Stratview Research has published a new report titled “Gas Insulated Switchgear Market” which is segmented by Type (High-Voltage Insulated Switchgear, Medium-Voltage Insulated Switchgear), by Voltage Type (Distribution Voltage, Sub-Transmission Voltage, High-Voltage Transmission, Extra High-Voltage Transmission, and Ultra-High Voltage Transmission), by Installation Type (Indoor Gas Insulated Switchgear, Outdoor Gas Insulated Switchgear, and Solid Bus Duct Connection & Cable Connection), by End-User Type (Power Transmission Utilities, Power Distribution Utilities, Power Generation Utilities, Infrastructure & Transportation, and Industries & OEMs), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the study, the gas insulated switchgear market was estimated at USD 23 billion in 2022 and is likely to grow at a CAGR of 6.32% during 2022-2028 to reach USD 33.23 billion in 2028.

Report Highlights

This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.

The market is bifurcated into various segments. Below given is the segment-wise analysis –

Based on the type, the market is segmented as high-voltage insulated switchgear and medium-voltage insulated switchgear. The medium-voltage insulated switchgear segment is expected to witness higher growth during the forecast period. Rapid improvement in the power distribution sector owing to the implementation of smart grid and smart metering technology along with the growing penetration of gas insulated switchgear are the major factors driving the growth of medium-voltage insulated switchgear.

Based on the voltage type, the market is segmented as distribution voltage, sub-transmission voltage, high-voltage transmission, extra-high voltage transmission, and ultra-high voltage transmission. The extra high-voltage transmission segment is expected to witness the highest growth during the forecast period. The technical superiority of gas insulated switchgear over air and vacuum switchgear is the prime driver behind the high growth of the extra-high-voltage transmission segment.

Based on the end-user type, the market is segmented as power transmission utilities, power distribution utilities, power generation utilities, infrastructure & transportation, and industries & OEMs. The power distribution utility segment is expected to witness the highest growth in the coming five years. Rapid urbanization in developing economies and government initiatives towards the expansion of electricity in rural areas are the major factors in the high growth of the power distribution utility segment.

In terms of regions, Asia-Pacific is expected to witness the highest growth in the market during the forecast period. China South Korea, Japan, and India are the growth engines of the region. The market is driven by growing power consumption, government initiatives towards energy efficiency, and the upgradation of aging utility infrastructure in the region. North America and Europe are also expected to offer substantial growth opportunities in the market during the forecast period.

Who are the Key Players in the Market?

This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players active in the Gas Insulated Switchgear Market:

• ABB Group,
• Siemens AG,
• Schneider Electric SE,
• Mitsubishi Electric Corporation,
• General Electric Company,
• Hitachi, Ltd.,
• Hyundai Heavy Industries Co., Ltd.,
• Fuji Electric Co., Ltd.,
• Nissin Electric Co., Ltd.,
• Larsen & Toubro Ltd.

Key questions answered by the report

-        What is the projected CAGR for revenue from the Gas Insulated Switchgear Market during the forecast period?

-        What is a major driving factor for the growth of the market?

-        Which region accounted for the largest revenue share in the Gas Insulated Switchgear Market?

-        Which are the major market players?

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