Air insulated switchgear market to exceed $100 B by 2032
The global air insulated switchgear market, valued at $66.5 B in 2023, is expected to reach $100 B by 2032, growing at a CAGR of 5.0 % from 2024 to 2032.
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According to a Report Ocean’s report, the global air insulated switchgear (AIS) market is valued at approximately $66.5 B in 2023 and is anticipated to grow with a growth rate of more than 5.0 % over the forecast period 2024-2032, reaching $100 B.
AIS is one of the most common types of switchgear used in electrical power systems due to its simplicity, reliability, and cost-effectiveness. A key trend in the AIS market is its growing integration with smart grid technologies, which demand switchgear capable of real-time monitoring, control, and communication. AIS with smart features supports automation and remote operation, making it well-suited for modern grid requirements and driving increased adoption.
The rising use of renewable energy sources like wind and solar requires reliable grid infrastructure, with AIS offering suitable switching solutions. Governments are also enforcing stricter safety standards, making AIS a preferred choice over alternatives like GIS. Growing population and industrialization continue to boost electricity demand, further driving AIS adoption. However, high initial costs and competition from gas-insulated switchgear may limit market growth from 2024 to 2032.
The global Air Insulated Switchgear (AIS) market covers regions including Asia Pacific, North America, Europe, Latin America, and the Rest of the World. In 2023, North America led in revenue, driven by rising renewable energy adoption and the need to modernize aging grid infrastructure. AIS is favored for its reliability and cost-effectiveness in such applications. Asia Pacific is projected to record the highest CAGR during the forecast period.
The key market players include General Electric, Siemens, Schneider Electric, Mitsubishi Electric Corporation, Eaton Corporation, and Larsen & Toubro among others.
Source: Taiwan News
#CAGR#insulated switchgear market#market report#Report Ocean#smart grid technologies