Global Air Insulated Switchgear Market to Reach $9 Billion by 2030
The global market for Air Insulated Switchgear estimated at US$6.8 Billion in the year 2023, is expected to reach US$9 Billion by 2030, growing at a CAGR of 4% over the period 2023-2030. 3-36 kV Voltage Switchgear, one of the segments analyzed in the report, is expected to record 4.5% CAGR and reach US$5.8 Billion by the end of the analysis period. Growth in the Above 36 kV Voltage Switchgear segment is estimated at 3.3% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 6.8% CAGR
The Air Insulated Switchgear market in the U.S. is estimated at US$1.8 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 6.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 3.3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.
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