Air Insulated Switchgear Market Size

Air Insulated Switchgear Market size is expected to reach USD 8 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of air insulated switchgear was around USD 5 Billion. The growing accentuation on energy effectiveness is the primary driver that will mainly help to grow the air insulated switchgear market in its expected CAGR. In 2023, international momentum will focus on doubling the rate of effectiveness advancement to a 4% accumulated pace, which could cut today’s energy bills in developed countries by one-third and make up 50% of CO2 cutbacks by 2030.

Another factor that will substantially drive the expansion of the air insulated switchgear market in the forecast period is the excessive demand for electricity in developed countries. For instance, China is hoping to record usage of both power and gas in the winter of 2023/24, but supplies should be sufficient, with only localized deficiencies, as an outcome of major fuel gathering over the summer months. According to the National Energy Administration (NEA) prediction on October 31, 2023, the maximum electricity demand may rise by as much as 140 million kilowatts (12%) related to winter 2022/23. Despite huge increases in the amount of wind and solar capacity installed since the start of the year, coal-fired power plants have still played a critical role in meeting growth in electricity consumption. Total generation rose by 5% or 375 billion kilowatt hours (kWh) in the first ten months of the year related to the same period in 2022. But more than three-quarters of the advancement was met by thermal generators (289 billion kWh), most of which burning coal.