- Power transmission utilities is expected to be leading end-user of the gas insulated switchgear.
- Asia Pacific will be the largest market for gas insulated switchgear.
- The medium voltage is expected to be the fastest-growing segment of the gas insulated switchgear.
The global gas insulated switchgear market is projected to reach a market size of $28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.
Power transmission utilities is expected to be leading end-user of the gas insulated switchgear
The gas insulated switchgear is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & transportation, and industries & OEMs. Power transmission utilities is primarily driven by the addition of transmission lines which lead to the addition of high voltage substations, where gas insulated switchgear plays a vital role in grid protection, and efficient flow of power, as well as protection and relaying of the transmission circuit. High voltage transmission, extra high voltage transmission, and ultra-high voltage transmission lay under the jurisdiction of the power transmission utilities.
These utilities are responsible for the transmission grid expansion, refurbishment as well as procurement of high voltage equipment. As per IEA statistics, approximately $3.18 billion will be invested globally between 2014 and 2035 on the net addition of 3.2 million kilometers of transmission lines. Additional $3 billion will be invested during the same period on the refurbishment of old transmission infrastructure. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenges in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.
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Asia Pacific: The largest market for gas insulated switchgear
Asia Pacific is expected to account for the largest market share of the global gas insulated switchgear market in 2018. This trend is projected to continue till 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the gas insulated switchgear market in the Asia Pacific in 2016 and has the highest installed generation and distribution capacity.
The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. These have led to a rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in the Asia Pacific.
The medium voltage is expected to be the fastest-growing segment of the gas insulated switchgear
Medium voltage gas insulated switchgear is expected to grow at the highest CAGR from 2018 to 2023. The market is primarily driven due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology. This equipment is mainly used by the core sector, power generation, infrastructure, transportation, and distribution system industries. The medium voltage gas insulated switchgear segment is sub-divided into primary distribution and secondary distribution.
Major players operating in the gas insulated switchgear market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).