Global Gas Insulated Switchgear Market Analysis:

According to the latest research report, during the projected period, the Gas Insulated Switchgear market size is estimated to develop at an 10.50 percent CAGR, USD 30.21 Billion

Growing power consumption globally across the developed countries, Increasing adoption of electricity-based equipment

The Gas Insulated Switchgear Market outlook appears very promising. Continually rising government initiatives to promote sustainable energy supply and reliability improvement programs drive the market growth. Governments in many countries are undertaking tasks for the replacement of gas insulated switchgear. Additionally, growing electricity demand and grid infrastructure worldwide boosts the market size. 

Smart grids are expected to increase further, with growing regulatory targets over the next five years. With vast investments toward upgrades of aging grid infrastructures, the market is projected to grow rapidly during the forecast period. According to Market Research Future, the global gas insulated switchgear market is expected to touch exponential heights by 2027, growing at colossal CAGR during the forecast period (2022-2030). 

Growing Uptake of Smart Grid Technology Creates Substantial Market Demand

Growing smart grid technology implementation across developed economies creates substantial market demand, witnessing a sizeable growth in electrical infrastructure modernization expenditures. Besides, vast advances and evolution in switchgear technology that has simplified renewable connection, providing auto-synchronization substantiate the market demand. 

Increasing legislative measures to expand reliable grid infrastructure in developing nations would further complement the business landscape. Increasing smart city projects, growing awareness about energy efficiency benefits to the environment, and improving wireless grid communication technology boosts market revenues. 

Additionally, rising advanced metering infrastructure (AMI) and substation automation push the market growth. Increasing demand for connectivity and gas insulated switchgear for monitoring & control influences the market value. Furthermore, growing infrastructure development projects, power demand, and growing T&D lines foster the growth of the market. 

Read More@ https://www.marketresearchfuture.com/reports/gas-insulated-switchgear-market-1108

COVID-19 Impact

The COVID-19 outbreak hit the gas insulated switchgear industry severely, causing huge revenue losses. Gas insulated switchgear manufacturers faced several problems ranging from obtaining raw materials & components and attracting workers from quarantines required for the production to delivering end products to markets. GIS installations and replacements were postponed due to strict lockdown mandates, further impacting production facilities, bringing them to a halt.

Besides, the lockdown mandates disrupted supply chains and component & device manufacturing, which spiked product prices and subsequently lowered market demand. However, the gas insulated switchgear market is rapidly returning to normalcy, witnessing a steady rise in demand. The market value is likely to pick up after the lockdown mandate relaxes in many countries. 

Regional Analysis

Asia Pacific dominates the global gas insulated switchgear market, witnessing vast investments. Besides, factors such as the rising power demand and government measures to promote energy efficiency drive the gas insulated switchgear market growth. Substantial investments for developments and upgrades of utility grid infrastructures boost the region’s gas insulated switchgear market share.

Moreover, rapid developments of renewable power generation sources and infrastructural activities in the region substantiate the gas insulated switchgear market size. The spurring rise in power infrastructure in the region pushes the gas insulated switchgear market value. The APAC gas insulated switchgear market is anticipated to retain its dominance throughout the assessment period. 

Segmentation

The market is segmented into voltage, installation, applications, end-users, and regions. The voltage segment is sub-segmented into Up to 36 kV and above 36 kV. The installation segment is sub-segmented into indoor and outdoor. The application segment is sub-segmented into sub-transmission voltage, distribution voltage, high-voltage transmission, ultra-high voltage transmission, and extra-high voltage transmission.

The end-users segment is sub-segmented into power transmission utilities, power distribution utilities, power generation utilities, infrastructure & transportation, and industries & OEMs. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.

Competitive Analysis

The gas insulated switchgear market witnesses several strategic approaches, such as expansions, collaborations, mergers & acquisitions, and product launches. Key players make strategic investments to drive their research and development activities and expansion plans. 

For instance, recently, on Sep.07, 2021, Elsewedy Electric and Toyota Tsusho Corporation (TTC) announced the completion of four gas-insulated switchgear (GIS) substations in Sothern Iraq. All four GIS switchgears and high voltage transformers manufactured by Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) are equipped with 132/33kV mobile substations from Meidensha Corporation. These substations would provide power for approximately 1.3 million households. 

Key players involved in the market are Siemens (Germany), ABB (Switzerland), Toshiba (Japan), Larsen &Toubro (India), General Electric (US), CG Power (India), Fuji Electric (Japan), Nisin Electric (Japan), Hyosung (China), and Mitsubishi Electric (Japan), among others.