Press release
Gas Insulated Switchgear Market 2020 COVID-19 Impact Analysis, Global Trends, Sales Revenues, Size, Share, Growth Strategies and Forecast to 2023
Gas Insulated Switchgear Market
The upsurge in the adoption of electricity-based equipment is motivating the market greatly. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market has the potential to gain an 8.77 % CAGR in the course of the forecast period.
The swelling power consumption levels globally are adding to the growth of the gas insulated switchgear market. The rising construction of industrial plants, offshore platforms, and hydropower plants is anticipated to boost the gas insulated switchgear market in the upcoming period.
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Competitive Analysis
The significant contenders in the Gas Insulated Switchgear market are ABB (Switzerland), Toshiba (Japan), Larsen &Toubro (India), General Electric (US), Siemens (Germany), CG Power (India), Mitsubishi Electric (Japan), Fuji Electric (Japan), Nisin Electric (Japan), Hyosung (China), and others.
Segmental Analysis
The segmental assessment of the gas insulated switchgear market has been conducted on the basis of installation, end-user, voltage, region.
On the basis of end-user, the market for gas insulated switchgear is segmented into manufacturing & processing, transmission & distribution, infrastructure & transportation, and others.
On the basis of voltage, the gas insulated switchgear market is segmented into up to 36 kV and >36 kV.
Based on the installation, the gas insulated switchgear market is segmented into indoor and outdoor.
Based on the regions, the gas insulated switchgear market comprises of North America, Europe, Asia Pacific, Africa, South America, and the Middle East.
Gas Insulated Switchgear Regional Industry Analysis
The regional examination of the gas insulated switchgear market comprises of North America, Europe, Asia Pacific, Africa, South America, and the Middle East.
The gas-insulated switchgear market is anticipated to observe extensive growth throughout the forecast period due to development in renewable power generation sector and rising investments in the transmission & distribution infrastructure. The nations such as China, Japan, and India are financing their grid expansion projects to spread distribution grid dependability. Moreover, China, India, and Indonesia are capitalizing broadly in their hydroelectric power projects. This has contributed to the rise in investments in the transmission & distribution sector by linking renewable energy generation to the grid and are anticipated to compel the growth of the gas insulated switchgear market in the Asia Pacific region.
Industry Updates:
Sep 2019 ABB has engaged in a five-year framework contract with Austrian Power Grid (APG), a transmission system operator for the delivery of gas-insulated switchgear (GIS). The agreement is valued at more than USD 100m over the subsequent five years, and it will be the major electricity grid expansion to date in Austria. ABB’s GIS will be operated in the construction of a transmission grid, which will be planned to progressively include renewable energy into the power grid. The novel transmission grid will connect the wind power facilities situated in eastern Austria with driven storage power plants in the western portion of Austria.
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