Oil Insulated Switchgear Market Rugged Expansion Foreseen by 2018 – 2028
Oil Insulated Switchgear Market: Introduction:
Electricity is an essential source of energy for modern life. Most of the industrial machineries, home appliances, trains, gadgets and many other systems are dependent upon supply of electricity. In an electricity distribution system, safety measure are essential to ensure safety and minimum power loss and current overriding resulting in short circuits or breakdown in power transmission in the network. For that purpose, switchgears are used for switching and protecting devices such as fuses, switches, relays and circuit breakers. The major application of switchgears is to safeguard the electricity distribution system from any short-circuit.
There are mainly two type of switchgears used includes, oil insulated and gas/air insulated. The oil insulated switchgear has been the older type since the inception of switchgears which are traditionally used in various industries including, power generation, oil & gas, utilities sector and for other industrial sectors. The oil insulated switchgears specifications differ in accordance with the operating voltage they are employed. There are mainly three type of oil insulated switchgears are available in the market such as, low voltage oil insulated switchgear, medium voltage oil insulated switchgear and high voltage oil insulated switchgear.
However, the oil insulated switchgears use oil for circuit braking. It can be toxic and can cause various health hazards. Also the combustibility nature of oil insulated switchgears limits its use and give an advantage to other switchgears systems.
Oil Insulated Switchgear Market: Dynamics:
The demand for electricity for domestic and industrial sectors is rising at a significant rate owing to urbanization, civic infrastructure and setting up of industrial facilities across the globe. In past few years, the electricity consumption took a significant surge and projected to grow further in the future owing to various electrification projects in different developing nations. Additionally, the growing per capita consumption of power among the developed and developing countries projected to boost the demand for oil insulated switchgears over the forecast period. Moreover, increasing implementation of electricity based appliances, gadgets, equipment, vehicles and other products is expected to increase electricity distribution network and power demand.
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Furthermore, escalating demand for renewable sources of energy, growth in industrial and construction sectors projected to create demand for new transformers and power stations, which in turn expected to fuel the growth of oil insulated switchgear market over the forecast period.
However, the oil insulated switchgears use oil for circuit braking. It can be toxic and can cause various health hazards. Additionally, there are possibilities of ignition of oil which can result in a falling-out of the switch oil chamber, consequentially the ejection of burning oil, causing death or serious injuries to persons and can cause catastrophic damage to plant. These factors coupled with preference of using gas insulated switchgears are expected to hamper the growth of the global oil insulated switchgear market.
Oil Insulated Switchgear Market: Segmentation:
Oil insulated switchgear market can be segmented into operating voltage, end use and region.
On the basis of operating voltage, global oil insulated switchgear market is segmented into:
- Low Voltage Oil Insulated Switchgear
- Medium Voltage Oil Insulated Switchgear
- High Voltage Oil Insulated Switchgear
On the basis of phases, global oil insulated switchgear market is segmented into:
- 1-phase Oil Insulated Switchgear
- 3-phase Oil Insulated Switchgear
On the basis of end use, global oil insulated switchgear market is segmented into:
- Power Generation
- Oil & Gas
- Utilities Sector
Oil Insulated Switchgear Market: Regional Outlook:
Asia Pacific is expected to be the most lucrative region in the global oil insulated switchgear market owing to increasing demand for electricity in the region. The growing number of renewable energy projects in countries like, China, India, etc. anticipate to lay a strong base for the growth of oil insulated switchgear market in the region. North America is estimated to be the prominent market for oil insulated switchgear due to rising demand of energy in the region.
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Europe is anticipated to have moderate growth in the market owing to stringent government regulations regarding workers safety and security in the industries. Additionally, Latin America and Middle East & Africa region projected to register promising growth in the oil insulated switchgear market during the forecast period.
Oil Insulated Switchgear Market: Market Participants:
Some of the market participants in the global oil insulated switchgear market are:
- Mitsubishi Electric Systems
- CG Power and Industrial Solutions Limited
- Lucy Electric
- Powell Industries
- OTDS UK Ltd.
- Tenaga Switchgear Sdn. Bhd.
- Hyosung Power and Industrial Systems
- OJSC Power
- Xian XD