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Gas Insulated Switchgear Market to exceed $28.09 Billion by 2023
Posted: Jul 07, 2019
The global gas insulated switchgear market is projected to reach a market size of USD 28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.
End-User
- Power Transmission Utility
- Power Distribution Utility
- Power Generation Utility
- Infrastructure and Transportation
- Industries & OEMs
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The gas insulated switchgear market, by end-user, is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & transportation, and industries & OEMs. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenge in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.
Asia Pacific: The largest market for gas insulated switchgear.
Asia Pacific is expected to account for the largest market share of the global gas insulated switchgear market in 2018. This trend is projected to continue till 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the gas insulated switchgear market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. These has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in Asia Pacific.
The gas insulated switchgear market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).
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