As per 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;” 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.
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., sulphur 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.
Regional segmentation
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 that 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.
Market drivers
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
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.
A few key developments
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.
For further information: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gas-insulated-switchgear-market-103092
