Gas Insulated Switchgear Market Analysis | 2023-2028

Market Insights

The gas insulated switchgear market was estimated at USD 23 billion in 2022 and is likely to grow at a CAGR of 6.27% during 2023-2028 to reach USD 33.23 billion in 2028.

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Market Dynamics

Introduction

Gas insulated switchgear refers to a metal compact switchgear that has components of high voltage. These components are such that they can be handled safely. Gas insulated switchgear can be for both high-voltage and medium-voltage. The switchgear can be installed indoors and outdoors, and also as a solid bus duct connection and cable connection.

COVID-19 IMPACT

The gas insulated switchgear market was negatively impacted by the global pandemic in the year 2020 due to the lockdowns and restrictions imposed throughout the globe.

Market Drivers

The major factors driving the growth of the gas insulated switchgear market are:

• Growth in renewable power generation.
• Rise in energy demand.
• Increasing investments in transmission & distribution infrastructure.
• Government initiatives across the globe towards improving electricity access.

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Key Players

Some of the major players in the market are:

• ABB Group,
• Siemens AG,
• Schneider Electric SE,
• Mitsubishi Electric Corporation,
• General Electric Company,
• Hitachi, Ltd.,
• Hyundai Heavy Industries Co., Ltd.,
• Fuji Electric Co., Ltd.,
• Nissin Electric Co., Ltd.,
• Larsen & Toubro Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Type

Based on the type, the market is segmented as high-voltage insulated switchgear and medium-voltage insulated switchgear. The medium-voltage insulated switchgear segment is expected to witness higher growth during the forecast period. Rapid improvement in the power distribution sector owing to the implementation of smart grid and smart metering technology along with the growing penetration of gas insulated switchgear are the major factors driving the growth of medium-voltage insulated switchgear.

By Voltage Type

Based on the voltage type, the market is segmented as distribution voltage, sub-transmission voltage, high-voltage transmission, extra-high voltage transmission, and ultra-high voltage transmission. The extra high-voltage transmission segment is expected to witness the highest growth during the forecast period. The technical superiority of gas insulated switchgear over air and vacuum switchgear is the prime driver behind the high growth of the extra-high-voltage transmission segment.

By End-User Type

Based on the end-user type, the market is segmented as power transmission utilities, power distribution utilities, power generation utilities, infrastructure & transportation, and industries & OEMs. The power distribution utility segment is expected to witness the highest growth in the coming five years. Rapid urbanization in developing economies and government initiatives towards the expansion of electricity in rural areas are the major factors in the high growth of the power distribution utility segment.

Regional Insights

In terms of regions, Asia-Pacific is expected to witness the highest growth in the market during the forecast period. China South Korea, Japan, and India are the growth engines of the region. The market is driven by growing power consumption, government initiatives towards energy efficiency, and the upgradation of aging utility infrastructure in the region. North America and Europe are also expected to offer substantial growth opportunities in the market during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects gas insulated switchgear market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The gas insulated switchgear market is segmented into the following categories:

By Type

• High-Voltage
• Medium-Voltage

By Voltage Type

• Distribution Voltage
• Sub-Transmission Voltage
• High-Voltage Transmission
• Extra High-Voltage Transmission
• Ultra-High Voltage Transmission

By Installation Type

• Indoor
• Outdoor
• Solid Bus Duct Connection & Cable Connection

By End-User Type

• Power Transmission Utilities
• Power Distribution Utilities
• Power Generation Utilities
• Infrastructure & Transportation
• Industries & OEMs

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by end-user type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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