Chicago, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global Gas Insulated Switchgear Market is expected to grow from USD 23.8 billion in 2023 to USD 31.6 billion by 2028, at a CAGR of 5.8% according to a new report by MarketsandMarkets™. The gas insulated switchgear market is poised for substantial growth during this period, primarily due to the expected strengthening of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy capacity and increased investments in industrial production are set to drive the demand for gas insulated switchgear. The market is expected to experience accelerated growth, particularly with the increasing use of high-voltage direct systems.
This surge in demand for switchgear is primarily driven by the increasing energy consumption and the growing capacity of renewable energy sources integrated with gas insulated switchgear (GIS). As the global renewable power capacity continues to expand, the need for efficient power distribution and generation in various industries escalates. One of the standout features of GIS is its low maintenance requirements and minimal space usage, making it an attractive choice.
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Gas Insulated Switchgear Market Scope:
| Report Coverage | Details |
| Market Size | USD 31.6 billion by 2028 |
| Growth Rate | 5.8 % of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Gas Insulated Switchgear Market by Installation, Insulation Type, Configuration, Voltage Rating, End- User, and Region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Adoption of smart and emerging switchgear technologies to improve efficiency, reliability, and sustainability of power grids |
| Key Market Drivers | Increase in renewable energy-based capacity addition |
Outdoor segment to occupy majority of gas insulated switchgear market share.
The outdoor switchgear segment, categorized by installation, is expected to secure a dominant market share. This is attributed to the increasing power consumption, which drives the need for the expansion and modernization of power grids, ultimately boosting the demand for outdoor gas insulated switchgear. These outdoor gas insulated switchgear are primarily used in substations and switchyards where space constraints for outdoor installations are not a concern. Given their widespread application areas, outdoor gas insulated switchgear are anticipated to capture a larger market share compared to their indoor counterparts.
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Gas Insulated Switchgear Market Dynamics:
Drivers:
- Growing demand for reliable and efficient power supply
- Global transition toward renewable energy
- Enhanced electrical safety and efficiency offered by gas-insulated switchgear
Restraints:
- Development and deployment of SF6-free gas-insulated switchgear
Opportunities:
- Focus on modernizing power grids to reduce blackouts and improve reliability
- Adoption of smart and emerging switchgear technologies to improve efficiency, reliability, and sustainability of power grids
- Investments in gas-insulated switchgear to boost industrial production and adoption of renewable energy
Challenges:
- High procurement costs, strict regulations against SF6 gas, and costly maintenance procedures of gas-insulated switchgear
Asia Pacific is expected to be the largest region in the Gas Insulated Switchgear Industry
Asia Pacific is anticipated to hold the largest market share in the global gas insulated switchgear market. This prominence is expected to be driven by the rapid industrial growth observed in the region. Major economies, including China, Japan, and India, have established ambitious targets to diversify their energy sources in the coming years. Additionally, the increasing urbanization in the region is leading to a decrease in available space, which could serve as a driving factor for the growth of gas insulated switchgear in Asia Pacific.
Key Market Players:
Major players operating in the Gas Insulated Switchgear Companies include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).
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