Gas Insulated Switchgear Market Share Anticipated to Achieve USD 44,896.0 Million By 2032, With a 6.7% CAGR Growth: Polaris Market Research
Polaris Market Research conducted a comprehensive research study spanning over [+110] pages, revealing that the global gas insulated switchgear market size/share was valued at USD 23,395.93 Million in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 6.7% and is projected to touch USD 44,896.0 Million By 2032. North America is witnessing significant growth in renewable energy generation, including wind, solar, and hydroelectric power. Some of the top market leaders are ABB, CG Power, Fuji Electric, Eaton Corporation, General Electric Company, Hyosung, Hitachi, Hyundai Electric & Energy Systems Co., Ltd., Alstom and others.
New York, NY, Oct. 03, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Gas Insulated Switchgear Market Share, Size, Trends, Industry Analysis Report, By Installations (Indoor, Outdoor); By Configurations; By End-Use; By Insulation; By Voltage Ratings; By Region, And Segment Forecasts, 2023-2032” in its research database.
“As per the latest research analysis, the global gas insulated switchgear market size/share will be valued at roughly USD 23,395.93 Million in 2022, and its revenue is projected to reach about USD 44,896.0 Million By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 6.7% between 2023 and 2032.”
Gas Insulated Switchgear Market: Report Overview
A gas insulated switchgear or GIS is a combined device enclosed in a solid metal frame that contains various electrical devices such as surge suppressors, earth switches, bus bars, transformers, and circuit breakers. All of these elements are accommodated in shielded compartments that are surrounded by barrier devices and submerged in sulfur hexafluoride gas (SF6).
GIS is a compact option because it only needs 10% of the space of conventional substations. It requires little maintenance, takes up little room, and is especially well suited for installation in locations with a shortage of available space. GIS offers improved fault protection, which reduces end-user power interruptions. Its operation provides a dependable and uninterrupted power supply and boasts greater feasibility and dependability, which is expanding the gas insulated switchgear market demand.
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Some of the Top Market Leaders Are:
- CG Power
- Fuji Electric
- Eaton Corporation
- General Electric Company
- Hyundai Electric & Energy Systems Co. Ltd.
- Larsen & Turbo
- Bharat Heavy Electricals Limited
- Nisin Electric
- Mitsubishi Electric
- Powell Industries
- Schneider Electric
- Toshiba Energy Systems & Solutions Corporation
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Gas Insulated Switchgear Market: Report Scope
|Revenue Forecast in 2032||USD 44,896.0 Million|
|Market size value in 2023||USD 24,940.07 Million|
|Expected CAGR Growth||6.7% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Top Market Players||ABB, CG Power, Fuji Electric, Eaton Corporation, General Electric Company, Hyosung, Hitachi, Hyundai Electric & Energy Systems Co., Ltd., Alstom, Larsen & Turbo, Bharat Heavy Electricals Limited, Meidensha, Nisin Electric, Ormazabal, Mitsubishi Electric, Powell Industries, Siemens, Schneider Electric, Toshiba Energy Systems & Solutions Corporation|
|Segments Covered||By Installations, By Configurations, By End-Use, By Insulation, By Voltage Ratings, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Prominent Growth Driving Factors
- Rising energy demand: Investment in communication and distribution networks is greatly influenced by the expanding global energy consumption, which is fueled by population growth and industrial development. GIS systems play a crucial role in the effective transmission and distribution of electricity, guaranteeing a consistent supply of power across numerous industries.
- Government initiatives: Energy saving and sustainability are vigorously encouraged by governments all over the world as part of their larger efforts to combat climate change and safeguard the environment. Advanced GIS systems and other smart grid technology allow more adequate electricity transmission and distribution, reducing energy losses and enhancing grid efficiency as a whole. To meet energy efficiency and environmental goals, government programs incentivize utilities and stakeholders to invest in advanced smart grid systems.
Top Findings of the Report
- The growth is majorly driving the market need for electricity, increasing urbanization, and rising renewable energy-based capacity addition, along with supportive government initiatives.
- The gas insulated switchgear market segmentation is primarily based on configurations, installations, insulation, end-use, region, and voltage ratings.
- Asia Pacific is anticipated to dominate the market during the forecast period.
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Top Trends Influencing the Market
- Increased demand for GIS: Due to a number of variables, the gas insulated switchgear market growth is anticipated to expand throughout the projection period. The demand for GIS will increase as a result of the power industry’s transformation, which is centered on improving transmission and distribution networks. In addition, more and more renewable energy-based power plants are being adopted, which is helping the GIS industry expand.
