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Gas Insulated Switchgear Market Size
- Report ID: GMI1929
- Published Date: Jul 2024
- Report Format: PDF
Gas Insulated Switchgear Market Size
Gas Insulated Switchgear Market size was valued at USD 24 billion in 2023 and is projected to grow at a CAGR of 8.1% from 2024 to 2032. This growth is driven by several factors, including increasing urbanization and industrialization, which necessitate compact and efficient power distribution systems.
Additionally, the expansion of renewable energy projects and the modernization of aging grid infrastructure further fuel the market's expansion. The International Energy Agency (IEA) reported a surge in global renewable sector investment, reaching USD 446 billion in 2021, marking substantial growth since the Paris Agreement in 2015, which in turn complements the product deployment across the globe.
The rising demand for reliable and safe electrical infrastructure also plays a significant role. The advantages of GIS, such as space-saving design, high operational reliability, and reduced maintenance requirements, contribute to its growing adoption across various sectors, including utilities, industrial, and commercial applications.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Gas Insulated Switchgear Market Size in 2023: | USD 24 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.1% |
| 2032 Value Projection: | USD 48.8 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Capacity, Voltage Level, Application |
| Growth Drivers: |
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Gas Insulated Switchgear Market Scope
