Gas
Insulated Switchgear (GIS) is a metal enclosed switchgear that consists of
components such as circuit breakers and disconnectors. 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.
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.
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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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.
Segments
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.
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Regional Outlook
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). 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. This is expected
to boost the market for gas insulated switchgear in this region. Another
important country-specific market in this region is Australia, followed by the
remaining countries of the Asia Pacific region.
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