CHICAGO, May 14, 2024 /PRNewswire/ -- Air Insulated
Switchgear Market 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™.
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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Browse in-depth TOC on "Air Insulated Switchgear
Market"
208 - Tables
60 - Figures
224 -
Pages
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
Skellefteå, 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 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 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.
Related Reports:
Gas Insulated Switchgear Market - Global Forecasts
to 2028
Switchgear Market - Global Forecasts to
2028
Get access to the latest updates on Air Insulated Switchgear
Companies and Air Insulated Switchgear Industry Growth
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