According to Market Research Future (MRFR), the global gas insulated switchgear market is projected to grow at 8.77% CAGR from 2016 to 2023 (forecast period). The report provides an informative and in-depth analysis of the effect of the COVID-19 pandemic on the global gas insulated switchgear market.
Gas Insulated Switchgear (GIS) is critical equipment in an electrical substation. It is a metal enclosed switchgear made up of components such as circuit breakers and disconnectors. It is usually used in places where there is limited space. For example, GIS is installed on extensions in areas such as roofs, offshore platforms, industrial plants, and hydropower plants, among others. Increasing power consumption globally across developed countries is also a key driver for the global gas insulated switchgear market’s growth. In addition, the growing adoption of electricity-based equipment, appliances, vehicles, and others is expected to increase the demand for power and boost the electricity distribution network.
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A substantial increase in electric power consumption has been observed in recent years, and the demand for electricity is expected to increase further due to numerous electrification projects in several developing countries. In addition, the increasing rate of power consumption or per capita power consumption across developing countries is also a significant driver for the growth of the global gas insulated switchgear market.
The power sector is experiencing a large capital investment in its T&D infrastructure of USD 3.2 trillion over the next decade. Increased investment in T&D is required due to rising demand for electricity, aging of infrastructure, and potential power generation projects, including the emphasis on the renewable energy sector. Driven by rising demand for electrical equipment, global players are investing heavily in T&D equipment, including gas-insulated switchgear. Both of these factors are likely to positively generate demand for gas-insulated switchgear.
The global gas insulated switchgear market has been segmented based on voltage, installation, and end-user.
Region-wise, the global gas insulated switchgear market has been segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
The global gas insulated switchgear market is anticipated to see significant growth during the forecast period due to growth in renewable energy generation and increased investment in transmission and distribution infrastructure. For example, according to the OECD, the global electricity transmission and distribution (T&D) infrastructure will increase from USD 282 billion in 2016 to USD 351 billion in 2026, with an increased growth rate of 2.2%. This investment is driven by the growing demand for additional electricity and electricity capacity, especially in emerging economies in need of electricity generation. Countries like China, Japan, and India are investing in their grid expansion projects to improve grid reliability.
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China is an export-oriented economy and has experienced substantial growth in demand for electricity over the last few decades, fueled by industrialization and infrastructure developments. In addition, India, China, and Indonesia are investing heavily in their hydroelectric projects. This has led to an increase in investment in the transmission & distribution sector by linking renewable energy generation to the grid and is expected to fuel the growth of the gas insulated switchgear market in the Asia Pacific.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
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