Gas Insulated Switchgear Market is expected to grow at a CAGR of more than 8% during the forecast period 2024

As per Global Market Insights, Inc., "Worldwide gas insulated switchgear market is slated to surpass a revenue collection of USD 29 billion by the end of 2024 with an annual growth rate of more than 8% over the period of 2017-2024.

The U.S. government has undertaken appreciable initiatives to upgrade and replace old electric grids. In 2016, the U.S. Department of Energy (DOE) released funds of USD 220 million for grid modernization across the country - a step that may favorably impact gas insulated switchgear market. As per estimates, in 2016, U.S. covered 65% of the revenue contribution of North America gas insulated switchgear industry share. Other than the U.S., China is also involved in grid upgradation programs. The Chinese government configured the 'Made in China 2025 Plan' to upgrade manufacturing facilities in the renewable energy sector, which will undeniably propel the regional gas insulated switchgear market.

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Another instance of the initiatives taken by industry giants to expand their geographical landscape is the 2014 joint venture of WJCO and Hitachi. In 2014, Hitachi established a joint venture with Walid Ahmad Juffali Company Limited (WJCO) to expand its business scope in in gas insulated switchgear industry.

In Saudi Arabia, an escalating requirement has been observed for the development of electric power transmission and distribution infrastructure pertaining to the surging deployment of renewable energy power plants. Subject to the fact that switchgears play a vital role in electric power transmission and distribution, gas insulated switchgear market is likely to observe a considerable traction in Saudi Arabia.

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Growing awareness among the people about the benefits of renewable energy along with surging demand for improved resource efficiency have stimulated the requirement of renewable energy power plants. Among all other options, offshore wind power is particularly gaining popularity among the users. Rising demand for new generation wind power plants equipped with innovative technologies is slated to propel the demand for high-voltage switchgear, which in turn, will augment gas insulated switchgear market size.

To acquire more business space, industry giants are focusing not only on the development of cost-effective products but also on the creation of new manufacturing and design technologies. The Japanese company Toshiba has implemented the Kaizen activity, which helps them to reduce transmission losses and contributes to the improvement of power transmission. Manufacturing products with a longer shelf life is likely to generate considerable revenue for the players in gas insulated switchgear industry. Most of the companies are giving preference to the deployment of customer-oriented support, which would help them increase their customer base.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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