Air insulated switchgear market share is set to expand moderately owing to rapid urbanization coupled with low capital investment. Increasing investments towards electrical networking will further augment the product demand. Gas insulated in 2016 accounted for over 16% of the global share. Low space requirement, minimal maintenance, improved reliability and high dielectric strength are some of the key parameters which make its adoption preferable over other available alternatives.
Low voltage switchgear market is projected to exceed USD 80 billion by 2024 subject to its wide applicability across process industries and infrastructure and power sector. Favourable power distribution reforms coupled with rising demand for low voltage smart control systems will further augment industry growth.
Medium and High Voltage switchgear markets are anticipated to witness appreciable growth owing to rapid industrial and commercial establishments. Expansion of T&D networks along with flexible product applications across the primary and secondary distribution channels will further complement the business landscape.