The Global Gas Insulated Switchgear Market is projected to reach USD 28.09 Billion by 2023, growing at a CAGR of 8.73%, from an estimated USD 18.48 Billion in 2018. This growth can be attributed to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand and limitations of space availability in densely populated urban areas, and government initiatives towards improving electricity access.
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On the basis of end-user, the Gas Insulated Switchgear Market is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure and transportation, and industries & OEMs. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenges in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.
The gas insulated switchgear, by type, is segmented into high voltage gas insulated switchgear and medium voltage gas insulated switchgear. Medium voltage gas insulated switchgear is expected to grow at the highest CAGR during the forecast period. This segment is driven due to rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology, gas insulated switchgear are gaining importance over conventional switchgear and AIS.
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 players include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.
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The Gas Insulated Switchgear Market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific is estimated to grow at the highest CAGR during the forecast period. Factors such as increased power consumption; government mandates on energy efficiency; rising influx of renewable sources in the energy mix; and renovation, modernization, and upgradation of aging hydropower plants are to drive the gas insulated switchgear market in the region.