Newark, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Gas insulated switchgear market was estimated at around USD 19.5 billion in 2021, growing at a CAGR of nearly 5.9% during 2022-2030. The market is projected to reach approximately USD 32.6 billion by 2030.
High-voltage components like disconnectors, circuit breakers, relays, and switches are contained in a tiny metal cabinet known as gas insulated switchgear. It is insulated with sulphur hexafluoride, which aids the electrical system in sucking up air and tripping circuits. The distribution system is protected by the grid's ability to disconnect itself in the event of unfavorable conditions, which facilitates the grid's integration of power-generating units and energy transmission. Compared to the air-insulated switchgear that has historically been used, GIS is more dependable, adaptable, and maintenance-free. They are frequently placed on the expansions of industrial buildings, roofs, and offshore platforms. The gas insulated switchgear market, which has significantly influenced the expansion of the global power industry, is one of the markets with the fastest growth rates. Gas insulated switchgear sales are expected to increase significantly over the forecasted time frame. The market for gas insulated switchgear is predicted to remain healthy due to the rising need for electricity and energy in new businesses as well as the substantial push toward electrification in rural areas. Increased government initiatives and funding are anticipated to encourage renewable energy projects, expanding advancements in smart infrastructure, and a surge in the use of HVDC technology in the future years.
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Growth Factors
The main reasons propelling the market's growth are the expanding use of smart grids and smart metering technology, as well as the rising global energy demand. Due to increasing urbanization and rising population, power consumption has increased significantly. Concern over ongoing power lags and failures has grown throughout Africa's developing nations. Increased investment in environmentally friendly electrical networks is a result of these reasons. Additionally, in the upcoming years, the gas insulated switchgear business will have growth prospects due to the advent of beneficial regulatory reforms connected to electrification. Additionally, due to a plethora of advantages like safety, cheap maintenance, high dependability, little space requirements, and environmental friendliness, GIS is quickly gaining popularity in the industry. The industry is also benefiting from a considerable rise in power consumption in developing nations brought on by various electrification projects. For the construction of extensive transmission lines, distribution centers, and sub-stations, numerous countries involved in cross-border power transmission use GIS. Other factors that are projected to further drive the market include the implementation of governmental initiatives to boost the availability of clean energy and the increased focus on the renewable process of power generation. Increased spending on transmission and distribution (T&D) infrastructure is one of these. In the future years, it is projected that rising government initiatives and investments would boost renewable energy projects and lower carbon emissions, as well as expanding developments in smart infrastructure and a surge in the adoption of HVDC technology.
In many aspects, GIS is preferable to a conventional substation. First, compared to conventional open substation equipment, the failure rate of GIS is orders of magnitude lower, and its maintenance cycle can be prolonged. With a typical maintenance cycle of about 10 years, the maximum amount of time for GIS Substation upkeep is 20 to 25 years. GIS hardware installation is simple. Normally, it is constructed in the factory and shipped directly to the location; no additional assembly is required. As a result, GIS equipment has grown to be a crucial part of electrical systems in substations, opening up a substantial market.
Segmental Overview
Insulation type, installation, and end user are the three categories used to classify the market for gas insulated switchgear. The insulation type-specific SF6-free segment is anticipated to grow at the fastest rate. The market for SF6-free products is being driven by the rising demand for environmentally friendly products across numerous commercial and industrial sectors. Additionally, effective, trustworthy, and environmentally friendly switchgear were created as consumer knowledge of the harm caused by sulphur hexafluoride expanded. It is projected that these items would stimulate market growth.
Throughout the projected period, outdoor segment is expected to increase at the quickest rate by installation. Its numerous outside applications, including power transmission, the transfer of ultra-high voltage power to different end-use sectors, and the creation of massive power units, are too responsible for this.
The power transmission utility sector is anticipated to lead the market for gas insulated switchgear by end user over the period of the projection. This is a result of increasing population, rising electrical demand, and government investments in power transmission networks in remote locations with sparse infrastructure. The segment's growth is also predicted to be fueled by the utilization of both sustainable and non-renewable energy sources to meet electricity demand.
Regional Overview
In the gas insulated switchgear market, Asia-Pacific represented the largest market share of the whole market. The demand for gas insulation switchgear in city structures, offshore platforms, on roofs, hydropower plants, and industrial plants is increasing, which is propelling the market's expansion in the APAC region. Other factors driving this expansion include the rising number of gas insulation substations, the need for improvements in aging electrical infrastructure, rising power needs, rising government investments in hydroelectric power projects, and rising government investments in renewable energy projects.
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Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Gas insulated switchgear Market CAGR | 5.9% |
| Segments Covered | By Insulation Type By Installation By End User |
List of the prominent players in the Global Gas insulated switchgear market:
• ABB
• Schneider Electric
• Eaton Corporation
• Industrial Solutions Limited
• Hyosung
• Toshiba
• CG Power
• Hitachi
• Mitsubishi Electric
• Larsen &Toubro
The global Gas insulated switchgear market is segmented as follows:
By Insulation type
• SF6
• SF6-Free
By Installation
• Indoor
• Outdoor
By End User
• Power Transmission Utility
• Power Generation Utility
• Power Distribution Utility
• Railways & Metros
• Industrial & OEMs
• Commercial
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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