Gas Insulated Switchgear Market Worth USD 35.2 billion by 2032
Gas Insulated Switchgear Market projected to grow at a CAGR of 4.3% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, April 23, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the gas insulated switchgear market was valued at $23.0 billion in 2022, and is estimated to reach $35.2 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032.
Gas Insulated Switchgear (GIS) is a type of switchgear used in electrical power systems, typically in high voltage substations, where space is at a premium. It consists of busbars, circuit breakers, disconnectors, and grounding switches encapsulated in a metal enclosure filled with sulfur hexafluoride (SF6) gas or other suitable insulating gas.
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Asia-Pacific is projected to register robust growth during the forecast period. governments in the Asia Pacific are placing strong emphasis on environmental sustainability and lowering greenhouse gas emissions.
Gas insulated switchgear's environmentally friendly insulating gas mixtures align with these goals. In addition, the region's inclination toward smart grid technologies and the integration of internet of things (IoT) devices in power networks further propels the adoption of gas insulated switchgear.
The major players operating in the global gas insulated switchgear industry are Mitsubishi Electric Co., State Grid Co. Of China, Abb Tech Ag, Hitachi Ltd., Siemens Ag, Hyundai Heavy Industries Co. Ltd., Toshiba Co., Bharat Heavy Electricals Limited, Schneider Electric, and Crompton Greaves Limited.
Other players include Fuji Electric, Eaton Corporation plc, General Electric, Nissan Electric Co. Ltd., Meidensha Corporation, and others.
The last decade has experienced an increase in the demand for electricity due to population expansion that is exponential. The demand for power has increased due to rise in electricity usage brought on by population growth.
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Urbanization, infrastructure electrification, and industrialization all contribute to the rising need for energy. Above mentioned factors are latest Gas Insulated Switchgear Market trends.
The market for gas insulated switchgear is limited in its expansion by the high initial and ongoing expenditures of GIS. Owing to complicated designs, the requirement for precise manufacturing methods to meet standards, production costs are significant.
Components such as circuit breakers, busbars, and insulating gas also influence the price. Furthermore, the market for gas-insulated switchgear is growing more slowly due to expensive installation and maintenance costs.
Owing to their small designs, GIS are well suited for use in spaces that are scarce. High-capacity substations in cities use geographic information systems (GIS) to handle the growing need for renewable energy integration.
Grid interconnections, which involve connecting several renewable energy sources to the main power grid, use geographic information systems (GIS). GIS provides smooth integration, improving switching reliability as a result.
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The gas insulated switchgear (GIS) is a type of switchgear that is used in electrical systems to control, protect, and isolate electrical equipment. They are capable of offering protection and isolation to the electrical equipment they are deployed in. Conventional air-insulated switchgear (AIS) does not employ any additional special gases; instead, it uses ambient air as the insulation medium.
To function, GIS utilizes sulfur hexafluoride (SF6) gas as an insulating medium. Enclosures, insulating gas, switching devices, busbars, and connections are some of the parts that make up GIS.
Utility is projected to be the fastest-growing segment and has garnered the highest share in the gas insulated switchgear market. As environmental concerns intensify, governments and industries are directing investments toward cleaner energy alternatives, thereby boosting the adoption of renewable sources in power utility sectors. Furthermore, advancements in technology are enhancing the efficiency and reliability of power generation systems.
Hybrid switchgear garnered the highest share and is projected to be the fastest-growing segment during the gas insulated switchgear market forecast period. The global push toward reducing carbon emissions and transitioning to cleaner energy sources fuels the growth of hybrid switchgear.
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High voltage is projected to be the fastest-growing segment and has garnered the highest gas insulated switchgear market share. The high voltage switchgear is used in power plants, transmission lines, and other utility circuits where high voltage switchgear is used to monitor systems, isolate circuits in the event of faults and other functions.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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