The global market for air-insulated switchgear is expected to grow significantly over the next few years, according to a new report from leading market research firm. The report, titled “Air Insulated Switchgear Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022-2028”, provides in-depth analysis and insights into the current state and future prospects of the air-insulated switchgear market.
Air-insulated switchgear (AIS) is an electrical device used to control and protect electrical power systems. It is commonly used in high-voltage substations, and is an alternative to gas-insulated switchgear (GIS), which is more expensive and complex. AIS is more commonly used in lower voltage applications, but is still used in high voltage applications as well.
The report provides a detailed analysis of the global air-insulated switchgear market, including market size, market share, growth rate, and key trends. It also includes an analysis of the drivers, challenges, and opportunities that are shaping the market. The report covers both the demand and supply side of the market, with a focus on key players in the market, including ABB Ltd., Siemens AG, Schneider Electric SE, and General Electric Company.
According to the report, the global air-insulated switchgear market is expected to grow at a CAGR of 5.3% from 2022 to 2028. One of the key drivers of growth in the market is the increasing demand for electricity around the world, particularly in developing countries. This is leading to the construction of new power plants and substations, which in turn is driving demand for air-insulated switchgear.
Another important factor contributing to market growth is the increasing focus on renewable energy sources such as wind and solar power. These sources of energy require reliable and efficient electrical infrastructure, including air-insulated switchgear. The report highlights the growing demand for air-insulated switchgear in the renewable energy sector as a key driver of market growth.
However, there are also challenges facing the air-insulated switchgear market. One of the major challenges is the increasing competition from gas-insulated switchgear, which is more expensive but offers higher performance and reliability. Another challenge is the need for regular maintenance and replacement of air-insulated switchgear, which can be costly and time-consuming.
Despite these challenges, the report concludes that the global air-insulated switchgear market is expected to continue to grow in the coming years, driven by increasing demand for electricity and the growing focus on renewable energy sources. Key players in the market are likely to focus on developing new and innovative products to meet the changing needs of customers and stay ahead of the competition.
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.