Gas Insulated Switchgear Market Surges to USD 48.92 Billion by 2031, Propelled by 8.36% CAGR - Verified Market Research®
The Gas Insulated Switchgear (GIS) market is driven by increasing urbanization, demand for reliable power, and space constraints in urban areas, making compact GIS an attractive option. Technological advancements and rising investments in renewable energy projects also fuel growth. However, the market faces restraints such as high initial costs, complex maintenance, and stringent environmental regulations regarding SF6 gas. Limited awareness and skilled workforce availability can also hinder market expansion.
Lewes, Delaware, July 17, 2024 (GLOBE NEWSWIRE) -- The Global Gas Insulated Switchgear Market Size is projected to grow at a CAGR of 8.36% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 25.73 Billion in 2024 and is expected to reach USD 48.92 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Gas Insulated Switchgear Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
REPORT ATTRIBUTES | DETAILS |
STUDY PERIOD | 2021-2031 |
BASE YEAR | 2024 |
FORECAST PERIOD | 2024-2031 |
HISTORICAL PERIOD | 2021-2023 |
UNIT | Value (USD Billion) |
KEY COMPANIES PROFILED | ABB Ltd., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric Company, Hitachi Ltd., Hyundai Electric & Energy Systems Co., Ltd., Toshiba Corporation, Larsen & Toubro Limited, Nissin Electric Co., Ltd. |
SEGMENTS COVERED | By Installation Type, By Voltage Level, By Application, and By Geography |
CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Gas Insulated Switchgear Market Overview
Urbanization and Space Constraints: The process of urbanization is increasing the need for dependable electricity delivery in confined areas. The compact nature of Gas Insulated Switchgear (GIS) provides an optimal solution for locations with high population density, hence enhancing market expansion. The adoption of GIS is greatly influenced by this urban tendency.
Technological Advancements: The continuous progress in GIS technology, including improved safety features and automation, is driving the expansion of the market. These advancements result in enhanced effectiveness and dependability, establishing GIS as the preferred option for contemporary power systems, therefore propelling market growth.
Renewable Energy Investments: The increase in renewable energy initiatives necessitates resilient and dependable power distribution infrastructure. GIS facilitates the integration of renewable energy sources, enabling a smooth transition to sustainable power solutions and promoting market expansion.
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High Initial Costs: Potential customers may be discouraged by the substantial upfront expenditure needed for Gas Insulated Switchgear systems. Although there are long-term advantages in terms of savings and efficiency, the initial expenses still provide a major obstacle to entering the market, which hinders general acceptance.
Complex Maintenance: The maintenance of Geographic Information Systems (GIS) requires specific expertise and technology, which can be intricate and expensive. The intricacy of GIS systems can result in higher operational costs and the risk of system downtime, which discourages enterprises from adopting these solutions and limits market expansion.
Environmental Regulations: The market expansion is challenged by strict environmental laws about SF6 gas, which is utilized in GIS. The Gas Insulated Switchgear Market may face constraints due to the increased operational expenses and complicated production processes resulting from compliance with these laws.
Geographic Dominance:
The Gas Insulated Switchgear (GIS) market is primarily dominated by the Asia-Pacific region. This is attributed to the region's fast-paced urbanization, industrial expansion, and substantial investments in power infrastructure. Countries such as China and India play a significant role in contributing to the issue. This dominance stimulates market expansion by generating a higher demand for dependable and space-saving power systems. Moreover, the presence of advantageous government policies and the implementation of extensive renewable energy initiatives in this area contribute to the growth of the industry. Hence, the Asia-Pacific region's supremacy is vital for the overall expansion of the GIS market.
Gas Insulated Switchgear Market Key Players Shaping the Future
Major players, including ABB Ltd., Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric Company, Hitachi Ltd., Hyundai Electric & Energy Systems Co., Ltd., Toshiba Corporation, Larsen & Toubro Limited, Nissin Electric Co., Ltd. and more, play a pivotal role in shaping the future of the Gas Insulated Switchgear Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Gas Insulated Switchgear Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Gas Insulated Switchgear Market into Installation Type, Voltage Level, Application, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Gas Insulated Switchgear Market, please Contact Verified Market Research®.
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Gas Insulated Switchgear Market, by Installation Type
- Indoor GIS
- Outdoor GIS
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Gas Insulated Switchgear Market, by Voltage Level
- Medium-voltage GIS
- High-voltage GIS
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Gas Insulated Switchgear Market, by Application
- Power Transmission
- Power Distribution
- Industrial Applications
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Gas Insulated Switchgear Market, by Geography
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North America
- U.S
- Canada
- Mexico
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Europe
- Germany
- France
- U.K
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
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ROW
- Middle East & Africa
- Latin America
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North America
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