Air Insulated Switchgear Market to exceed $8.41 Billion by 2022

Posted on 2020-03-25 by MarketsandMarkets in Internet & Online // 0 Comments

The global air insulated switchgear market is projected to grow at a CAGR of 4.68% from 2017 to 2022. In 2016, Asia-Pacific is estimated to be the largest market for air insulated switchgear, followed by the Europe, and North America. This trend is expected to continue till 2022. The growth of the air insulated switchgear market is driven by increasing expenditure by the utilities in the transmission & distribution network and low capital investment of the air insulated switchgear.

The report segments the market on the basis of application into transmission & distribution, manufacturing and processing, infrastructure and transportation, and others. Others include oil & gas, mining, and marine. The transmission & distribution sub-segment accounted for the largest market share in 2016. Air insulated switchgear are used for power generation, transmission, and distribution applications. This sub-segment is expected to grow at the highest CAGR during the forecast period, owing to increasing focus on renewable power generation and investments in T&D infrastructure.

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Transmission & distribution to be the fastest growing application segment in the air insulated switchgear market

With regard to the application segment, transmission & distribution segment is expected to be the fastest growing market from 2017 to 2022. The growth in demand for the reliable delivery of electric power has led to an increase in investment in the transmission & distribution infrastructure, thereby resulting in demand for AIS. Moreover, the rise in energy consumption and electric network expansion projects can further boost the market in transmission & distribution segment.

Asia-Pacific: The leading market for air insulated switchgear

Asia-Pacific is expected to dominate the global air insulated switchgear market, owing to increasing expenditure in T&D networks and presence of manufacturing facilities in the region. This growth is attributed to increasing power generation capacity. China is expected to dominate the air insulated switchgear market in the Asia-Pacific region. China, India, and Southeast Asian countries are driving the market in the Asia-Pacific region.

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Leading players in the global air insulated switchgear market include ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), and Eaton Corporation PLC (Ireland).

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