Gas Insulated Switchgear Market Outlook | Top Market Players are ABB Ltd., Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Hitachi Ltd.

Market Overview
The Global Gas Insulated Switchgear Market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at the rapid pace during the forecast period. Electricity is a green source of power, which has gained a significant importance in the modern life. Most of the home appliances, industrial machineries, trains and many other systems rely on electrical supply. Certainly, electricity is a boon to the modern life, however, it can turn into a threat if not handled properly. In a distribution system, all possible measures have to be taken in order to ensure minimum power loss and maximum safety. For this, switchgears are used for switching and protecting devices such as switches, fuses, circuit breakers and relays. The main purpose of switchgears is to ensure safety of the distribution system by disconnecting in case of any short-circuit. As per the study conducted by Market Research Future, the Global Market for Gas Insulated Switchgear is likely to grow at the CAGR of around 9%.

Power industry is one of the major revenue generating industries which has pushed the market for innovative and eco-friendly energy generation activities, where, gas insulated switchgear market is one of them. In other words, the growth in the power industry will create a positive impact on the market for global gas insulated switchgear. The switchgear has become the backbone of electric transmission lines spread across the country and in cross border distribution.

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Gas insulated switchgear Global Market - Competitive Analysis
The global market for gas insulated switchgear seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international manufacturers, domestic product developers and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product development through innovation approach, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Prominent Players
ABB Ltd., Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Hitachi Ltd., Hyundai Heavy Industries Co., Fuji Electric Co. Ltd., Toshiba International Corporation, Nissin Electric Co. Ltd., Crompton Greaves Limited, Hyosung Corporation, Chint Electric Co. Ltd. and Larsen & Toubro are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Gas Insulated Switchgear Market.

Latest Industry Updates:
In November, 2016 – Fuji Electric Co., Ltd., headquartered in Tokyo, Japan, announced the release of its “145 kV Gas-Insulated Switchgear” (GIS) conforming to the IEC Standard.

In October, 2016 – GE (NYSE: GE) achieved another milestone in its ‘Make in India’ journey with the commencement of dedicated 765kV Gas Insulated Substation (GIS) manufacturing line at its high voltage transmission equipment manufacturing facility at Padappai in Chennai, India.

In Feb, 2016 – ABB won an order from SP PowerGrid to supply four 66 kilovolt (kV) gas-insulated switchgear (GIS) substations for the city-state of Singapore. The project is part of SP PowerGrid’s continuous efforts to strengthen the efficiency and reliability of its transmission and distribution networks and to meet the growing demand for power in Singapore’s industrial, commercial and residential sectors.

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Distribution utilities dominate the application segment
On the basis of applications, the global air insulated switchgear market is segmented as distribution utilities, oil & gas, infrastructure & transportation, and others. Distribution utilities dominate the application segment of the global air insulated switchgear market. To meet the growing power demand, investments in the power sector are increasing, which ultimately drives the demand of air insulated switchgear market. The increasing focus on renewable power generation are also fueling the demand of air insulated switchgear market. The air insulated switchgear is increasingly being applied in the infrastructure & transportation sector. Rapid growth in infrastructure, and minimization of CO2 emission by relying on electric traction for railway and metro transportation system also increase the demand of air insulated switchgear.

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This release was published on openPR.