CHICAGO, Nov. 10, 2023 /PRNewswire/ -- Gas Insulated Switchgear Market is expected to reach USD 31.6 billion by 2028 from USD 23.8 billion in 2023 at a CAGR of 5.8% during the 2023–2028 period according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is poised for substantial growth during this period, primarily due to the expected strengthening of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy capacity and increased investments in industrial production are set to drive the demand for gas insulated switchgear. The market is expected to experience accelerated growth, particularly with the increasing use of high-voltage direct systems.
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Gas Insulated Switchgear Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $31.6 billion |
Estimated Value by 2028 | $23.8 billion |
Growth Rate | Poised to Grow at a CAGR of 5.8% |
Largest Market | Asia Pacific |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Installation, By Insulation Type, By Configuration, By Voltage Rating, and By End- User |
Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America |
Key Market Opportunities | Investment in GIS to support growth of industrial production and renewable energy. |
Key Market Drivers | Increase in renewable energy-based capacity addition |
Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share.
During the forecast period, the outdoor switchgear segment, categorized by installation, is expected to secure a dominant market share. This is attributed to the increasing power consumption, which drives the need for the expansion and modernization of power grids, ultimately boosting the demand for outdoor gas insulated switchgear. These outdoor gas insulated switchgear are primarily used in substations and switchyards where space constraints for outdoor installations are not a concern. Given their widespread application areas, outdoor gas insulated switchgear are anticipated to capture a larger market share compared to their indoor counterparts.
Above 220 kV voltage segment, by voltage rating, to be largest market.
Throughout the forecast period, the outdoor switchgear segment, as classified by its installation, is projected to maintain a leading position in the market. This dominance is driven by the growing power consumption, which in turn fuels the requirement for expanding and upgrading power grids, thereby increasing the demand for outdoor gas insulated switchgear. Outdoor gas insulated switchgear finds its primary utility in substations and switchyards where the availability of space for outdoor installations is not a limiting factor. Due to its extensive applications, outdoor gas insulated switchgear is expected to outperform its indoor counterparts and command a larger market share.
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Asia Pacific to emerge as the largest Gas Insulated Switchgear Industry.
During the forecast period, Asia Pacific is anticipated to hold the largest market share in the global Gas Insulated Switchgear Market. This prominence is expected to be driven by the rapid industrial growth observed in the region. Major economies, including China, Japan, and India, have established ambitious targets to diversify their energy sources in the coming years. Additionally, the increasing urbanization in the region is leading to a decrease in available space, which could serve as a driving factor for the growth of gas insulated switchgear in Asia Pacific.
Key Market Players:
Key players in the global Gas Insulated Switchgear Companies include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).
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Recent Developments
· In April 2022, ABB and Samsung Electronics joined forces to collaboratively develop technologies focused on energy conservation, energy management, and the intelligent integration of the Internet of Things (IoT) in residential and commercial buildings.
· In August 2020, Schneider Electric finalized a transaction that merged its Low Voltage and Industrial Automation business in India with Larsen & Toubro's Electrical and automation business.
· In December 2021, ABB entered into a four-year framework agreement with Italy's Transmission System Operator (TSO), Terna, responsible for managing and distributing energy throughout the country. The contract entails the supply of ABB's Gas-Insulated Switchgear (GIS), a technology that significantly reduces the physical footprint of equipment in comparison to traditional air-insulated switchgear substations, often by a factor of one-tenth.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Switchgear Market by Insulation (Gas-insulated Switchgears, Air-insulated Switchgears), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2–36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2027
DC Switchgear Market by Voltage (Up to 750 V, 750 V to 1,800 V, 1,800 V to 3,000 V, 3,000 V to 10 kV and Above 10 kV), Deployment Type (Fixed Mounting, Plug-In, and Withdrawable Units), Application, and Region - Global Forecast to 2026
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