Gas Insulated Switchgear Market size worth over $42 Bn by 2030

Gas Insulated Switchgear Market size is set to surpass USD 42 billion by 2030, according to a new research report by Global Market Insights Inc.
 

Increasing peak power demand across developed and developing nations is a major driver for industry expansion. Several developed and developing nations have been posing concerns regarding grid supply security and stability to address this demand. In the Asia Pacific region, the exponential increase in energy demand from the industrial sector has augmented the need for high-voltage grid network expansion. These factors, alongside the rapid deployment of smart transmission and distribution technologies, will foster the demand for high voltage gas insulated switchgear.
 

High reliability on imports to hinder gas insulated switchgear market growth

Electric service providers have been constantly focusing on lowering production costs and boosting profitability over the years. However, in developed and developing nations, the electric industry is dependent on component imports to meet the rising need for infrastructure expansion and upgradation. Due to the higher excise and import duties levied by regulatory bodies, the installation of advanced electric supply systems may reduce. These factors may, in turn, impede industry progress.
 

Favorable attributes of <38 kV GIS to propel industry progression

The <38 kV capacity segment is poised to record considerable revenue by 2030, owing to the broad application scope of this switchgear type in power and infrastructure process industries. <38 kV GIS also demonstrates usage benefits such as flexible configurations and operational proximity. Furthermore, the incorporation of sustainable electricity networks and the advancement in smart control technologies will fuel segment growth.
 

Browse key industry insights spread across 500 pages with 901 market data tables & 27 figures & charts from the report, “Gas Insulated Switchgear Market Size By Capacity (< 38 kV, > 38 kV to ≤ 72 kV, > 72 kV to ≤ 150 kV, > 150 kV), By Voltage Level (Medium Voltage {Primary Distribution, Secondary Distribution}), High Voltage), By Application (Transmission & Distribution, Manufacturing & Processing, Infrastructure & Transportation, Power Generation), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/gas-insulated-switchgear-market
 

Rising popularity of compact power distribution equipments

The medium voltage gas insulated switchgear market size accounted for USD 6 billion in 2021, credited to the large-scale expansion of commercial infrastructure and flexible product specifications. With the increasing popularity of highly reliable and compact power distribution equipment, gas-insulated switchgear components are emerging as a key solution for MV primary power distribution applications, proliferating segmental progress.
 

Growing demand across manufacturing and processing sectors

The manufacturing and processing application is anticipated to reach USD 6 billion by 2030. Increasing metal extraction and mining activities have led to strong demand for electricity networks to ensure continual operations and process reliability. These factors will enhance the installation of electrical systems such as gas insulated switchgear components across manufacturing and processing industries.
 

North America to emerge as a key manufacturing hub for GIS developers

The North America gas insulated switchgear market registered revenue of more than USD 1 billion in 2021 on account of the rising government initiatives to upgrade and replace electrical networks. For instance, in January 2022, the U.S. Department of Energy introduced the ‘Building a Better Grid’ initiative, geared towards catalyzing the nationwide development of upgraded and new high-capacity electric transmission lines. This growing emphasis on the improvement of power supply systems will, in turn, drive the regional adoption of gas insulated switchgear components.
 

Product range expansion to remain a growth strategy for major industry players

The competitive landscape of the GIS industry is projected to witness a range of product launch initiatives from key participants. For instance, in March 2022, GE unveiled its 420-kV g3 SF6-free circuit-breaker for gas-insulated substations, designed to be utilized at the highest voltage level in Europe and with other voltage levels globally.
 

Top leaders operating in the gas insulated switchgear market are Ormazabal, ABB, Eaton, Schneider Electric, Siemens, Toshiba Energy Systems & Solutions Corporation, GE, Mitsubishi Electric Corporation, and Hyundai Electric & Energy Systems Co., Ltd., among others.