The global Gas-Insulated Switchgear Market is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5% from 2020 to 2025. The factors driving market growth are the growing investments in renewable energy and government initiatives to reduce carbon emissions along with the expansion of electrical grids due to the growing industrialization and urbanization.
A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgears across various sectors, such as the power distribution utility, power transmission utility, and power generation utility.
The power transmission utility segment is expected to be the largest segment of the Gas-insulated Switchgear Market
The power transmission segment has the largest share of the Gas-insulated Switchgear Market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. Thus, the growing demand for power will necessitate the expansion of the transmission network, thereby enhancing the demand for electrical components, e.g., gas-insulated switchgears. But due to COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for companies. This has a negative impact on the growth of the Gas-insulated Switchgear Market.
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The SF6 is expected to be the largest segment of gas-insulated switchgear market
The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgears are preferred over air-insulated switchgears where space is a constraint because air-insulated switchgears require meters of air as an insulation medium to do what SF6-filled switchgears can do in centimetres. Therefore, SF6-filled gas-insulated switchgears can be 10 times smaller than air-insulated switchgears. A majority of the existing and new gas-insulated switchgears use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgears is expected to grow due to the space constraints in urban areas.
Asia Pacific is expected to be the fastest-growing gas-insulated switchgear market
In this report, the gas-insulated switchgear market has been analyzed with respect to 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, and South America.
Asia Pacific is expected to dominate the global gas-insulated switchgear market during the forecast period. The growth of this market can be attributed to the growing demand for power in developing countries, such as China and India, and established economies, such as Japan and China. Growing power requirements, along with the upgradation of the aging electrical infrastructure, are expected to result in an increase in the number of substations. This will propel the demand for gas-insulated switchgears during the forecast period. But due to COVID-19, there has been a drastic downfall in the economy of some of the major countries, such as India and China; this will have a negative impact on the gas-insulated switchgear market during the forecast period.
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Both global and regional players dominate the global gas-insulated switchgear market. The leading players in the global Gas-Insulated Switchgear Market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US).