New York, US, April 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Gas-Insulated Switchgear Market Information by Voltage, Installation, End-User, and Region - Forecast till 2030", Gas Insulated Switchgear Market Size can touch USD 30.21 Billion at a 10.50% CAGR from 2022 to 2030.
Gas-Insulated Switchgear Market Overview
Wind power stations employ medium voltage switchgear that is gas-insulated. Wind turbines located in remote places are safeguarded by medium voltage switchgear with a maximum 35 kVA capacity. Due to a trend toward renewable energy sources and lower prices than other renewable energy sources, the installation of wind farms is increasing rapidly. From the early 2000s, diesel-fired power generating has grown much more expensive than renewable power generation, especially in remote locations with inadequate or non-existent infrastructure. In the industrial and commercial sectors, it has caused a huge increase in demand for distributed generation using renewable energy sources.
Market Competitive Landscape:
The affluent companies in the gas insulated switchgear industry are
- Siemens (Germany)
- ABB (Switzerland)
- Toshiba (Japan)
- Larsen &Toubro (India)
- General Electric (US)
- CG Power (India)
- Fuji Electric (Japan)
- Nisin Electric (Japan)
- Hyosung (China)
- Mitsubishi Electric (Japan)
- Among others.
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The gas-insulated switchgear industry’s competitive landscape shows a substantial improvement in the switchgear sector, where different equipment is housed in a single chamber to provide a more effective, dependable, and adaptable solution. The utilities' increasing use of gas-insulated switchgear, increased corporate investment in innovative technologies, and improved switchgear products are all significant contributors to the firm's leadership.
Nevertheless, local and regional suppliers of SF6 gas-insulated switchgear and building solutions, like Linxon, Kanohar Electricals Ltd., and Orecco, have joined the competitive market. As these businesses are likely to generate sizable market revenue throughout the forecast period, this is anticipated to have a favorable influence on the worldwide gas-insulated switchgear market.
Gas-Insulated Switchgear Market COVID 19 Analysis
Due to the lockout, manufacturing facilities and ongoing projects were negatively impacted by COVID-19, leading to adverse effects on the market demand for gas-insulated switchgear. Due to COVID-19, producers are unable to produce SF6, which further delays the creation of gas-insulated switchgear. A global lockdown has been imposed as a result of the disease to stop it from spreading. This has put a halt to all active projects, and any delays in completion will hurt the gas-insulated switchgear industry.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 30.21 Billion |
| CAGR during 2022-2030 | 10.50% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Voltage, Installation, End-User |
| Key Market Opportunities | Increase the power demand and improve the electricity distribution network |
| Key Market Drivers | Growing power consumption globally across the developed countries Increasing adoption of electricity-based equipment |
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Gas-Insulated Switchgear Market USP Covered:
Market Drivers:
The growth in smart grid usage and the development of cutting-edge metering technologies are advantageous for gas-insulated switchgear. Moreover, the restoration of the modernized energy grid infrastructure has been facilitated by technological advancements like artificial intelligence, and government endeavors to develop innovative smart grid infrastructure may benefit the industry.
The use of smart grids also results in an increase in the deployment of electrical equipment, which fuels market expansion.
In order to fulfill the expanding demand for energy, more transmission and distribution network investment is anticipated to support market expansion. For instance, Saudi Arabia is making investments in its power industry to boost capacity and implement renewable energy sources for the production of electricity. Saudi Arabia's energy ministry declared that $38 billion would be spent on electricity delivery by 2030.
Market Restraints:
Because of its low maintenance costs and great reliability, GIS is being used by many end-use sectors. Nevertheless, this switchgear has expensive equipment requirements and produces the environmentally hazardous sulfur hexafluoride. The government's strict enforcement of environmental and safety regulations is limiting market expansion.
Gas-Insulated Switchgear Market Segmentation
By Insulation Type
The insulation types in the gas-insulated switchgear market are SF6 as well as SF6-free.
The increasing need for eco-friendly products across a variety of commercial and industrial sectors is what is driving the gas-insulated switchgear market for SF6-free products. Also, as consumer awareness of the harm caused by sulfur hexafluoride increased, dependable, efficient, and environmentally friendly switchgear were developed. These products are anticipated to fuel market expansion.
To address existing and future energy needs, several important players concentrate on creating green solutions. For instance, Schneider Electric recently unveiled their new green and medium voltage switchgear, dubbed SM AirSeT, which substitutes clean air and vacuum for SF6 in the distribution of secondary electricity.
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By Voltage
Up to 36 kV and higher than 36 kV are the voltage-based categories of the gas-insulated switchgear market. The market may expand due to the increasing number of applications for gas-insulated switchgear with a voltage greater than 36 kV.
By End-User
Transmission and distribution, manufacturing and processing, and infrastructure and transportation are the end-user-based categories of the market for gas insulated switchgear. The segment that can get the most traction is manufacturing and processing, next transmission and distribution.
Gas-Insulated Switchgear Market Regional Insights
Due to countries like China, Japan, South Korea, and India rapidly industrializing, the Asia Pacific region, which already accounts for the biggest market for gas insulated switchgear, is anticipated to have quicker expansion throughout the forecast period. Also, growing funding for transmission and distribution projects throughout emerging countries is fostering market expansion. Moreover, the gas-insulated switchgear market is anticipated to develop due to the replacement of conventional insulated switchgear with clean power generating switchgear to increase efficiency.
North America is spending money to improve the efficiency of the generation, transmission, and distribution of electric electricity. In order to transmit electricity reliably and effectively, several businesses are purchasing their own substations, which might significantly boost the market's worth. Europe will control the gas-insulated switchgear market due to rising energy demand, the upgrading of outdated hydropower units, and government initiatives to improve grid infrastructure. The investment in transmission and distribution infrastructure is expected to rise from USD 58.37 billion in 2011-2020 to USD 86.73 billion in 2021-2030, according to the European Energy Industry Investments report released in 2017. Thus, increasing infrastructure expenditures in transmission and distribution will provide profitable development prospects throughout the projection period.
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Oil and gas firms, which are heavily concentrated in the Middle East and Africa, need a steady supply of electricity. Enhancing the transmission and distribution of electric power is a priority for companies that operate in oil and gas facilities. Africa is primarily concentrating on improving its grid infrastructure, which will add to a good prognosis for the expansion of the regional market throughout the anticipated timeframe.
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