Wilmington, Delaware, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Gas Insulated Switchgear Market by Voltage (High Voltage, Medium Voltage, and Low Voltage), Application, (Residential & Commercial, Industrial, and Utility), and Technology, (Hybrid Switchgear, Integrated Three Phase, and Compact Gas Insulated Switchgear): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the gas insulated switchgear market was valued at $23.0 billion in 2022 and is projected to reach $35.2 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032.
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Prime determinants of growth
The increase in need for gas insulated switchgears is a result of various countries' electrification and urbanization, which are increasing energy consumption. Furthermore, the gas insulated switchgear market is experiencing growth owing to the incorporation of renewable energy sources into power networks.
In addition, the small size of switchgears allows it to function in places with restricted land access; switchgears occupy only 10% of the substation's land area. This allows for excellent grid connection reliability and stability, which in turn propels the growth of the gas insulated switchgear industry.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $23.0 billion |
| Market Size in 2032 | $35.2 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 300 |
| Segments Covered | Voltage, Application, Technology, and Region |
| Drivers |
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| Opportunity |
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| Restraint |
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Impact of the Russia-Ukraine War on the Gas Insulated Switchgear Market
- Conflicts and tensions on the geopolitical front might harm the raw material supply chain that is essential to industry. The sourcing of essential components or feedstocks from conflict-affected countries for gas insulated switchgears may result in a lack of supply and higher raw material costs. This could therefore affect the total cost of manufacture and price of the gas insulated switchgears.
- The global economy may become unstable because of geopolitical conflicts, which could impact consumer purchase and investment confidence. The demand for electrical components and heavy electrical equipment—two important markets for the applications of gas insulated switchgears—may decline owing to focus of companies about growth or investment.
- The conflict may cause delays in logistics and shipping, which would make it more difficult to supply gas insulated switchgears and related goods to end customers on time. Shipment delays and other disruptions in the supply chain may impact project timetables and construction dates, which can affect coating demand.
The high voltage segment is expected to grow faster throughout the forecast period.
Based on voltage, the high voltage segment held the highest market share in 2022, accounting for less than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. High voltage switchgear is used in power plants, transmission lines, and other utility circuits for a number of functions, such as circuit isolation in the event of a malfunction and system monitoring. The equipment's reclosers and isolators automatically break and re-establish connections when a breakdown is detected.
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The utility segment is expected to lead the trial by 2032.
Based on application, the utility segment held the highest market share in 2022, accounting for more than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. As environmental concerns grow, corporations and governments are directing their resources into more environment-friendly energy solutions. This is promoting the power utility industry's usage of renewable energy sources. Furthermore, advancements in technology are enhancing the reliability and effectiveness of power generation systems.
The hybrid switchgear is expected to grow faster throughout the forecast period.
Based on technology, the hybrid switchgear segment held the highest market share in 2022, accounting for less than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. The need for hybrid switchgear is being driven by the global trend to convert to cleaner energy sources and reduce carbon emissions. Hybrid switchgear reduces its environmental impact while maintaining great performance by using ecologically friendly insulating gases.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for less than half of the global gas insulated switchgear market revenue. The governments of the Asia-Pacific area are prioritizing on reducing greenhouse gas emissions and advancing environmental sustainability.
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Key Players: -
Key players profiled in the report include
- Mitsubishi Electric Co.
- State Grid Co. Of China
- Abb Tech AG
- Hitachi Ltd.
- Siemens AG
- Hyundai Heavy Industries Co. Ltd.
- Toshiba Co.
- Bharat Heavy Electricals Limited
- Schneider Electric
- Crompton Greaves Limited
The report provides a detailed analysis of these key players in the global gas insulated switchgear market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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