Gas Insulated Switchgears Market to Grow Exponentially With Over 8% CAGR during 2018-2028
The growth in demand for renewable forms of energy has been one of the key factors for the growth of gas insulated switchgears market. The global gas insulated switchgears market is projected to cross revenues of US$ 30 Bn by 2028, at a CAGR of more than 8%. Effective solutions offered by gas insulated switchgears include space constraints and safety attributes, to the transmission and distribution sector has been further augmenting its market growth. The rapidly growing commercial and industrial sectors have led to a constant demand for low voltage gas insulated switchgears. Asia-Pacific accounts for the highest revenues in the gas insulated switchgears market, followed by North America and Europe. The large population in Asia-Pacific, which is constantly multiplying has been the key reason for the growth of gas insulated switchgears market in the region.
Gas insulated switchgears demand from power distribution sector to grow at highest pace
The key end-users for gas insulated switchgears include power transmission, power distribution, power generation, railway and urban transportation and industrial grids. Among them, the demand from power distribution sector is projected to grow at highest pace during the forecast period. Based on voltage, the gas insulated switchgears market can be categorized into distribution voltage, medium voltage (<220 kV), high voltage (220Kv-550kV) and ultra-high voltage (>550kV). The gas insulated switchgear market for medium voltage segment is expected to witness highest growth during the forecast period. Based on installation, the indoor gas insulated switchgear market is expected to grow at the highest CAGR, while the other installation type being outdoor installation.
Gas Insulated Switchgear is the Answer to Area Constraint in Substation
The conventional insulated switchgear requires a large area while the gas insulated switchgears consume around 80% lesser space. The requirement of switchgears consuming lesser area has been on the rise, which has augmented the demand for this type. The gas insulated switchgears are also more reliable as compared to the air insulated switchgears as the former are less prone to faults. Gas insulated switchgears also have significantly lower maintenance cost, and can work without maintenance for 40 years. Moreover, the gas insulated switchgears have long busbars as compared to that of air insulated switchgears. This translates into lesser consumption of power by gas insulated switchgears. The only edge with air insulated switchgear is that they are cheaper than the gas insulated switchgears, however, the lesser lifecycle costs associated with the latter makes it more favorable among large number of end-users.
Growing Gas Insulated Switchgear Investment in Asia-Pacific
Asia-Pacific has not only been the largest market for gas insulated switchgears, but demand in this region is also growing at the highest pace. Recently, ABB has inaugurated a new high-voltage gas insulated switchgears manufacturing facility in Indonesia. Establishment of this unit is under the company’s investment plan of US$ 30 Mn, which also includes another three units that have been established earlier. While the other three facilities manufacture both high voltage, low voltage and medium voltage switchgears, the new unit is specifically targeted at high voltage gas insulated switchgears.
Moderate Degree of Competition in Gas Insulated Switchgear Market
Global gas insulated switchgear market is moderately competitive with a presence of international and regional players. The Tier 1 companies in the gas insulated switchgear market include ABB, Siemens, Schneider Electric, Mitsubishi Electric and General Electric. The Tier 2 companies in the gas insulated switchgears market include Hitachi, Hyundai Heavy Industries, Fuji Electric, Nissin Electric, Crompton Greaves, Hyosung, Chint, Larsen & Toubro, Toshiba, and Meidensha. The Tier 1 players have defined set of customers who prefer their products, mostly due to their stronger brand image as compared to the Tier 2 players.
The research report on gas insulated switchgears presents a comprehensive assessment of the gas insulated switchgears market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report in gas insulated switchgears provides analysis and information according to market segments such as geographies, voltage range, installation, and end-user.
The Gas Insulated Switchgears market report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Gas Insulated Switchgears includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The gas insulated switchgears market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The gas insulated switchgears report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The gas insulated switchgears market report also maps the qualitative impact of various market factors on market segments and geographies.
Gas Insulated Switchgears Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the gas insulated switchgears industry
- In-depth market segmentation
- Historical, current and projected market size of gas insulated switchgears in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key gas insulated switchgears players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for gas insulated switchgears market players to sustain and enhance their market footprint
Fact.MR offers custom research services that help clients to get specific research solutions