Market Research Future (MRFR) has
published a research report about the global gas insulated switchgear market
that foretells advancement for this market at 8.77% CAGR (Compound Annual
Growth Rate) during the forecast period between 2016 and 2023.
Global Gas Insulated Switchgear market is
expected to witness substantial growth during the forecast period owing to
growth in renewable power generation and increasing investments in the
transmission & distribution infrastructure. For instance, as per OECD, the
global electricity Transmission & distribution (T&D) infrastructure
would increase from USD 282 billion in 2016 to USD 351 billion in 2026 with a
compounded growth rate of 2.2%. this investment is driven by increasing demand
for electricity and electricity capacity additions especially in emerging
economies which are in need for electricity generation.
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The key factors driving the global gas
insulated switchgear market growth include a significant increase in electric
power consumption and demand for electricity due to numerous electrification
projects in several developing countries. Another factor contributing to market
growth is the growing power consumption rate across developed countries.
Industry
Segmentation
The global gas insulated switchgear market
has been segmented on the basis of the end users, installation, voltage, and
lastly, region.
Based on end-users, this market has been
segmented into infrastructure & transportation, transmission &
distribution, and manufacturing.
The installation-based segmentation
segments the market into indoor installation and outdoor installation.
Regarding voltage, the market has been
segmented into up to 36 Kilo Volt (kV) and above 36 kV.
The regional segmentation of the global
gas insulated switchgear market can segment the market into the regional
markets namely North America, Europe, Asia Pacific, South America, and the
Middle East & Africa (MEA).
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Detailed
Regional Analysis
Asia Pacific region is the biggest
regional market because countries like China, India, and Japan are investing in
their grid expansion projects in order to increase distribution grid
reliability. In these countries, the demand for electricity is growing due to
industrialization and infrastructural developments. China, India, and Indonesia
are also investing heavily in their hydroelectric power projects, leading to
growing investments in transmission & distribution sector by connecting
renewable energy generation to the grid.
North America is another crucial regional
market due to technological advancement and the presence of many key market
players. The maximum-revenue generating country-specific markets in this region
are the USA, Canada, and Mexico.
Europe is another significant regional
market primarily due to the vibrant automotive industry, the presence of many
key market players, and the technological advancement that is second only to
North America.
South America is a smaller market because
the availability of advanced technology is limited in this region. The key
country, specific markets in this region are Argentina and Brazil, followed by
the remaining countries of South America.
Key
Players
The key players of global Gas Insulated
Switchgear market are Siemens (Germany), ABB (Switzerland), Toshiba (Japan),
Larsen &Toubro (India), General Electric (US), CG Power (India), Fuji
Electric (Japan), Nisin Electric (Japan), Hyosung (China), Mitsubishi Electric
(Japan), and others.
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