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Gas Insulated Switchgear Market worth $31.3 Billion by 2027

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Gas Insulated Switchgear Market worth $31.3 Billion by 2027

September 20
23:59 2022
Gas Insulated Switchgear Market worth $31.3 Billion by 2027
The global gas insulated switchgear market is expected to grow from an estimated USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3% during the forecast period.

The global Gas Insulated Switchgear Market is projected to grow from USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.

Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share

The outdoor switchgear segment, by installation, is projected to hold the largest market share during the forecast period due to the growing power consumption, leading to the expansion and upgradation of the power grid, which is expected to boost the demand for outdoor gas insulated switchgears. Outdoor gas insulated switchgears are employed in substations and switchyards where there are no space constraints for the installation of such substations outdoors. Outdoor gas insulated switchgears are expected to have a larger market share than indoor types due to their vast implementation area.

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Above 220 kV voltage segment, by voltage rating, to be largest market

Based on the voltage, the above 220 kV segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable sector due to environmental concerns and the increasing electricity demand are expected to spur growth in the above-220 kV segment during the forecast period. Gas insulated switchgear in this segment is mostly employed in substations for power transmission over long distances. They are also used in transmission substations and large thermal and nuclear power generation substations to increase the power to 275–400 kV. This helps reduce transmission losses that occur during power transmission and improves efficiency. Growing power generation plants due to the increasing power requirements in various sectors, such as industrial, commercial, and residential, will eventually boost the demand for gas insulated switchgear above 220 kV.

Asia Pacific to emerge as largest Gas Insulated Switchgear Market

Asia Pacific accounted for the largest global Gas Insulated Switchgear Market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.

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ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global Gas Insulated Switchgear Market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.

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USA: +1-888-600-6441

Email: [email protected]

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State: IL 60062
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Website: https://www.marketsandmarkets.com/Market-Reports/gas-insulated-switchgear-market-234770702.html