PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1609379
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1609379
The global gas insulated switchgear market is on a growth curve, projected to reach USD 33.53 billion by the end of 2029 in comparison to the estimated USD 24.93 billion in 2024, at a steady CAGR of 6.1% within the forecast period of 2024 to 2029. This continuous growth in the gas insulated switchgear market is closely associated with the incremental increase in global energy demand due to the increased consumption of energy within the recent years and forms the primary catalyst for the rise in the surge of electricity demand. Among the major drivers, the industrial sector is poised to be the biggest driver of the increased demand, although the commercial, service, and residential sectors also play major significant contributions. The vigorous demand for energy sources creates fluctuations of energy supply and demand, bringing about changes in prices in the energy market. This price variability is mainly due to a combination of factors, such as the presence of good economic conditions, enough energy resources, and increased electrical power consumption. Also, there is the concern for energy management focusing on ways in order to properly manage the scenarios found, especially in the development of the Internet of Things (IoT) home and building automation applications. Hence, these factors highlight the urgent demand for gas-insulated switchgear that would facilitate monitoring and optimization of energy usage.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) and Volume (Units) |
Segments | Gas-Insulated Switchgear Market by installation, insulation type, configuration, voltage rating, and end- user |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa and South America |
Sulfur hexafluoride (SF6) gas is placed in gas-tight metallic enclosures, where it acts as both an insulating and arc-quenching medium for all components carrying electrical current inside GIS substations. SF6 is non-flammable and does not deteriorate because it is a dry, inert gas. However, SF6 is fluorinated gases and classified as "greenhouse gases" (GHGs) with the highest potential for fueling global warming among all GHGs. Decreased SF6 emissions will hence affect how the Environmental Protection Agency of the United States examines SF6 in that country. This will lead to even stricter restrictions on SF6 use. Most of the regulations that may be applied to SF6 use are concerning the family of chemically similar fluorinated gases known as F-gases. More pronounced stringent regulations of F-gas will have a greater effect on SF6 usage, thereby affecting the market for gas-insulated switchgear.
"16 to 27 kV segment, by voltage rating, to be fastest growing market from 2024 to 2029."
In the electrical infrastructure, GIS with a voltage rating of 16 to 27 kV has been popularized both in the distribution and industrial environment for their compact design, reliable performance, and minimum maintenance requirement. In addition, the increasing environmental concerns about sulfur hexafluoride (SF6), which is the insulator typically used, have garnered significant study over sustainable and more environmentally friendly alternatives for insulation, thus representing a growing industry tendency toward green GIS technology. In addition, according to the International Energy Agency, global energy consumption rose by an impressive 4.6% in 2022. These developments have induced extensive investment in the transmission infrastructure: India, China, the UAE, and Argentina are a few emerging economic giants driving such initiatives. This throws open wide prospects for the growth and consolidation of the market for gas-insulated switchgear in this particular sector.
"SF6 segment, by insulation type, to be the largest market from 2024 to 2029."
Gas-insulated switchgear (GIS) uses sulfur hexafluoride (SF6) gas, which is a dielectric at moderate pressure, for insulation among phases as well as to the ground. All the high-voltage units such as conductors, circuit breaker, switches, voltage transformers, and current transformers are fitted within a metal casing that is full of SF6 gas. SF6-filled GIS systems have an enormous advantage in space-constrained environments where air-insulated systems would have delivered similar insulating attributes in much greater volume. SF6 is a non-toxic, inert, colorless, tasteless, odorless, and non-flammable gas with superior insulating and arcinterruption properties, making it the preferred choice for modern high-voltage circuit interruption, replacing older mediums like oil and air.
"Asia Pacific to be largest and fastest growing region in gas insulated switchgear market."
The Asia Pacific is expected to lead the global market for gas insulated switchgear and is expected to achieve the highest Compound Annual Growth Rate (CAGR) in this region during 2023-2028. This can be attributed to the strong economic development and rapid growth of big Asian economies. Gas insulated switchgear is primarily used among the following end-users: industrial, commercial & institutional, electrical utilities, data centers and aftermarkets. The manufacturing sector in this region is expected to continue its market growth due to lower capital and labor costs. With the increased population both in China and India, the electricity generation requirement is escalating. Clean energy sources are widely adopted to efficiently meet the region's expanding energy requirements. These nations are actively modernizing their aging infrastructure to facilitate the integration of renewable energy sources into the national grid. Subsequently, the demand for gas insulated switchgear for electrical regulation and fault protection is expected to experience rapid growth is pushing the gas insulated switchgear market in Asia Pacific.
By Company Type: Tier 1-30%, Tier 2-55%, and Tier 3-15%
By Designation: C-Level-30%, D-Level-20%, and Others-50%
By Region: North America-18%, Europe-8%, Asia Pacific-60%, Middle East & Africa-10%, and South America-4%
Note: "Others" include sales managers, engineers, and regional managers
The tiers of the companies are defined based on their total revenue as of 2023: Tier 1: >USD 1 billion, Tier 2: USD 500 million-1 billion, and Tier 3: <USD 500 million.
The gas insulated switchgear market is largely dominated by well established global players. Major industrial control transformer market participants are ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider Electric (France), Eaton (Ireland), Mitsubishi Electric (Japan), Nissin Electric (Japan), CG Power and Industrial Solutions (India), Fuji Electric (Japan), Powell Industries (US), Hyundai Electric & Energy Systems (South Korea), Hitachi (Japan), and many others.
The report provides a comprehensive definition, description, and forecast of the gas insulated switchgear market based on various parameters, including Insulation Type (SF6, SF6 Free), Installation (Indoor, Outdoor), Voltage Rating (Up to 5 kV, 6 to 15 kV, 16 to 27 kV, 28 to 40.5 kV, 40.6 to 73 kV, 74 to 220 kV, Above 220 kV), Configuration (Hybrid, Compact GIS, Integrated Three Phase, Isolated Phase), End-User (Industrial, Commercial & Institutional, Electrical Utilities, Data Centers, Aftermarket), and region (Asia Pacific, North America, Europe, Middle East and Africa, South America). The report provides an in-depth qualitative and quantitative analysis of the gas insulated switchgear market, including detailed thoroughness about the important market drivers, limitations, opportunities, and challenges. It also includes critical elements of the market like a competitive landscape study, market dynamics analysis, value-based market estimates, and future trends of the gas insulated switchgear market.
Key Benefits of Buying the Report
The report has been well-thought out to assist established industry leaders as well as newcomers who are emerging in the gas insulated switchgear market. It offers reliable revenue forecasts for the overall market and its individual sub-segments. This data is helpful for stakeholders as it allows them to gain a comprehensive understanding of the competitive landscape and go on to formulate effective market strategies for the businesses they are involved with. The report also acts as a medium of expression for the stakeholders to understand the prevailing market state. This is achieved by relating the market through the manifest insights that underline market drivers, limitations, challenges, and opportunities for growth. By embedding these insights, stakeholders make well-informed choices and remain updated about the evolving gas insulated switchgear industry dynamics.