Gas Insulated Switchgear Market Forecast 2018-2024 | Top Key Players - ABB, Toshiba, Larsen & Toubro, Mitsubishi Electric Corporation, Siemens, GE, Schneider Electric, Hitachi
Gas Insulated Switchgear Market is set to surpass USD 29 billion by 2024. Shifting trend towards adoption of clean energy resources along with expansion of existing transmission and distribution network will propel gas insulated switchgear market growth.
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UK gas insulated switchgear market is predicted to grow over 6% owing to the integration of micro grid networks coupled with positive outlook towards renewable energy sector. In 2015, ABB announced to deliver GIS substations for the Rampion Offshore Wind Farm in UK to integrate the wind farm into transmission grid. The 400 MW project aims at supporting the country's target of attaining 15% of the overall energy production from renewables by 2020.
Excellent insulating property along with high reliability index are few parameters which will stimulate the infrastructure and transport applications. Growing investments toward the construction of zero emission buildings will further complement the gas insulated switchgear growth. In July 2015, the EU Commission proclaimed to invest USD 78.95 million in nearly Zero-Emission Buildings (nZEB) under the Affirmative Integrated Energy Design Action project.
Extensive applications across several industries including marine, Oil & Gas, and mining will augment the MV gas insulated switchgear market growth. Ongoing product innovation along with some key features including simple & safe installation and ease of availability will further complement the business outlook. In August 2015, ABB developed innovative medium voltage products including GIS with a new concept for protection, control, measurement and digital communication.
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Light weight, compact size, arc-quenching property and high dielectric strength are some of the key features which will embellish the gas insulated switchgear market size. GIS requires 1/10th of the overall space when compared with conventional switchgear. In 2014, Hitachi entered into an agreement with Electricity Generating Authority of Thailand (EGAT) for construction and supply of Chaiya Phum substations. The contract includes designing, engineering, supply, installation and commissioning of 500kV GIS.
Ongoing upgradation and refurbishment of existing electrical infrastructure favored by government initiatives to improve the efficiency of electricity delivery system will fuel the U.S. gas insulated switchgear market growth. In 2016, the U.S. Department of Energy introduced Grid Modernization Initiative (GMI) to improve the reliability, resiliency and security of the country's electricity delivery system. The department also announced new funds of up to USD 220 million towards the modernization of nation's electrical interconnected network.
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Eminent players in the GIS market include ABB, Toshiba, Siemens, Mitsubishi Electric Corporation, General Electric, Schneider Electric, Hyundai Heavy Industries, Larsen & Toubro, Hitachi, Hyosung, Meidensha, Ormazabal, and BHEL.
Gas Insulated Switchgear market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:
Global Gas Insulated Switchgears Market, By Capacity
Global Gas Insulated Switchgears Market, By Voltage Level
Global Gas Insulated Switchgears Market, By Application
Transmission & distribution
Manufacturing & processing
Infrastructure & transportation
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Global Gas Insulated Switchgears Market, By Installation
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