Selbyville, Delaware, Sept. 21, 2022 (GLOBE NEWSWIRE) --
The gas insulated switchgear market is expected to record a valuation of USD 42 billion by 2030, according to the latest research study by Global Market Insights Inc.
The rapid development of micro-grid networks will foster the industry trends. With the implementation of strict emission norms and policies, alongside the large-scale deployment of renewables, energy infrastructure has expanded worldwide. These factors have resulted in the integration of sustainable grid networks to ensure grid supply security. The expansion of grid networks will, in turn, stimulate the installation of different types of gas-insulated switchgear.
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Incorporation of streamlined power distribution platforms to boost industry growth
The >72 kV to ≤150 kV gas insulated switchgear market is set to witness a growth rate of nearly 5% through 2030. Product developers have been constantly emphasizing the incorporation of streamlined distribution and development platforms to suit critical product applications. The extension of reliable power distribution networks will facilitate the establishment of gas-insulated switchgear substations of up to >72 kV to ≤150 kV.
Medium voltage secondary power distribution networks to gain momentum
The secondary medium voltage distribution segment is projected to depict over 7% CAGR through 2030, driven by the expansion of power infrastructure in suburban and urban areas, alongside the rising emphasis on operational reliability and grid safety. The integration of microgrid networks and the energy demand have increased substantially across commercial establishments, mainly from data and communication centers, contributing to segmental growth.
Growing demand for high-voltage DC networks across the power generation sector
The gas insulated switchgear market from power generation application segment will account for a major share, given the strong demand for high-voltage direct current transmission networks across the industrial sector. According to the report, investment in sustainable energy networks has also been increasing. Additionally, the rising adoption of safe and efficient equipment in electric generation facilities to cater to power demand will add impetus to industry expansion.
Grid expansion strategies to define the industry landscape
The Asia Pacific region is poised to hold considerable gas insulated switchgear market share by 2030, owing to the accelerating demand for reliable electricity generation units and the expansion of grid networks. In emerging nations, utility companies have also been targeting to create electrical super grids to provide clean energy. For instance, in August 2022, State Grid Corporation of China announced a USD 22 billion project to build long-distance power lines as a part of the nation’s clean energy ambition. With the rapid commercialization, the regional market size will expand considerably.
Product launch initiatives to bolster industry outlook
The strategic landscape of the gas insulated switchgear market is inclusive of ABB, Eaton, Schneider Electric, Siemens, GE, Mitsubishi Electric Corporation, and others. These leaders are focusing on new product launches and other key strategies.
For instance, in April 2021, Siemens unveiled its 8DJH 24 switchgear with RMU for up to 24-kV. This MV GIS switchgear was designed with clean air technology, eliminating Sulphur Hexafluoride as an insulating medium, or other mixture built on fluorine gases. This initiative was intended to enable the company to strengthen its presence in the global market.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Gas Insulated Switchgear Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America & Europe
3.5.1.1.1 Ongoing development of smart grid networks
3.5.1.1.2 Retrofit & refurbishment of prevailing energy grid infrastructure
3.5.1.2 Asia Pacific
3.5.1.2.1 Elevating peak load demand
3.5.1.2.2 Development & expansion of micro-grid networks
3.5.1.2.3 Grid stability & security of supply concerns
3.5.1.1 MEA & Latin America
3.5.1.1.1 Rising demand for electricity
3.5.1.1.2 Sustainable energy infrastructure integration
3.5.2 Industry pitfalls & challenges
3.5.2.1 Slow paced technological evolution across developing regions
3.5.2.2 Heavy reliability on imports
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
