Air insulated switchgear market to reach $11.45 B by 2029
Growing at the CAGR of 7.4 %, the air insulated switchgear market is forecasted to experience robust growth.
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According to a report by The Business Research Company, the market size for air insulated switchgear is predicted to increase from $7.99 B in 2024 to $8.6 B in 2025 growing at the CAGR of 7.6 %, elevating up to $11.45 B by 2029 with a CAGR of 7.4 %.
This substantial growth during the forecasting period can be traced back to increasing urbanization, the expansion of the marine sector, investment in power utilities, the surge in renewable energy, and the escalated demand for infrastructure projects.
Key trends for this period include the development of smart grids, infrastructure advancement, smart and digitized switchgear, energy storage systems, creation of hybrid switchgear systems, adoption of smart grid technologies, compact and modular designs, as well as retrofitting and upgrading of existing systems.
Key players: Siemens AG, TEPCO Group, Mitsubishi Electric Corporation, Schneider Electric SE, GE Vernova Inc., ABB Ltd, Larsen & Toubro Limited, Toshiba Corporation, Eaton Corporation, WEG S.A., CHINT Global, Alfanar Group, Hyosung Heavy Industries Corporation, Meidensha Corporation, Nissin Electric Co. Ltd, Ormazabal GmbH, ZPUE S.A., C&S Electric Ltd, Powell Industries Inc., Lucy Electric UK Ltd, Hyundai Electric Co.Ltd., EFACEC Power Solutions SGPS S.A., Medelec Switchgear Ltd., Ghorit Electrical Co., Ltd, TGOOD Global Ltd., Orecco Electric, Wenzhou Unisun Electric Co Ltd
Source: WhaTech
Tags: air insulated switchgear market, CAGR, market growth, increasing urbanization, renewable energy, investment expansion, smart grid technologies, digitized switchgear, smart grid technologies
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