Gas Insulated Switchgear Market is expected to grow at ~8.77% CAGR during the forecast period: Siemens (Germany), ABB (Switzerland), Toshiba (Japan), Larsen &Toubro (India), General Electric (US), CG Power (India), Fuji Electric (Japan), Nisin Electric (J

Global Gas Insulated Switchgear Market

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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Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China is an export-oriented economy and has witnessed high growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Moreover, India, China, and Indonesia are investing heavily in their hydroelectric power projects. This has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in Asia Pacific.

Key Players

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.

Market Scenario

Gas Insulated Switchgear (GIS) is an essential equipment in electrical substation. It is a metal enclosed switchgear, consisting of components such as circuit breakers and disconnectors. It is generally used in places where space is limited. For instance, GIS is installed on the extensions in areas such as roof, offshore platforms, industrial plants, and hydro power plants, among others. Growing power consumption globally across the developed countries is also a major driver for the growth of global gas insulated switchgears market. Moreover, increasing adoption of electricity-based equipment, appliances, vehicles, and others is projected to increase the power demand and improve the electricity distribution network.

A significant increase in the electric power consumption has been observed in the recent years and demand for electricity is estimated to grow further owing to numerous electrification projects in several developing countries. Moreover, growing power consumption rate or per capita power consumption across the developed countries is also a major driver for the growth of global gas insulated switchgear market

Power sector is witnessing a high capital investment in its T&D infrastructure with an investment of worth USD 3.2 trillion over the next decade. The increasing investment in the T&D investment are necessary owing to growing electricity demand, ageing infrastructure, and upcoming power generation projects including focus on renewable energy sector. Driven by increasing demand for electrical equipment, global players are heavily investing in the T&D equipment including gas insulated switchgear. All these factors are likely to positively trigger the demand for gas insulated switchgear. Global Gas Insulated Switchgear market has been segmented based on voltage, installation, end-user, region.

Based on end-user, the market is classified into transmission & distribution, manufacturing & processing, infrastructure & transportation, and others. T&D network is constantly increasing and is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations, where gas insulated switchgear plays a vital role in grid protection, and efficient flow of power, as well as protection and relaying of the transmission circuit.

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Similarly, according to IEA, approximately USD 3,180 billion would be invested globally between 2014 and 2035 on the net addition of 3.2 million kilometers of transmission lines. This would in turn increase the demand and installation of GIS globally.

The global Gas Insulated Switchgear market is expected to grow at ~8.77% CAGR during the forecast period.

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