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HV Gas Insulated Switchgear (GIS) Market Size
- Report ID: GMI6890
- Published Date: Oct 2023
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| HV Gas Insulated Switchgear Market Size in 2023: | USD 15.7 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.9% |
| 2032 Value Projection: | USD 31.4 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 368 |
| Tables, Charts & Figures: | 570 |
| Segments covered: | Capacity and Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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HV Gas Insulated Switchgear Market Scope
