Low Voltage Oil Insulated Switchgear Market Regional Analysis:
Asia Pacific Market Forecast
Asia Pacific is set to capture 48.1% of the global low voltage oil insulated switchgear market share by 2035. Asia Pacific is one of the dominant markets for low voltage oil insulated switchgear owing to its robust industrial hub and the presence of several manufacturing organizations. The ongoing infrastructure and rural developments coupled with rapid urbanization and industrial activities are fuelling the adoption of advanced switchgear technologies in the region. China and India are high-growth marketplaces in the Asia Pacific, while Japan and South Korea are leading the development of innovative switchgear.
India is witnessing rapid infrastructure development programs owing to the increasing population and economic growth. The rising demand for improved transport infrastructure including rails, roads, aviation, shipping, and inland waterways is positively influencing the sales of low-voltage switchgear systems. Past 4 years until 2024, the Infrastructure Investment Trusts and Real Estate Investment Trusts have amassed around USD15.6 billion according to the Reserve Bank of India. Furthermore, 15 airport projects worth USD 12.1 billion are estimated to be inaugurated by 2028 in the country. This directly generates lucrative opportunities for low-voltage oil-insulated switchgear producers in the country.
In China, key sectors such as construction, manufacturing, and transportation are expanding at a rapid pace leading to a high demand for low-voltage switchgear systems for efficient power distribution and control. The national initiatives aimed at upgrading power distribution networks and facilities are further pushing the adoption of low-voltage oil-insulated switchgear systems.
North America Market Statistics
The North America low voltage oil insulated switchgear market is expected to increase at a fast pace owing to the strong presence of key market players and rising digital shift among several industries. The high adoption of digital technologies is generating lucrative opportunities for innovative low voltage oil insulated switchgear producers. The aging infrastructure in the U.S. and Canada is necessitating the adoption of advanced switchgear systems.
In the U.S. the growing emphasis on renewable energy sources such as solar and wind are fuelling the adoption of advanced low-voltage oil-insulated switchgear systems. The supportive government policies on infrastructure development are also augmenting the sales of low voltage oil insulated switchgear technologies. For instance, in July 2022, the U.S. government announced USD 2.3 billion for States and Tribes to strengthen and modernize the power grid.
In Canada, the increasing adoption of sustainable manufacturing practices and implementation of strict environmental regulations and initiatives are anticipated to push the sales of low-voltage oil-insulated switchgear technologies. For instance, the country focuses on reducing carbon emissions by 40% to 45% by 2030, following the net zero emissions by 2050 plan.
