Gas Insulated Switchgear Market Size [2021-2026] worth USD 36.60 Billion | exhibiting a CAGR of 7.2%
Gas Insulated Switchgear Market to Hit USD 36.60 Billion by 2026; Major Shares Covered by Companies such Siemens, ABB, and Mitsubishi Electric Corporation Owing to Collaborative Investments: Fortune Business Insights™
Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global gas insulated switchgear market value stood at USD 21.13 billion in 2018 and will rise at a CAGR of 7.2% during the forecast period. The global gas insulated switchgear market size is projected to reach USD 36.60 billion by 2026 on account of the increasing demand for energy worldwide. The market is driven by the increasing demand for efficient and reliable infrastructure. The market is also benefited by the increasing demand for green infrastructure. The market is segmented on the basis of application and geography. The application-wise segmentation is based on the type of infrastructure, such as power, gas, oil, and water. The geography-wise segmentation is based on the regions, such as North America, Europe, Asia Pacific, and Latin America.
Key Industry Developments of the Gas Insulated Switchgear Market include:
November 2018 – Bergenshalvoens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for supplying the world’s first SF6-free GIS with vacuum and clean air interruption systems for a voltage level of up to 145 kV.
December 2019 – Italy’s transmission system operator (TSO) awarded a USD 100 million contract to ABB for supplying GIS and building _high-voltage substations in Obermooweiler, Baden-Wuerttemberg.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 7.2% |
| 2026 Value Projection | USD 36.60 billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 21.13 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 140 |
| Segments covered | By Voltage, By Installation and Regional Forecast |
| Growth Drivers | Improving Grid Infrastructure Will Aid in Expansion of Market |
| Upgradation of Hydropower Plants Will Help Europe Dominate Market |
Market Drivers:
Improving Grid Infrastructure Will Aid in Expansion of Market
Factors adding momentum to the gas insulated switchgear market growth include the increasing demand for energy and power, rise in construction and upgradation of the power grid, and the rise in investments in transmission and distribution infrastructure. On the contrary, factors such as the high cost of equipment and stringent government laws imposed on environment and safety regulations will affect the market negatively. Nevertheless, the increasing focus on renewable energy production is likely to create lucrative growth opportunities for the market in the forecast duration.
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Regional Segmentation:
Upgradation of Hydropower Plants Will Help Europe Dominate Market
Geographically, Europe will hold the dominant gas insulated switchgear market share on account of upgradation of hydropower plants, increasing power consumption, and government initiatives that were taken for improving grid infrastructure. Additionally, the increasing investments in the expansion of distribution and transmission networks will help Asia Pacific hold a notable share. Besides this, the North America market will witness significant growth on account of major investments made for the enhancement of transmission, distribution, and the overall performance of the generation of electric power for avoiding losses.
| Segmentation | By Voltage
|
By Installation
| |
By End User
|
Competitive Landscape:
Heavy Investments on Construction of New Substations to Bode Well for Players
Players operating in the global gas insulated switchgear market are adopting various strategies to gain a competitive edge in the market. These strategies include mergers and acquisitions, contracts, agreements, and partnerships, joint ventures, and others. Players are also investing heavy amounts on the construction of new substations for attracting high gas insulated switchgear market revenue in the forthcoming years.
List of Gas Insulated Switchgear Market Manufacturers include:
- Siemens
- Fuji Electric
- Mitsubishi Electric Corporation
- Hitachi, Ltd.
- Nissin Electric Co Ltd
- Meidensha Corporation
- CHEM Group
- ABB
- Schneider Electric
- Hyundai Electric & Energy Systems Co., Ltd.
- Eaton
- GE
- Toshiba International Corporation
- Larsen & Toubro
- Bharat Heavy Electricals Limited
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What is the Scope of the Report?
The report offers a 360-degree overview of the market and factors promoting and demoting growth, accompanied by challenges and upcoming opportunities. It discusses the competitive landscape of the market, list of players operating in the market, and the key strategies adopted by them, to reach for the top position during the forecast period. Besides this, the report throws light on significant industry developments, current gas insulated switchgear market trends, and other interesting insights into the market. Furthermore, the report Is available for sale on the company website.
Scope of the Report:
-
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
-
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
-
Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
-
Global Gas Insulated Switchgear Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Voltage
- Up to 66 kV
- 66 kV - 170 kV
- 170 kV - 550 kV
- Above 550 kV
- Market Analysis, Insights and Forecast – By Installation
- Indoor
- Outdoor
- Market Analysis, Insights and Forecast – By End-User
- Utility
- Industrial
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Frequently Asked Questions:
1. Who has the best Gas Insulated Switchgear?
ABB, Siemens, Schneider Electric, Fuji Electric, Hyundai Electric & Energy Systems Co., Ltd., Mitsubishi Electric Corporation, Eaton, Hitachi, Ltd., GE, Nissin Electric Co Ltd, Toshiba International Corporation, Meidensha Corporation, Larsen & Toubro, CHEM Group, Bharat Heavy Electricals Limited,
2. How big is the Gas Insulated Switchgear Market?
The global gas insulated switchgear market size stood at USD 21.13 billion in 2018 and is projected to reach USD 36.60 billion by 2026.
3. Which region held the highest share in the market?
Asia Pacific dominated the market share in 2018.
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