The global gas
insulated switchgear market is projected to reach a market size of USD
28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period.
In 2018, the market in Asia Pacific is
estimated to be the largest for gas insulated switchgear,
followed by Europe. This trend is expected to continue till 2023. The growth of
the gas insulated switchgear market is driven by the growth in renewable power
generation, increasing investments in the transmission and distribution
infrastructure, the rise in energy demand, limitations of space availability in
densely populated urban areas, and government initiatives toward improving
electricity access.
End-User
·
Power
Transmission Utility
·
Power
Distribution Utility
·
Power
Generation Utility
·
Infrastructure
and Transportation
·
Industries
& OEMs
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The gas insulated switchgear market, by end-user, is segmented
into power transmission utility, power distribution utility, power generation
utility, infrastructure & transportation, and industries & OEMs. Power
distribution utility is expected to grow at the highest CAGR during the
forecast period. Space
constraint is one of the major challenge in the development of distribution
grid infrastructure projects which can be overcome by GIS substations and
create new revenue pockets.
Asia Pacific: The largest market for gas
insulated switchgear.
Asia
Pacific is expected to account for the largest market share of the global gas
insulated switchgear market in 2018. This trend is projected to continue till
2023. It is the most populated region in the world and consequently witnesses a
high demand for electricity. Countries such as China, Japan, and India are
investing in their grid expansion projects to increase distribution grid
reliability. China accounted for the largest share of the gas insulated
switchgear market in Asia Pacific in 2016
and has the highest installed generation and distribution capacity. The
country, which is an export-oriented economy, has witnessed exponential growth
in the demand for electricity in the past couple of decades, fueled by
industrialization and infrastructural developments. Almost all the countries in
the region are augmenting their generation capacities. India, China, and
Indonesia are investing heavily in their hydroelectric power projects. Japan,
China, and India are also emphasizing on nuclear and solar power generation to
meet their increasing energy demand. These has led to rise in investments in
the transmission & distribution sector by connecting renewable energy
generation to the grid and are expected to drive the growth of the gas insulated
switchgear market in Asia Pacific.
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The gas insulated
switchgear market is dominated by a few major players that have a wide
regional presence and are established brand names. The leading players in the
market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba
(Japan), and Nissin Electric (Japan).