- Growing adoption of renewable energy sources: The construction of a reliable transmission and distribution infrastructure is required by the rising use of renewable energy sources like wind and solar energy. GIS systems make it possible to manage power flow, adjust voltage, and ensure grid stability while integrating renewable energy into the grid. Investments in GIS infrastructure are anticipated to increase as governments throughout the world work to increase their capacity for renewable energy.
- The Outdoor Sector Holds the Highest Market Share
Due to the wide range of outside applications, such as power transmission, the construction of massive power plants, and the dissemination of knowledge about ultra-high voltage power to various industries, the outdoor segment had the biggest market share in 2022. The market’s expansion is greatly influenced by the installation of gas-insulated switchgear (GIS) in substations and switchyards, which have plenty of room.
Additionally, the rise of the outdoor segment within the gas insulated switchgear market has been supported by increased investments in transmission and distribution networks as a result of the rising demand for energy.
- Hybrid Configuration Witnesses Fastest Growth
With a streamlined layout and great reliability, hybrid switchgear combines the benefits of air-insulated switchgear (AIS) and gas-insulated switchgear (GIS) and is predicted to fuel the market’s growth. This small switchgear solution can also be used to upgrade and expand AIS-based switchgear substations, which will help the gas insulated switchgear market size expand even more.
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Asia Pacific: The tremendous industrialization occurring in nations like Japan, China, India, and South Korea is expected to propel this region’s rapid growth during the forecast period. The expansion of the industry is further aided by the expanding investment in distribution and transmission projects throughout developing nations in the Asia Pacific.
North America: Construction of new power plants, the replacement of deteriorating infrastructure, and the expansion of transmission and distribution networks are all ongoing across North America. To ensure effective and dependable electricity transmission and distribution, it fuels the demand for advanced GIS solutions. Also, GIS technology provides reliable and effective transmission and distribution capabilities, enabling the smooth integration of renewable energy generation, such as solar and wind. It fosters an environment that is beneficial for the adoption of the gas insulated switchgear market in North America.
Browse the Detail Report “Gas Insulated Switchgear Market Share, Size, Trends, Industry Analysis Report, By Installations (Indoor, Outdoor); By Configurations; By End-Use; By Insulation; By Voltage Ratings; By Region, And Segment Forecasts, 2023-2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/gas-insulated-switchgear-market
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- ABB and Samsung Electronics teamed up in April 2022 to work together on the creation of energy-saving and management solutions. Through this cooperation, consumers will have access to cutting-edge home automation technology that will improve device management. Additionally, it makes it possible to put electrical load-shifting tactics into practice, improving control and optimizing energy use.
- In June 2021, Toshiba Energy Systems & Solutions Corporation and Meidensha Corporation agreed to work together to create gas-insulated switchgear (GIS) that is environmentally friendly and can operate at either 72kV or 84kV. By removing Sulphur Hexafluoride (SF6), a strong greenhouse gas, this alliance seeks to satisfy the growing demand for environmentally friendly products.
The Report Answers Questions Such As
- How big is the gas insulated switchgear market?
- At what CAGR is the market of gas insulated switchgear estimated to grow during the projection period?
- What are the key drivers and restraints of the market growth?
- Which segment holds the largest gas insulated switchgear market share?
- What are the top trends and opportunities in the market?
- Which is the largest growing region in the market during the forecast period?
- Which are the top companies in the gas insulated switchgear market?
Polaris Market Research has segmented gas insulated switchgear market report based on installations, configurations, end-use, insulation, voltage ratings, and region:
By Installations Outlook
By Configurations Outlook
- Isolated Phase
- Integrated Three Phases
- Compact GIS
By End-Use Outlook
- Power Transmission Utilities
- Power Distribution Utilities
- Power Generation Utilities
- Railways & Metros
- Industries & OEM
By Insulation Outlook
- SF6 Free
By Voltage Ratings Outlook
- SF6 by Voltage
- Up to 72.5kV
- 72.5kV – 145kV
- 145kV – 170kV
- 170kV – 245kV
- 245kV – 300kV
- 300kV – 420kV
- 420kV – 550kV
- 550kV – 800kV
- 800kV – 1100kV
- Above 1100kV
- SF6 Free by Voltage
- Up to 17.5 kV
- 17.5kV – 24kV
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Norway, Finland, Sweden, Iceland, Ukraine, Greece)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Austria, Singapore, Thailand, Vietnam, New Zealand)
- Latin America (Brazil, Mexico, Argentina, Chile, Columbia, Peru, Paraguay)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa, Kuwait, Qatar, Turkey, Egypt)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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