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. Gas insulated switchgear is a substation with high voltage wherein major electrical equipment is placed in a sealed environment with an insulating medium, i.e., sulfur hexafluoride gas or SF6. All electrical switching equipment such as busbars, earth switches, isolators, circuit breakers, and others are completely enclosed inside modules filled with the SF6 gas. A recently published report by Fortune Business Insights™ titled, “Gas Insulated Switchgear Market Size, Share and Industry Analysis, By Voltage (Up to 66 kV, 66 kV – 170 kV, 170 kV – 550 kV, and Above 550 kV), By Installation (Indoor and Outdoor), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026.” offers a comprehensive overview of the market and its prime growth trajectories. According to this report, the market value stood at USD 21.13 billion in 2018 and will rise at a CAGR of 7.2% during the forecast period, 2019 to 2026.
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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 market trends of gas insulated switchgear, and other interesting insights into the market. Furthermore, the report Is available for sale on the company website.
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.
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. Most companies located in this region are acquiring their substation for efficient and reliable power transmission which will ultimately add significant value to the regional market. The Middle East and Africa market, on the other hand, will rise remarkably on account of the dominance of oil and gas plants that further emphasizes the enhancement of distribution and transmission of electric power. Countries in Africa are emphasizing on increasing their grid infrastructure for aiding in the expansion of the market in the forecast period.
Heavy Investments on Construction of New Substations to Bode Well for Players
Players operating in the global market for gas insulated switchgear 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:
• Fuji Electric
• Mitsubishi Electric Corporation
• Hitachi, Ltd.
• Nissin Electric Co Ltd
• Meidensha Corporation
• CHEM Group
• Schneider Electric
• Hyundai Electric & Energy Systems Co., Ltd.
• Toshiba International Corporation
• Larsen & Toubro
• Bharat Heavy Electricals Limited
• Other Players
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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