Yahoo Finance Gas Insulated Switchgear Market Will Grow at Remarkably Owing to Rising Investments in Transmission and Distribution Infrastructure
Top Key Players of Gas Insulated Switchgear Market:- Siemens, Fuji Electric, Mitsubishi Electric Corporation, Hitachi, Ltd., Nissin Electric Co Ltd, ABB, Schneider Electric, Ltd., Eaton, GE, Toshiba International Corporation, Larsen & Toubro, Other Players.
Pune, India, Sept. 27, 2021 (GLOBE NEWSWIRE) -- The global gas insulated switchgear market size is projected to reach USD 36.60 billion by 2026 on account of the increasing demand for energy worldwide. Gas insulated switchgear is a substation with high voltage wherein major electrical equipment is placed in a sealed environment with an insulating medium, i.e., sulfur hexafluoride gas or SF6. All electrical switching equipment such as busbars, earth switches, isolators, circuit breakers, and others are completely enclosed inside modules filled with the SF6 gas. A recently published report by Fortune Business Insights™ titled, “Gas Insulated Switchgear Market Size, Share and Industry Analysis, By Voltage (Up to 66 kV, 66 kV - 170 kV, 170 kV - 550 kV, and Above 550 kV), By Installation (Indoor and Outdoor), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026.” offers a comprehensive overview of the market and its prime growth trajectories. According to this report, the market value stood at USD 21.13 billion in 2018 and will rise at a CAGR of 7.2% during the forecast period, 2019 to 2026.
What is the Scope of the Report?
The Gas Insulated Switchgear Market report offers a 360-degree overview of the market and factors promoting and demoting growth, accompanied by challenges and upcoming opportunities. It discusses the competitive landscape of the market, list of players operating in the market, and the key strategies adopted by them, to reach for the top position during the forecast period. Besides this, the report throws light on significant industry developments, current market trends of gas insulated switchgear, and other interesting insights into the market. Furthermore, the report Is available for sale on the company website.
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Regional Segmentation:
Upgradation of Hydropower Plants Will Help Europe Dominate Market
Geographically, Europe will hold the dominant gas insulated switchgear market share on account of upgradation of hydropower plants, increasing power consumption, and government initiatives that were taken for improving grid infrastructure. Additionally, the increasing investments in the expansion of distribution and transmission networks will help Asia Pacific hold a notable share. Besides this, the North America market will witness significant growth on account of major investments made for the enhancement of transmission, distribution, and the overall performance of the generation of electric power for avoiding losses. Most companies located in this region are acquiring their substation for efficient and reliable power transmission which will ultimately add significant value to the regional market.
The Middle East and Africa market, on the other hand, will rise remarkably on account of the dominance of oil and gas plants that further emphasizes the enhancement of distribution and transmission of electric power. Countries in Africa are emphasizing on increasing their grid infrastructure for aiding in the expansion of the market in the forecast period.
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Market Drivers
Improving Grid Infrastructure Will Aid in Expansion of Market
Factors adding momentum to the gas insulated switchgear market growth include the increasing demand for energy and power, rise in construction and upgradation of the power grid, and the rise in investments in transmission and distribution infrastructure. On the contrary, factors such as the high cost of equipment and stringent government laws imposed on environment and safety regulations will affect the market negatively. Nevertheless, the increasing focus on renewable energy production is likely to create lucrative growth opportunities for the market in the forecast duration.
Competitive Landscape:
Heavy Investments on Construction of New Substations to Bode Well for Players
Players operating in the global market for gas insulated switchgear are adopting various strategies to gain a competitive edge in the market. These strategies include mergers and acquisitions, contracts, agreements, and partnerships, joint ventures, and others. Players are also investing heavy amounts on the construction of new substations for attracting high gas insulated switchgear market revenue in the forthcoming years.
Key Industry Developments of the Gas Insulated Switchgear Market include:
November 2018 – Bergenshalvoens Kommunale Kraftselskap (BKK Nett) awarded a contract to Siemens Energy Management for supplying the world’s first SF6-free GIS with vacuum and clean air interruption systems for a voltage level of up to 145 kV.
December 2019 – Italy’s transmission system operator (TSO) awarded a USD 100 million contract to ABB for supplying GIS and building _high-voltage substations in Obermooweiler, Baden-Wuerttemberg.
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Gas Insulated Switchgear Market Share Report Scope and segmentation:
Report Coverage | Details |
Forecast Period | 2019 to 2026 |
Forecast Period 2019 to 2026 CAGR | 7.2% |
2026 Value Projection | USD 36.60 Billion |
Base Year | 2018 |
Market Size in 2018 | USD 21.13 Billion |
Historical Data for | 2015 to 2017 |
No. of Pages | 140 |
Segments covered | Voltage; Installation; and End User |
Growth Drivers | Upgradation of Hydropower Plants Will Help Europe Dominate Market |
Improving Grid Infrastructure Will Aid in Expansion of Market | |
| High Equipment Cost Compared to Air Insulated Switchgear (AIS), Along with Stringent Environmental and Safety Regulations May Hamper Market |
List of Gas Insulated Switchgear Market Manufacturers include:
Siemens
Fuji Electric
Mitsubishi Electric Corporation
Hitachi, Ltd.
Nissin Electric Co Ltd
Meidensha Corporation
CHEM Group
ABB
Schneider Electric
Hyundai Electric & Energy Systems Co., Ltd.
Eaton
GE
Toshiba International Corporation
Larsen & Toubro
Bharat Heavy Electricals Limited
Other Players
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Table Of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Global Gas Insulated Switchgear Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Voltage
Up to 66 kV
66 kV - 170 kV
170 kV - 550 kV
Above 550 kV
Market Analysis, Insights and Forecast – By Installation
Indoor
Outdoor
Market Analysis, Insights and Forecast – By End-User
Utility
Industrial
Commercial
Others
Market Analysis, Insights and Forecast – By Region
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
North America Gas Insulated Switchgear Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Voltage
Up to 66 kV
66 kV - 170 kV
170 kV - 550 kV
Above 550 kV
Gas Insulated Switchgear Market Analysis, Insights and Forecast – By Installation
Indoor
Outdoor
Market Analysis, Insights and Forecast – By End-User
Utility
Industrial
Commercial
Others
Market Analysis, Insights and Forecast – By Country
U.S.
Canada
TOC Continued…!
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