According to a research report "Gas Insulated Switchgear Market by Installation (Indoor, Outdoor), Insulation Type (SF6, SF6 free), Voltage Rating (Up to 36 kV, 37 to 73 kV, 74 to 220 kV, Above 220 kV), Configuration, End-User and Region - Global Forecast to 2027" published by MarketsandMarkets, the gas insulated switchgear market size is estimated to be USD 31.3 billion by 2027 (forecast year) from USD 23.1 billion in 2022 (estimated year), at a CAGR of 6.3% during the forecast period. The gas insulated switchgear market is expected to witness significant growth during the forecast period, owing to the power distribution infrastructure, which is expected to strengthen in the upcoming years with the rise in demand for electricity. Also, the increase in renewable energy capacity addition and increased investment in industrial production will enable the demand for gas insulated switchgear. With the growing usage of high-voltage direct systems, the market for gas insulated switchgear is expected to be driven at a faster rate.
Browse 165 market data Tables and 62 Figures spread through 274 Pages and in-depth TOC on "Gas Insulated Switchgear Market by Installation (Indoor, Outdoor), Insulation Type (SF6, SF6 free), Voltage Rating (Up to 36 kV, 37 to 73 kV, 74 to 220 kV, Above 220 kV), Configuration, End-User and Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/gas-insulated-switchgear-market-234770702.html
Outdoor segment, by installation, to occupy majority of gas insulated switchgear market share
The outdoor switchgear segment, by installation, is projected to hold the largest market share during the forecast period due to the growing power consumption, leading to the expansion and upgradation of the power grid, which is expected to boost the demand for outdoor gas insulated switchgears. Outdoor gas insulated switchgears are employed in substations and switchyards where there are no space constraints for the installation of such substations outdoors. Outdoor gas insulated switchgears are expected to have a larger market share than indoor types due to their vast implementation area.
Above 220 kV voltage segment, by voltage rating, to be largest market
Based on the voltage, the above 220 kV segment is estimated to be the largest market from 2020 to 2027. The growing investments in the renewable sector due to environmental concerns and the increasing electricity demand are expected to spur growth in the above-220 kV segment during the forecast period. Gas insulated switchgear in this segment is mostly employed in substations for power transmission over long distances. They are also used in transmission substations and large thermal and nuclear power generation substations to increase the power to 275–400 kV. This helps reduce transmission losses that occur during power transmission and improves efficiency. Growing power generation plants due to the increasing power requirements in various sectors, such as industrial, commercial, and residential, will eventually boost the demand for gas insulated switchgear above 220 kV.
Asia Pacific to emerge as largest gas insulated switchgear market
Asia Pacific accounted for the largest global gas insulated switchgear market share during the forecast period. The market is expected to be driven by the rapid industrial growth in the region. Major economies such as China, Japan, and India have set ambitious targets to diversify their energy mix in the coming years. Also, the increase in urbanization will decrease the space availability in the region. This could be a driving factor for the growth of the gas insulated switchgear in Asia Pacific.
ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland) are the key players in the global gas insulated switchgear market.
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