Gas Insulated Switchgear Market: Rising global energy consumption to boost the market

 The global Gas Insulated Switchgear Market is projected to grow from USD 23.1 billion in 2022 to USD 31.3 billion by 2027, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.

Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share

The outdoor switchgear segment, by installation, is projected to hold the largest market share during the forecast period due to the growing power consumption, leading to the expansion and upgradation of the power grid, which is expected to boost the demand for outdoor gas insulated switchgears. Outdoor gas insulated switchgears are employed in substations and switchyards where there are no space constraints for the installation of such substations outdoors. Outdoor gas insulated switchgears are expected to have a larger market share than indoor types due to their vast implementation area.

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Above 220 kV voltage segment, by voltage rating, to be largest market

Based on the voltage, the above 220 kV segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable sector due to environmental concerns and the increasing electricity demand are expected to spur growth in the above-220 kV segment during the forecast period. Gas insulated switchgear in this segment is mostly employed in substations for power transmission over long distances. They are also used in transmission substations and large thermal and nuclear power generation substations to increase the power to 275–400 kV. This helps reduce transmission losses that occur during power transmission and improves efficiency. Growing power generation plants due to the increasing power requirements in various sectors, such as industrial, commercial, and residential, will eventually boost the demand for gas insulated switchgear above 220 kV.

Asia Pacific to emerge as largest Gas Insulated Switchgear Market

Asia Pacific accounted for the largest global Gas Insulated Switchgear Market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.

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ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global Gas Insulated Switchgear Market.

Switchgear Monitoring System Market: Growing Investments in Smart Grid Technologies

According to the new market research report published by MarketsandMarkets™, the global Switchgear Monitoring System Market size is expected to grow from an estimated USD 1.3 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 9.7%, during the forecast period. The demand for safe and secure electrical distribution systems, the need for the continuous monitoring of switchgear, the revival of investments in the construction sector, and growing investments in renewable energy offer high-growth opportunities for the Switchgear Monitoring System Market.

The utilities segment is the largest contributor in the switchgear monitoring system market.

The utilities segment is estimated to lead the Switchgear Monitoring System Market. Asia Pacific was the largest market for utilities end user segment in 2019. This is attributed to growing investments in power infrastructure due to an increase in demand, especially from countries such as Australia, Japan, China, and South Korea of the Asia Pacific region.

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The hardware segment is expected to grow at the fastest rate of the switchgear monitoring system market.

The hardware segment accounted for the highest share of the Switchgear Monitoring System Market, by component during the forecast period. Hardware plays a significant role in building the switchgear monitoring platform. It helps to control, measure, transmit, and analyze the data in process and non-process industries, utilities, commercial sector, and others, which will help the market for this segment to grow.

The high voltage segment is expected to be the largest contributor of the switchgear monitoring system market.

The high voltage segment held the largest share of the Switchgear Monitoring System Market in 2019. High-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros. Increasing investments in transmission and distribution networks due to the rise in demand for power and the need for an increase in the reliability of high-voltage electrical assets are expected to drive the market for this segment.

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Asia Pacific is expected to be the largest and fastest-growing market of the switchgear monitoring system.

Asia Pacific is estimated to be the largest and fastest growing market during the forecast period. The region has been segmented, by country, into China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Countries in this region are experiencing an increase in demand for power due to rapid urbanization and increase in industrialization. To meet the growing requirement for energy efficiency and continuous power supply, the State Grid Corporation of China (SGCC) plans to invest about USD 556 billion from 2017 to 2020, of which 11.1% (about USD 62 billion) would be spent on grid technologies, including switchgear monitoring, to accommodate a large amount of renewable energy in its grid. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The requirement for the smart grid is further supported by China’s focus on embracing energy efficiency and clean energy along with the need to transform the nation’s power industry. China is expected to have more than 100 GW of installed wind capacity and a significant increase in its solar PV installations by 2020. Owing to this, the demand for switchgear monitoring systems would increase.

