InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Air Insulated Switchgear Market Size, Share & Trends Analysis Report By Voltage Range (3 kV–36 kV and >36 kV), Installation (Indoor and Outdoor), Application (Transmission & Distribution, Manufacturing & Processing, and Infrastructure & Transportation)- Market Outlook And Industry Analysis 2031"
The global air-insulated switchgear market is estimated to reach over USD 12.26 billion by 2031, exhibiting a CAGR of 5.20% during the forecast period.
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In accordance with environmental concerns, many countries around the world have enacted laws and regulations to minimize the use of hydrocarbons in electricity generation, which is projected to grow the development of the global air-insulated switchgear market. Significant investment by developing countries in electrifying rural areas, as well as increasing network development, have fueled the growth of the worldwide air-insulated switchgear market. Furthermore, the growing demand for resilient and highly reliable electric networks across a variety of business verticals has fueled market expansion. Furthermore, countries are enacting favorable regulatory measures to ensure continuous electricity supply. These measures, together with the expansion of microgrid networks and increased renewable energy integration, will generate profitable growth possibilities for makers of air-insulated switchgear. Over the projected period, rising energy demand and aging grid infrastructure are likely to increase demand for air-insulated switchgear around the world.