Air insulated switchgear (AIS) is a type of switchgear that uses air as the insulating medium. It is widely used in power transmission and distribution systems due to its simplicity, reliability, and low cost. The air insulated switchgear market is expected to grow at a significant rate in the coming years due to the increasing demand for electricity and the need for grid modernization. In this article, we will provide a comprehensive analysis of the air insulated switchgear market, including industry players, market size, and growth drivers.
Industry Players:
The air insulated switchgear market is highly competitive and fragmented, with several large and small players operating in the market. The leading players in the market include ABB Ltd., Siemens AG, General Electric Company, Schneider Electric SE, Eaton Corporation Plc, Larsen & Toubro Limited, and Hyundai Electric & Energy Systems Co. Ltd. These companies are focusing on innovation, technological advancements, and strategic partnerships to expand their market presence and gain a competitive advantage.
Market Size:
According to a report by Allied Market Research, the global air insulated switchgear market was valued at $6.32 billion in 2018 and is expected to reach $9.47 billion by 2026, growing at a CAGR of 5.1% during the forecast period. The Asia-Pacific region is expected to witness significant growth in the coming years, driven by the increasing demand for electricity in emerging economies such as India and China.
Growth Drivers:
The air insulated switchgear market is expected to grow at a significant rate in the coming years due to several growth drivers. One of the key drivers is the increasing demand for electricity around the world. The growing population, urbanization, and industrialization are driving the demand for electricity, leading to the expansion of the power transmission and distribution infrastructure.
Furthermore, the need for grid modernization and the replacement of aging infrastructure is driving the growth of the AIS market. The aging infrastructure is prone to failures and requires frequent maintenance, leading to downtime and reduced efficiency. The replacement of aging infrastructure with new and modern equipment, such as AIS, is expected to improve the reliability and efficiency of power transmission and distribution systems.
Moreover, the integration of renewable energy sources, such as wind and solar, in the power grid is creating new opportunities for the AIS market. Renewable energy sources are intermittent and require efficient and reliable power transmission and distribution systems to ensure optimal utilization. The AIS is a reliable and cost-effective solution for power transmission and distribution, making it an ideal choice for integrating renewable energy sources in the power grid.
Conclusion:
The air insulated switchgear market is expected to witness significant growth in the coming years, driven by the increasing demand for electricity, the need for grid modernization, and the integration of renewable energy sources in the power grid. The market is highly competitive, with several large and small players operating in the market. To succeed in the market, players need to focus on innovation, technological advancements, and strategic partnerships to gain a competitive advantage.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.