Some of the top players in the Switchgear Monitoring System Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland).

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Gas-insulated Switchgear Market: Surging government initiatives to improve electricity access in rural areas

According to the new market research report "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025",published by MarketsandMarkets™, is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5%.

The SF6segment is anticipated to constitute the majority of the Gas-insulated Switchgear Market share. A gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure.

A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgears across various sectors, such as the power distribution utility, power transmission utility, and power generation utility. Due to COVID-19, the US has a negative growth rate of -2.45% in the manufacturing sector in the first quarter when compared to China’s -3.25%. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.

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The power transmission utility segment is expected to be the most significant Gas-insulated Switchgear Market

The power transmission segment has the largest share of the Gas-insulated Switchgear Market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. Thus, the growing demand for power will necessitate the expansion of the transmission network, thereby enhancing the demand for electrical components, e.g., gas-insulated switchgears. But due to COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for companies. This has a negative impact on the growth of the Gas-insulated Switchgear Market.

The SF6 segment is expected to be the largest Gas-insulated Switchgear Market

The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgears are preferred over air-insulated switchgears where space is a constraint because air-insulated switchgears require meters of air as an insulation medium to do what SF6-filled switchgears can do in centimeters. Therefore, SF6-filled gas-insulated switchgears can be 10 times smaller than air-insulated switchgears. A majority of the existing and new gas-insulated switchgears use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgears is expected to grow due to the space constraints in urban areas.

Asia Pacific is expected to dominate the global Gas-insulated Switchgear Market

In this report, the Gas-insulated Switchgear Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.

The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgears in Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in the past 2 months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the Gas-insulated Switchgear Market for a considerable period of time.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas-insulated Switchgear Market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

Pad-Mounted Switchgear Market: Increasing Development in Transmission & Distribution Infrastructure

The global pad-mounted switchgear market is projected to reach USD 7.2 billion by 2024 from an estimated market size of USD 5.5 billion in 2019, at a CAGR of 5.4% during the forecast period. The factors driving the market include increasing investments in distribution infrastructure to meet the growing electricity demand along with investments in underground distribution due to functional and aesthetic advantages. For high-priority loads such as commercial and industrial loads, which require high reliability, underground cables with pad-mounted switchgears are used.

The solid dielectric segment is expected to be the fastest growing segment in the pad-mounted switchgear market

The solid dielectric segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the increased demand for SF6 alternatives in response to the stringent restrictions imposed on the use of SF6. In the US, which holds the largest market share in the North American market, many utilities such as PG&E have proper plans in place to carry out the replacement of SF6 equipment. In solid dielectric switchgears, epoxy is used as the insulating medium, which is environmentally safe and inert.

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The industrial segment is expected to hold the largest share of the pad-mounted switchgear market

The industrial segment is expected to be the largest pad-mounted switchgear market, by application, during the forecast period.  Industrial loads are high-priority loads that face major revenue loss in the event of power loss. The demand for reliable and continuous power supply is driving the utilities to adopt underground distribution systems increasingly. It is likely to drive the demand for pad-mounted switchgears in industrial applications.

Europe is expected to dominate the global pad-mounted switchgear market

The growing demand for underground distribution and its preference for the overhead lines in many parts of Europe are the driving factors for the growth of European pad-mounted switchgear market. Many countries, such as the Netherlands, have a 100% underground distribution network. Even in other European countries, in urban areas and densely populated areas, it is a common practice to adopt an underground distribution system. Investments in distribution networks are on the rise in response to the increased adoption of renewable energy. The increased investments in distribution networks are expected to drive the European pad-mounted switchgear market.

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The major players in the global pad-mounted switchgear market include Eaton (Ireland), Hubbell (US), G&W Electric (US), Federal Pacific (US), S&C Electric (US), ABB (Switzerland), Powell (US), and EEIC (Saudi Arabia).