Gas Insulated Switchgear Market Highlights
Gas Insulated Switchgear (GIS) market 2020 is going strong and showing the potential to raise its value in the coming years. On this, Market Research Future published a latest report on the global gas insulated switchgear, stating that it will be leading ahead with 8.77% CAGR during the course of years from 2016-2023 (forecast period).
Top Drivers and Key Challenges of Market
A boom in the growing power consumption has masked the market in a drastic way that it has achieved a considerable valuation from the past decade long growth. The current status of the market is steadily rising for it being considered as more environment-friendly, reliable, and flexible as compared to air-insulated switchgear (AIS). In fact, due to the quality of space optimization, low maintenance, and protective nature against external elements, the gas insulated switchgear market can gain a considerable chance to rise in the coming years.
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More growth aspects of the market are gained from the factors of growing power consumption across the developed countries is a significant driver for the growth of the global gas insulated switchgear market. The study also focuses on the fact that there has been an increasing adoption of electricity-based equipment, vehicles, appliances, and more, which is primarily projecting the market to flourish with the demand of more power along with improvement in the electricity distribution network.
Furthermore, a significant surge in electric power consumption is yet another factor observed in recent years in the course of the market’s proliferation. With this, the demand for electricity is also estimated to expand further in support of numerous electrification projects being introduced in most of the developing countries, globally. Moving forward, gas-insulated switchgear is probable to witness significant demand over the forecast period as it offers abundant advantages, such as less field construction work (quick installation time), flexible designs, and minimal maintenance. By looking at these factors, the expects concluded a bright future for the global gas insulated switchgear in the foreseeable years.
On the other hand, the power sector is witnessing a high capital investment in its T&D infrastructure through an investment worth USD 3.2 trillion over the next decade. The increasing investment in the T&D investment happening due to growing electricity demand, aging infrastructure, and upcoming power generation projects rise in the market.
Gas Insulated Switchgear Market Segmentation
As per the study conducted by MRFR’s analysts, the global gas insulated switchgear market has been studied under segmental analysis, which includes voltage, installation, end-user segments.
Depending on the end-user segment, the market includes infrastructure & transportation, manufacturing & processing, transmission & distribution, and others. Among these, the T&D segment has seen a considerable rise in the network as it is continually increasing and is primarily driven by the addition of transmission lines. This further leads to the addition of high voltage substations, where gas-insulated switchgear plays a dynamic role in grid protection and resourceful flow of power. Thus, according to IEA, around USD 3,180 billion would be invested between the years 2014 and 2035 globally on the net addition of 3.2 million kilometers of transmission lines. This would result in a drastic increase in the demand and installation of GIS globally in the future.
Depending on the installation-based segment, the market includes indoor installation and outdoor installation.
Depending on voltage, the market segments up to 36 Kilo Volt (kV) and beyond 36 kV.
The regional study of the global gas insulated switchgear market has been studied under the critical regions of North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA).
Asia Pacific region is noticeable in the current study to be the most prominent regional market for countries like China, India, and Japan. These are investing heavily in their grid expansion projects to surge distribution grid reliably. In these countries, the electricity demand is mounting as industrialization and infrastructural developments have been rapidly occured. China, India, and Indonesia are also investing heavily in their hydroelectric power projects, leading to rising their investments in the transmission & distribution sector by connecting renewable energy generation to the grid. All these instances are expected to boost the market for gas insulated switchgear to achieve higher valuation in this region during the forecast period.
North America is yet another important regional market for gas-insulated switchgear, as per the study. The growth of the market here is mainly due to technological advancement and the presence of many giant market players. The maximum-revenue of the market is recorded from the regions of the USA, Canada, and Mexico.
Europe is the next regional market that also shows a significant rise in the market’s revenue due to the vibrant automotive industry, the presence of crucial market players, and technological advancement. The vital countries nourishing markets are listed to be Germany, France, Russia, Italy, and the UK.
The crucial players of global Gas Insulated Switchgear market are listed as ABB (Switzerland), Siemens (Germany), Larsen &Toubro (India), Toshiba (Japan), CG Power (India), General Electric (US), Nisin Electric (Japan), Fuji Electric (Japan), Mitsubishi Electric (Japan), Hyosung (China).
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