Global Gas Insulated Switchgear Market Analysis:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
According to the latest research report, during the projected period, the Gas Insulated Switchgear Market size is estimated to develop at an 10.50% CAGR, with valuation of USD 30.21 Billion.
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Growing Uptake of Smart Grid Technology Creates Substantial Market Demand
Growing smart grid technology implementation across developed economies creates substantial market demand, witnessing a sizeable growth in electrical infrastructure modernization expenditures. Besides, vast advances and evolution in switchgear technology that has simplified renewable connection, providing auto-synchronization substantiate the market demand.
Increasing legislative measures to expand reliable grid infrastructure in developing nations would further complement the business landscape. Increasing smart city projects, growing awareness about energy efficiency benefits to the environment, and improving wireless grid communication technology boosts market revenues.
COVID-19 Impact
The COVID-19 outbreak hit the gas insulated switchgear industry severely, causing huge revenue losses. Gas insulated switchgear manufacturers faced several problems ranging from obtaining raw materials components and attracting workers from quarantines required for the production to delivering end products to markets. GIS installations and replacements were postponed due to strict lockdown mandates, further impacting production facilities, bringing them to a halt.
Besides, the lockdown mandates disrupted supply chains and component device manufacturing, which spiked product prices and subsequently lowered market demand. However, the gas insulated switchgear market is rapidly returning to normalcy, witnessing a steady rise in demand. The market value is likely to pick up after the lockdown mandate relaxes in many countries.
Segmentation
The market is segmented into voltage, installation, applications, end-users, and regions. The voltage segment is sub-segmented into Up to 36 kV and above 36 kV. The installation segment is sub-segmented into indoor and outdoor. The application segment is sub-segmented into sub-transmission voltage, distribution voltage, high-voltage transmission, ultra-high voltage transmission, and extra-high voltage transmission.
The end-users segment is sub-segmented into power transmission utilities, power distribution utilities, power generation utilities, infrastructure transportation, and industries OEMs. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Asia Pacific dominates the global gas insulated switchgear market, witnessing vast investments. Besides, factors such as the rising power demand and government measures to promote energy efficiency drive the gas insulated switchgear market growth. Substantial investments for developments and upgrades of utility grid infrastructures boost the region’s gas insulated switchgear market share.
Moreover, rapid developments of renewable power generation sources and infrastructural activities in the region substantiate the gas insulated switchgear market size. The spurring rise in power infrastructure in the region pushes the gas insulated switchgear market value. The APAC gas insulated switchgear market is anticipated to retain its dominance throughout the assessment period.
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Competitive Analysis
Key players involved in the market are Siemens (Germany), ABB (Switzerland), Toshiba (Japan), Larsen Toubro (India), General Electric (US), CG Power (India), Fuji Electric (Japan), Nisin Electric (Japan), Hyosung (China), and Mitsubishi Electric (Japan), among others.
