HV Gas Insulated Switchgear (GIS) Market Size - By Capacity (72.5 kV, 145 kV, 245 kV, 275 kV, 300 kV, 400 kV, 500 kV, 765 kV), By Application (Offshore Wind) & Forecast, 2024 – 2032

HV Gas Insulated Switchgear Market Size

HV Gas Insulated Switchgear Market size was valued at USD 15.7 billion in 2023 and is projected to grow at a CAGR of over 7.9% during 2024 and 2032. The introduction of advanced, adaptable, and secure power distribution technologies has established a foundation for sustainable business practices. Manufacturers and suppliers have consistently reallocated their research and development investments to broaden and improve their product offerings. Furthermore, substantial investments from key industry players in developing a sustainable technological platform have marked a significant achievement
 

In recent years, there has been a significant increase in the adoption of gas insulated switchgear, driven by the growing need for efficient transmission and distribution (T&D) control systems. The rising demand for refurbishing existing electrical infrastructure, coupled with increased investments in grid infrastructure, will positively impact the HV gas insulated switchgear market. Additionally, the lack of efficient and reliable electric networks in developing nations, combined with the trend towards upgrading existing infrastructure in developed countries, has created a favorable business environment.
 

The power supply management industry across the globe has although been the primary consent, but the regional regulatory & geopolitical restraints have continuously been restricting industry growth. Turmoil across different countries can significantly affect the energy markets and upset the HV gas insulated switchgear market dynamics. Political instability and risks can influence the vitality of local, regional, and even global energy markets by impeding investments or causing supply disruptions. Moreover, the volatile raw material prices may hamper the industry landscape as managing raw material cost is a top priority for the manufacturers.
 

Many countries are seeking ways to reduce the risks from raw material price instability. China is one of the leading producers of raw materials for products and implement export quotas on most of them. The U.S. and EU countries have expressed concerns that these quotas will increase the raw material price, adversely affecting the international market dynamics.
 

COVID-19 Impact

The pandemic disrupted global supply chains, leading to delays in the production and delivery of GIS equipment. Factory closures, transportation restrictions, and labor shortages affected manufacturing processes. Lockdowns and restrictions resulted in a slowdown of construction activities, including infrastructure projects that would require high voltage GIS systems. Economic uncertainty caused by the pandemic led to delays or cancellations of some projects, impacting the immediate demand for high voltage GIS systems. Many businesses and industries shifted to remote work, which affected the demand for office and commercial spaces, potentially impacting the need for high voltage GIS in certain sectors.
 

HV Gas Insulated Switchgear Market Trends

The growing adoption of distributed generation and smart grid networks has compelled installers to adopt efficient power supply units. Additionally, the increasing prominence of heavy-duty industrial machinery, especially in motor control operations on a large scale, will drive the demand for circuit protection equipment. The substantial migration to suburban areas, driven by an increased reliance on manufactured products, has placed a heightened focus on the expansion of residential, commercial, and industrial electricity networks. Furthermore, the expansion of electric transportation networks, process units, and Special Economic Zones (SEZs) in developing nations has had a positive impact on the demand for these units.
 

The industry has experienced substantial growth due to increasing concerns related to fire hazards, electrical supply faults, health, and operational safety risks. The absence of efficient electric grid networks in developing economies, combined with a focus on upgrading existing infrastructure in developed nations, has created a favorable business environment. Moreover, the expansion of product portfolios and strategic moves like acquisitions and mergers by major industry players are expected to drive industry growth as well.
 

HV Gas Insulated Switchgear Market Analysis

HV gas insulated switchgear market revenue from the 300 kV segment was worth 600 million in 2022. The global demand for electricity continues to surge, primarily propelled by urbanization, industrialization, and the widespread adoption of electricity in various sectors, including transportation. This escalating demand underscores the critical necessity for reliable and efficient Gas Insulated Switchgear systems, especially those rated at 300 kV, to ensure the stability of power distribution networks. Many countries are strategically prioritizing the upgrade of their electrical grids to enhance reliability, diminish transmission losses, and facilitate the integration of renewable energy sources.
 

The offshore wind segment is set to grow at a CAGR of more than 9.2% through 2032. Offshore wind farms are rapidly growing in size and number as technological advancements and economies of scale come into play. Numerous countries are now pursuing ambitious plans to significantly expand their offshore wind capacity, resulting in a heightened adoption of high voltage gas insulated switchgears. The trend toward larger and more potent wind turbines persists, with these larger turbines capturing more wind energy and enhancing the overall efficiency of offshore wind farms.
 

In fact, turbines with capacities exceeding 10 MW are currently under development and deployment. Moreover, offshore wind energy is no longer confined to its traditional strongholds in Europe but is expanding into other regions such as the United States, Asia, and Australia.
 

North America HV gas insulated switchgear market is anticipated to witness a growth rate of over 6.3% between 2023 and 2032. The transmission and distribution refurbishment sector plays a crucial role in driving demand in North America. According to a recent study conducted by the Department of Energy (DOE), the implementation of energy-efficient power lines is expected to result in energy savings of up to 16 terawatt-hours (TWh) annually by 2020. This underscores the significance of energy efficiency initiatives in the region. The North American global switchgear industry is poised to experience substantial growth, primarily due to the increasing emphasis on expanding transmission and distribution networks. 
 

HV Gas Insulated Switchgear Market Share

Some of the key market players operating across the HV gas insulated switchgear industry are:

• Siemens Energy
• LS ELECTRIC Co., Ltd.
• Toshiba Energy Systems & Solutions Corporation
• CG Power & Industrial Solutions Ltd.
• GE
• Mitsubishi Electric Corporation
• Hitachi Energy Ltd.
• Fuji Electric Co., Ltd.
• NISSIN ELECTRIC Co., Ltd.
• ILJIN ELECTRIC
• CHINT Group
• HD HYUNDAI ELECTRIC CO., LTD.
• Bharat Heavy Electricals Limited
• MEIDENSHA CORPORATION

Company Market Share:

General Electric commands a substantial share across the HV GIS market, Esteemed for its substantial proficiency in engineering and producing a broad spectrum of switchgear variants, encompassing air insulated switchgear (AIS), gas insulated switchgear, and more, this company boasts a rich legacy within the transmission and distribution sector. Throughout its history, the company has been a dependable provider of switchgear solutions for a wide range of applications, catering to the needs of commercial, industrial, and utility sectors.
 

This HV gas insulated switchgear market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in Units & USD Million from 2019 to 2032, for the following segments:

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By Capacity

• 72.5 kV
• 145 kV
• 245 kV
• 275 kV
• 300 kV
• 400 kV
• 500 kV
• 765 kV

By Application

• Offshore Wind
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia 
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina