Market Research Future (MRFR) has published a research report about the global gas insulated switchgear market that foretells advancement for this market at 8.77% CAGR (Compound Annual Growth Rate) during the forecast period between 2016 and 2023.
Global Gas Insulated Switchgear market is expected to witness substantial growth during the forecast period owing to growth in renewable power generation and increasing investments in the transmission & distribution infrastructure. For instance, as per OECD, the global electricity Transmission & distribution (T&D) infrastructure would increase from USD 282 billion in 2016 to USD 351 billion in 2026 with a compounded growth rate of 2.2%. this investment is driven by increasing demand for electricity and electricity capacity additions especially in emerging economies which are in need for electricity generation.
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The key factors driving the global gas insulated switchgear market growth include a significant increase in electric power consumption and demand for electricity due to numerous electrification projects in several developing countries. Another factor contributing to market growth is the growing power consumption rate across developed countries.
The global gas insulated switchgear market has been segmented on the basis of the end users, installation, voltage, and lastly, region.
Based on end-users, this market has been segmented into infrastructure & transportation, transmission & distribution, and manufacturing.
The installation-based segmentation segments the market into indoor installation and outdoor installation.
Regarding voltage, the market has been segmented into up to 36 Kilo Volt (kV) and above 36 kV.
The regional segmentation of the global gas insulated switchgear market can segment the market into the regional markets namely North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA).
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Detailed Regional Analysis
Asia Pacific region is the biggest regional market because countries like China, India, and Japan are investing in their grid expansion projects in order to increase distribution grid reliability. In these countries, the demand for electricity is growing due to industrialization and infrastructural developments. China, India, and Indonesia are also investing heavily in their hydroelectric power projects, leading to growing investments in transmission & distribution sector by connecting renewable energy generation to the grid.
North America is another crucial regional market due to technological advancement and the presence of many key market players. The maximum-revenue generating country-specific markets in this region are the USA, Canada, and Mexico.
Europe is another significant regional market primarily due to the vibrant automotive industry, the presence of many key market players, and the technological advancement that is second only to North America.
South America is a smaller market because the availability of advanced technology is limited in this region. The key country, specific markets in this region are Argentina and Brazil, followed by the remaining countries of South America.
The key players of global Gas Insulated Switchgear 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), Mitsubishi Electric (Japan), and others.
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