Gas Insulated Switchgear Market Worth $31.3 Billion by 2027

CHICAGO, September 16, 2022 /PRNewswire/ — Gas-insulated switchgear market is projected to grow from $23.1 billion in 2022 to $31.3 billion by 2027, at a CAGR of 6.3%, according to a new report from MarketsandMarkets™. The gas-insulated switchgear market is expected to see significant growth during the forecast period, due to the power distribution infrastructure, which is expected to strengthen in the coming years with the increase in electricity demand. In addition, the increase in the addition of renewable energy capacity and greater investment in industrial production will allow the demand for gas-insulated switchgear. With the increasing use of direct high voltage systems, the gas-insulated switchgear market is expected to drive at a faster rate.

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The outdoor segment, by installation, will occupy most of the gas-insulated switchgear market share

The outdoor cell segment, by installation, is anticipated to hold the largest market share over the forecast period due to increasing energy consumption, leading to the expansion and improvement of the power grid, which is expected to increase the demand for outdoor gas-insulated switchgear. . Outdoor gas insulated switchgear is used in substations and switchyards where there are no space restrictions for installing such outdoor substations. Outdoor gas insulated switchgear is expected to have a larger market share than indoor types due to its wide deployment area.

Voltage segment above 220 kV, by voltage rating, to be the largest market

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

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Pacific Asia to emerge as the largest gas-insulated switchgear market

Pacific Asia represented the largest share of the global Gas Insulated Switchgear market during the forecast period. The market is expected to be driven by rapid industrial growth in the region. Big economies like Porcelain, JapanY India Ambitious goals have been set to diversify its energy mix in the coming years. In addition, increased urbanization will decrease the availability of space in the region. This could be a determining factor for the growth of gas-insulated switchgear in Pacific Asia.

ABB (Swiss), General Electric (USA), Siemens (Germany), Schneider Electric (France), Y Eaton (Ireland) are the key players in the world Gas-insulated switchgear market.

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