The global Gas Insulated Switchgear Market is projected to reach a market size of USD 28.09 billion by 2023, growing at a CAGR of 8.73%. The growth of this market is driven by the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, rise in energy demand and limitations of space availability in densely populated urban areas, and government initiatives towards improving electricity access.
Asia Pacific is the largest Gas Insulated Switchgear Market, in terms of production as well as consumption in various utilities and industries. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the Gas Insulated Switchgear Market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects; Japan, China, and India are emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the Gas Insulated Switchgear Market in Asia Pacific.
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The report segments the Gas Insulated Switchgear Market, by type, into high voltage gas insulated switchgear and medium voltage gas insulated switchgear. Medium voltage Gas Insulated Switchgear Market 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 switchgears are gaining importance over conventional switchgear and air insulated switchgear.
The Gas Insulated Switchgear Market, by installation, is segmented into indoor type and outdoor type. Indoor type gas insulated switchgear is expected to grow at the highest CAGR during the forecast period. Indoor type gas insulated switchgear is used in various industries such as paper, plastics, copper, wastewater treatment plants, oil & gas, and mining, among others, for uninterrupted power supply. Industrial sector also supports the growth of the Gas Insulated Switchgear Market, with many industries such as manufacturing facilities or assembling plants adopting indoor GIS as an integral part of their power distribution network.
The Gas Insulated Switchgear Market, by voltage, is segmented into distribution voltage, sub-transmission voltage, high voltage, extra high voltage, and ultra-high voltage. Extra high voltage is expected to grow at the highest CAGR during the forecast period. This segment is primarily driven by technical superiority of gas insulated switchgear over air and vacuum switchgear at higher voltages, where efficient arc quenching is a major concern.
The Gas Insulated Switchgear Market, by end-user, is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & 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 challenge in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.
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