New Product Developments, Contracts & Agreements, Mergers & Acquisitions, and Expansions in the Air Insulated Switchgear Market
The global air insulated switchgear market is projected to grow at a CAGR of 4.68% from 2017 to 2022. In 2016, Asia-Pacific is estimated to be the largest market for air insulated switchgear, followed by the Europe, and North America. This trend is expected to continue till 2022. The growth of the air insulated switchgear market is driven by increasing expenditure by the utilities in the transmission & distribution network and low capital investment of the air insulated switchgear.
The air insulated switchgear market is dominated by a few global players. Key players operating in this market include ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), and Eaton Corporation PLC (Ireland).
Major strategies adopted by players in the air insulated switchgear market include new product developments, contracts & agreements, mergers & acquisitions, and expansions. Contracts & agreements were the most commonly adopted strategy from 2011 to 2016. Industry players also adopted expansions, which was the second most widely followed strategy from 2011 to 2016.
ABB Ltd is a technological leader in the electrical products, which caters to a wide range of industries such as transmission, distribution, renewable generation, utilities, industry, marine, and oil & gas among others. It conducts its business through four segments, namely, power grids, industrial automation, robotics and motion, and electrification products. Air-insulated switchgear is a part of electrification products segment. ABB Ltd adopted contracts & agreements and expansions as its key growth strategies. The company has formed a strategic partnership with Fluor Corporation (U.S.) in order to meet the requirements of power grids globally. Also, in 2015, ABB Ltd has opened manufacturing facilities in Southeast Asia (Indonesia) and Europe (Czech Republic) to enhance its manufacturing capabilities in electrical products such as medium voltage switchgear.
Siemens AG is a manufacturing and engineering company. It conducts its operations through nine segments, namely, power and gas, healthcare, energy management, digital factory, process industries & drives, mobility, building technologies, wind power & renewables, and financial services. The company provides switchgear under its medium voltage power distribution segment of its energy division. The company offers a wide range of air insulated switchgear for different voltage ranges and application. The company has focused on contracts & agreements and new product developments strategy to maintain its market position in the market. In 2016, the company received a contract from Hyundai Engineering and Construction’s (South Korea) subsidiary in Mexico for construction of substation for KIA Motors’ (South Korea) manufacturing facility. The scope of the contract included supply of 10 units of 13.8 kV and 7.2 kV NXAIR medium voltage switchgear, 35 medium and low voltage transformers, 35 FC low voltage switchgear, and two 13.8 kV capacitor banks.
Related Reports:
Air Insulated Switchgear Market by Voltage Range (3 kV–36 kV and >36 kV), Installation (Indoor and Outdoor), Application (Transmission & Distribution, Manufacturing & Processing, and Infrastructure & Transportation), and Region - Global Forecast to 2022
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