Press release
Gas Insulated Switchgear Market to grow over 8% CAGR by 2024
UK gas insulated switchgear market size is predicted to expand over 6% on account of integration of micro grid networks. In June 2015, ABB announced to supply GIS substations and other power infrastructure for the Rampion Offshore Wind Farm to efficiently integrate the new wind farm into transmission grid of UK. The 400 MW project will support to the country’s target of achieving 15% of the total energy production from renewable resources by 2020 and reducing carbon emissions.
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Extensive applications across electric utilities and industries including Oil & Gas, marine, and mining will drive the medium voltage gas insulated switchgear market. Ongoing advancement of technology with continuous product innovation will further stimulate the product penetration. In August 2015, ABB introduced medium voltage products including GIS with an innovative concept for protection, measurement, control and digital communication.
Compact size, light weight, high dielectric strength and arc-quenching property are some of the salient features which will fuel the gas insulated switchgear market growth. GIS installation requires 1/10th of the total space when compared with conventional products. In September 2016, ABB announced to supply compact GIS to Red Eléctrica de España, (REE) to support the electricity transmission infrastructure in Spain.
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The U.S. gas insulated switchgear market size will grow owing to rising investments toward upgradation and refurbishment of ageing electrical infrastructure along with government initiatives to improve the electricity delivery system in the country. In 2016, the U.S. Department of Energy (DOE) announced its Grid Modernization Initiative which aims at improving the resiliency, security and reliability of the country’s electricity delivery system. DOE also announced up to USD 220 million of new funding to help modernize the nation's electrical interconnected network.
Power generation applications in 2016, accounted for over 20% of the gas insulated switchgear market share. Rising demand for industrial HVDC transmission networks coupled with ongoing investment towards sustainable energy will positively encourage the industry landscape. In August 2015, Mitsubishi Electric Corporation announced to supply two orders for 500kV GIS, one each for the Chaeng Watthana and new Ayutthaya4 substations of the Electricity Generating Authority of Thailand (EGAT).
Key players in the gas insulated switchgear market include Toshiba, ABB, Siemens, General Electric, Mitsubishi Electric Corporation, Schneider Electric, Larsen & Toubro, Hyundai Heavy Industries, Hitachi, Ormazabal, Hyosung, Meidensha and Bharat Heavy Electrical Limited.
Browse Related Report:
Switchgear Market Size By Voltage (LV, MV, HV), By Insulation (Air, Gas, Oil, Vacuum), By Installation (Indoor, Outdoor), By Current (AC, DC), By End Use (Residential & Commercial, Industrial, Utilities), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, France, Russia, Italy, Austria, Spain, Netherlands, Denmark, Sweden, China, Australia, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, New Zealand, Philippines, Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman, Turkey, South Africa, Nigeria, Algeria, Egypt, Brazil, Peru And Argentina), Price Trends, Competitive Market Share & Forecast, 2017 – 2024
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