LONDON--(BUSINESS WIRE)--The global air insulated switchgear market is expected to post a CAGR of over 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in renewable power generation capacity. To reduce global warming and other environmental pollutions, several countries are adopting methods to generate power from renewable sources. Countries such as China, the US, India, and the EU countries are some of the leading nations that are adopting and implementing methods to generate power from renewable sources. In terms of capacity of generating power from renewable sources, China is leading by accounting for more than 40% of the global increase in renewable power generation capacity between 2011 and 2018.
This market research report on the global air insulated switchgear market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights grid resiliency as one of the key emerging trends in the global air insulated switchgear market:
Global air insulated switchgear market: Grid resiliency
The ability to restore the normal working state after disasters or natural calamities is known as the resilience of a grid. For example, countries such as the US have to renovate and upgrade most of its TSB grids after natural disasters like Hurricanes Harvey, Irma, and Maria. The US government is improving grid resilience to avoid damages of grids. The adoption of smart grids, hardening grids, increasing distribution generation resources, and integration of loT in power transmission are the four main objectives for grid resilience.
“The trend of grid resilience is primarily found in the US. Countries such as China, Japan, India, and other European countries are expected to invest in grid resilience to improve the resilience of power grids. At the event held in San Francisco in September 2018 on grid resilience, attended by participants from China, Australia, and the US, discussions were held on efforts and investments to increase grid resilience in countries such as China, Australia, and the US. An increased number of countries are expected to invest in grid resilience during the forecast period,” says a senior analyst at Technavio for research on human machine interface.
Global air insulated switchgear market: Segmentation analysis
This market research report segments the global air insulated switchgear market by voltage (low voltage AIS, medium voltage AIS, and high voltage AIS) and by geographical regions (APAC, EMEA, and the Americas).
APAC led the market in 2018 with a market share of nearly 47%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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