Gas Insulated Switchgear Market set to recoup post COVID-19

The gas insulated switchgear market size is estimated at USD 23 billion in 2022 and is likely to grow at a CAGR of 6.32% during 2022-2028 to reach USD 33.23 billion in 2028.

The new report published by Stratview Research, titled Gas Insulated Switchgear Market, is Segmented by Application Type (Electrical & electronics, HVAC, Agriculture, and Construction, general manufacturing, and others.), by Chemical Type (Cleaners, Conversion coatings, Paint strippers, Activation & passivation agent, and others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

Market Insights:

The gas insulated switchgear market size is estimated at USD 23 billion in 2022 and is likely to grow at a CAGR of 6.32% during 2022-2028 to reach USD 33.23 billion in 2028.

What is a gas insulated switchgear?

Gas Insulated Switchgear refers to a metal compact switchgear that has components of high voltage. These components are such that can be handled safely.

Gas Insulated Switchgear can be for both high-voltage and medium-voltage. The switchgear can be installed indoors, and outdoors, and also as a solid bus duct connection and cable connection.

COVID-19 Impact

The gas insulated switchgear market was negatively impacted by the global pandemic in the year 2020 due to the lockdowns and restrictions imposed throughout the globe. 

Segment Analysis

Based on the type, the market is segmented as high-voltage insulated switchgear and medium-voltage insulated switchgear. The medium-voltage insulated switchgear segment is expected to witness higher growth during the forecast period. Rapid improvement in the power distribution sector owing to the implementation of smart grid and smart metering technology along with the growing penetration of gas insulated switchgear are the major factors driving the growth of medium-voltage insulated switchgear.  

Based on the voltage type, the market is segmented as distribution voltage, sub-transmission voltage, high-voltage transmission, extra-high voltage transmission, and ultra-high voltage transmission. The extra high-voltage transmission segment is expected to witness the highest growth during the forecast period. The technical superiority of gas insulated switchgear over air and vacuum switchgear is the prime driver behind the high growth of the extra-high-voltage transmission segment.

Based on the end-user type, the market is segmented as power transmission utilities, power distribution utilities, power generation utilities, infrastructure & transportation, and industries & OEMs. The power distribution utility segment is expected to witness the highest growth in the coming five years. Rapid urbanization in developing economies and government initiatives towards the expansion of electricity in rural areas are the major factors in the high growth of the power distribution utility segment.

In terms of regions, Asia-Pacific is expected to witness the highest growth in the market during the forecast period. China South Korea, Japan, and India are the growth engines of the region. The market is driven by growing power consumption, government initiatives towards energy efficiency, and the upgradation of aging utility infrastructure in the region. North America and Europe are also expected to offer substantial growth opportunities in the market during the forecast period.  

Research Methodology

This report offers actionable insights and is the outcome of an extensive study comprising of secondary research, primary interviews with industry stakeholders, validation and triangulation with Stratview Research’s internal database. Experts at Stratview Research have conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

The report also covers market structure, market environment analysis, market segment trend and forecast, competitive landscape and dynamics, attractive market segments and associated growth opportunities, emerging trends, strategic growth opportunities for the existing and new players, and key success factors.

Key Players

Some of the key players in the Gas Insulated Switchgear Market mentioned in the report are -

  • ABB Group,

  • Siemens AG,

  • Schneider Electric SE,

  • Mitsubishi Electric Corporation,

  • General Electric Company,

  • Hitachi, Ltd.,

  • Hyundai Heavy Industries Co., Ltd.,

  • Fuji Electric Co., Ltd.,

  • Nissin Electric Co., Ltd.,

  • Larsen & Toubro Ltd.

Key Insights Presented in the Report:

-        Market Drivers - After several interviews with the key players active in the Gas Insulated Switchgear Market, the researchers have listed down few factors that have majorly affected the growth of the key players. This can assist the users in formulating their growth strategies accordingly.

-        Industry Life Cycle Analysis: The report consists of evolution of an industry or business based on its stages of growth and decline. The four phases of the industry life cycle that are covered in the study are the introduction, growth, maturity, and decline phases.

-        Market Attractiveness – Taking into account the market size, and growth rate, and the level of competition and other constraints, the report also is aided with market attractiveness.

-        Key success factors- KSFs refer to one of the crucial strategic tools. Correct understanding of the key success factors is a good base for a well-structured company differentiation. To help the user with proper development and execution of strategy.

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Stratview Research is a global market research firm, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with insightful market data to aid strategic decision making. These exclusive reports are the result of extensive research and are available for key industries such as chemicals, composites, advanced materials, technology, renewable energy, and more.