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 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 SF6segment is anticipated to constitute the majority of the Gas-insulated Switchgear Market share. A gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure.
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The power transmission utility segment is expected to be the most significant 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.
The SF6 segment is expected to be the largest Gas-insulated Switchgear Market
The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgear is preferred over air-insulated switchgear where space is a constraint because air-insulated switchgear require meters of air as an insulation medium to do what SF6-filled switchgear can do in centimeters. Therefore, SF6-filled gas-insulated switchgear can be 10 times smaller than air-insulated switchgear. A majority of the existing and new gas-insulated switchgear use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgear is expected to grow due to the space constraints in urban areas.
Asia Pacific is expected to dominate the global Gas-insulated Switchgear Market
In this report, the Gas-insulated Switchgear Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.
The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgear in Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in the past 2 months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the Gas-insulated Switchgear Market for a considerable period of time.
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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).
