The report "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025", is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5%. The growing investments in renewable energy and government initiatives to reduce carbon emissions along with the expansion of electrical grids due to the growing industrialization and urbanization are some of the major factors driving the growth of the gas-insulated switchgear market.
Browse 125 market data Tables and 56 Figures spread through 197 Pages and in-depth TOC on "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025"
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The SF6segment is anticipated to constitute the majority of the gas-insulated switchgear market share. Gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure. A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgear across various sectors, such as the power distribution utility, power transmission utility, and power generation utility. Due to COVID-19, the US has a negative growth rate of -2.45% in the manufacturing sector in the first quarter when compared to China’s -3.25%. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.
The power transmission utility segment, by end user, is expected to be the most significant gas-insulated switchgear market during the forecast period
The power transmission segment has the largest share of the gas-insulated switchgear market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. The growing population and economies of many countries are expected to lead to an increase in the number of substations due to the growing demand for electricity, which is further expected to boost the demand for gas-insulated switchgear. According to the International Energy Agency (IEA), the global electricity demand will grow at 2.1% per year to 2040. This reflects a huge amount of investments in the development and enhancement of power transmission utility infrastructure in the future, which will propel the demand for gas-insulated switchgear.
The SF6 segment, by insulation type, is expected to be the largest gas-insulated switchgear market during the forecast period
The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgear is preferred over air-insulated switchgear where space is a constraint because air-insulated switchgear require meters of air as an insulation medium to do what SF6-filled switchgear can do in centimeters. Therefore, SF6-filled gas-insulated switchgear can be 10 times smaller than air-insulated switchgear. A majority of the existing and new gas-insulated switchgear use SF6 gas as the dielectric medium. As SF6 has a very strong dielectric property in comparison to air-insulated switchgear, due to which it is extensively used in high voltages. Thus, the demand for gas-insulated switchgear is expected to grow due to the space constraints in urban areas.
The up-to-36-kV segment, by voltage rating, is expected to be the largest gas-insulated switchgear market during the forecast period
The gas-insulated switchgear market, by voltage rating, has been segmented into up to 36 kV; between 36 kV and 72.5 kV; between 72.5 kV and 220 kV; and above 220 kV. The up-to-36-kV segment is estimated to be the fastest-growing during the forecast period.
The up-to-36-kV gas-insulated-switchgears are generally used across all end-user segments, particularly in the manufacturing and process industries and T&D utilities. They are also used by the railway system; in India, most of the main line trains operate on 25 kV. Up-to-36-kV switchgears are used for the protection of industrial equipment, such as generators, motors, and compressors, HVAC and air-conditioning, heating and lighting equipment, overload current protection, and electric arc protection in T&D substations. Growth in the manufacturing sector has led to an overall growth in the industrial sector, which is expected to have a positive effect on the demand for up-to-36-kV gas-insulated switchgears. But due to the COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for the companies. This is expected to have a negative impact on the growth of the gas-insulated switchgear market.
The Asia Pacific is expected to dominate the global gas-insulated switchgear market during the forecast period
In this report, the gas-insulated switchgear market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. The Asia Pacific is expected to lead the market during the forecast period.
The Asia Pacific region is projected to be the largest gas-insulated switchgear market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries for the gas-insulated switchgear market in the region.
The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgear in the Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in 2020. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. This will have a negative impact on the growth of the gas-insulated switchgear market for a considerable period of time.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the gas-insulated switchgear market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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