Gas Insulated Switchgear Market to Witness Significant Growth by 2027

The global Gas Insulated Switchgear Market is projected to grow from USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3%. The gas insulated switchgear market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.

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The hybrid segment holds the largest market share during the forecast period. The rising demand is due to the features of the configuration. Hybrid gas-insulated switchgear has a three-position disconnecting and earthing switch, making it safe and compact. In addition to being compact, hybrid gas-insulated switchgear may be set up onsite in a short amount of time. The key benefits of hybrid gas-insulated switchgear are its dependable performance, high level of intelligence, and minimal maintenance requirements.

The power distribution utilities include non-renewable and renewable sources of energy to fulfill the electricity demand. The increasing adoption of renewal energy sources for power generation makes it necessary to upgrade the current infrastructure to allow easy integration of the electricity generated from renewable sources. The developing economies aim to achieve 100% electrification and, as a result, are working extensively towards expanding the current infrastructure. These factors are expected to drive the growth of power distribution utilities.

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Asia Pacific to emerge as largest Gas Insulated Switchgear Market

Asia Pacific accounted for the largest global Gas Insulated Switchgear Market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.

ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global Gas Insulated Switchgear Market.

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