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 along with the expansion of electrical grids due to the growing industrialization and urbanization is likely to drive the market for gas-insulated switchgear market globally.
The global gas-insulated switchgear market is dominated by both global as well as regional players. 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).
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ABB is one of the leading companies in electrification products, power grids, industrial automation, and robotics for industries such as utilities, transport, and infrastructure. The company operates its business through 4 segments, namely Electrification, Robotics and Discrete Automation, Industrial Automation, and Motion. It provides gas-insulated switchgears under its Electrification business segment. Under the same segment, ABB also offers services, products, and connected solutions across the electricity value chain, from substation to global consumption. Some of the other products offered by the company under the Electrification segment are circuit breakers, switchgears, sensing devices, solar power solutions, and EV charging infrastructure. The Electrification Products segment accounted for a 44.1% share of the company’s revenue in 2019. ABB has a strong global presence, with corporate research centers in 7 countries, namely China, Germany, India, Poland, Sweden, Switzerland, and the US and operations in more than 100 countries. The company has more than 300 manufacturing plants located across globe. The company has been adopting both organic and inorganic strategies to further strengthen its position in the gas-insulated switchgear market. For instance, in January 2018, it established a manufacturing center in India to strengthen its position is the Asia Pacific market.
Siemens is a major technology company with core business activities in the field of electrification, automation, and digitalization. The company operates through 6 reportable business segments, namely Digital Industries, Smart Infrastructure, Healthineers, Mobility, Portfolio Companies, and Financial Services. The company offers switchgears under its Portfolio Companies segment. This segment provides fully integrated products, services, and solutions across the energy value chain of oil & gas production, transmission, and power generation. Some of the other products under the segment include gas turbines, generators, steam turbines, and integrated power plant solutions. Siemens operates in Europe, North America, the Middle East, and Asia Pacific, in more than 100 countries across the world and has a strong network of regional offices, warehouses, R&D facilities, and sales offices. It has factory locations in the US (Sacramento, Louisville, Indiana, New Castle, Pittsburgh, Portland, and Georgia), Germany, and China, among many other locations. Siemens has adopted the organic strategy of new product launches to enhance its product portfolio. For instance, in March 2020, Siemens launched the eco-friendly medium-voltage switchgear 8DJH 12, which is expected to create demand due to growing environmental concerns.
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Asia Pacific is expected to be the largest market for gas-insulated switchgears during the forecast period, followed by North America and Europe. 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.