

    --  By Company Type: Tier 1-30%, Tier 2-55%, and Tier 3-15%
    --  By Designation: C-Level-30%, D-Level-20%, and Others-50%
    --  By Region: North America-18%, Europe-8%, Asia Pacific-10%, South
        America-4% and Middle East & Africa-60%.

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Air Insulated Switchgear Market - Key Benefits of Buying the Report:

The report is thoughtfully designed to benefit both established industry leaders and newcomers in the AIS market. It provides reliable revenue forecasts for the entire market as well as its individual sub-segments. This data is a valuable resource for stakeholders, enabling them to gain a comprehensive understanding of the competitive landscape and formulate effective market strategies for their businesses. Furthermore, the report serves as a channel for stakeholders to grasp the current state of the market, providing essential insights into market drivers, limitations, challenges, and growth opportunities. By incorporating these insights, stakeholders can make well-informed decisions and stay informed about the constantly evolving dynamics of the switchgear [https://www.marketsandmarkets.com/Market-Reports/switchgear-market-1162268.html] industry.

The report provides insights on the following pointers:

    --  Analysis of key drivers: (modernization of power distribution
        infrastructure worldwide, rapid growth in renewable energy-based
        capacity expansion), restraints (Challenges of Spacing Requirements in
        Air Insulated Switchgear), opportunities (High capabilities of handling
        high voltages of HVDC system, Air-Insulated Switchgear Adoption in
        Infrastructure Development), and challenges (Operational Hurdles in
        High-Voltage
        [https://www.marketsandmarkets.com/Market-Reports/high-voltage-cable-acc
        essories-market-95892251.html] Air Insulated Switchgear Systems, Intense
        competition from unorganized sector) influencing the growth of the AIS
        market.
    --  Product Development/ Innovation: The AIS market is in a constant state
        of evolution, with a primary focus on product development and
        innovation. Leading industry players like ABB, Siemens, Schneider
        Electric, and General Electric are at the forefront of advancing their
        product offerings to address shifting demands and environmental
        considerations. There is a notable shift towards enhancing the
        intelligence of AIS.
    --  Market Development: The AIS market is experiencing significant growth
        and development driven by various factors. the growing demand for
        integrating renewable energy sources is driving the expansion of the
        HVDC market, consequently increasing the demand for AIS. With wind and
        solar energy sources becoming more widespread, there is a growing need
        for efficient and reliable power transmission systems. HVDC systems
        offer a suitable solution by efficiently transmitting large amounts of
        power over long distances with minimal energy losses, thereby
        facilitating the integration of renewable energy sources into the grid.
        Additionally, the development of innovative technologies such as hybrid
        switchgear, which combines the strengths of AIS and GIS (Gas Insulated
        Switchgear), is expected to drive the expansion of the AIS market.
        Hybrid switchgear combines the advantages of both AIS and GIS, including
        increased reliability, modular substation design, space efficiency,
        improved performance, easy installation, and reduced switching
        components. This technological advancement is particularly significant
        in renewable energy applications, where space utilization and
        reliability are critical factors.
    --  Market Diversification: The AIS market is experiencing significant
        diversification, driven by a multitude of factors. The increasing focus
        on renewable energy sources and the modernization of power distribution
        systems also present opportunities for AIS in the infrastructure
        development industry. The aging grid infrastructure and the need for
        upgrades, replacements, or augmentations of existing, aging substations
        highlight the need for many new substations, where AIS is expected to
        represent a significant portion of these new substations.
    --  Competitive Assessment: A comprehensive evaluation has been conducted to
        scrutinize the market presence, growth strategies, and service offerings
        of key players in the AIS market. These prominent companies include
        Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Siemens
        (Germany), General Electric (US), and others. This analysis provides
        in-depth insights into the competitive positions of these major players,
        their approaches to driving market growth, and the range of services
        they offer within the AIS segment.

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