Gas-insulated Switchgear Market to Hit Big Revenues in Future

Gas-insulated Switchgear Market

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%. The growing investments in renewable energy and government initiatives to reduce carbon emissions is likely to drive the market for gas-insulated switchgear market globally. Also, the expansion of electrical grids due to the growing industrialization and urbanization is a major driver for the gas-insulated switchgear market.

Asia Pacific is expected to be the largest market for gas-insulated switchgears during the forecast period, followed by North America and Europe. The demand for gas-insulated switchgears is expected to show a strong growth owing to the significant investment in infrastructure development and growing industrial and commercial sectors in countries such as India and China. Also, countries such as India and China are involved in the expansion as well as upgradation of transmission and distribution lines, which, in turn, is expected to increase the scope of gas-insulated switchgears in the region. However, COVID-19 has an adverse effect on growth of gas-insulated switchgears market as the lockdown has shutdown manufacturing units and ongoing projects.

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The gas-insulated switchgear market, by end user, is segmented into power transmission utility, power generation utility, power distribution utility, railways & metros, industries and OEM, and commercial. Power transmission utility is expected to grow at the highest rate during the forecast period. An increase in the demand for power due to the growing population and urbanization witnessed by the growth in the industrial and commercial sectors is expected to stimulate growth in the transmission sector. However, COVID-19 has resulted in the shutdown of ongoing transmission utility projects, which will cause a delay in the completion of the projects, which is expected to adversely impact the growing demand for gas-insulated switchgears.

The gas-insulated switchgear market, by insulation type, is segmented into SF6, and SF6-free. The SF6 segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the rising demand for power across all sectors. Also, the compact size of an SF6 gas-insulated switchgear (typically requires 10 times less space than an air-insulated switchgear) is expected to drive the market as urban areas have space constraints. However, due to COVID-19, the market size for the SF6segment has fallen in 2020. The procurement of SF6 gas was halted due to lockdown restrictions in COVID-19, which has resulted in delayed manufacturing of gas-insulated switchgear.

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The major players in the global Gas-Insulated Switchgear Market include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US).