47 F
Santa Barbara
HomeBooksGas Insulated Switchgear Market to Reach $35.2 Billion, Globally, by 2032 at...

Gas Insulated Switchgear Market to Reach $35.2 Billion, Globally, by 2032 at 4.3% CAGR: Allied Market Research

The global gas insulated switchgear market is driven by increased electricity consumption, rapid urbanization, and electrification of transportation & infrastructure.

Wilmington, Delaware, Feb. 16, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, Gas Insulated Switchgear Market by Voltage (High Voltage, Medium Voltage, and Low Voltage), Application, (Residential & Commercial, Industrial, and Utility), and Technology, (Hybrid Switchgear, Integrated Three Phase, and Compact Gas Insulated Switchgear): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the gas insulated switchgear market was valued at $23.0 billion in 2022 and is projected to reach $35.2 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032.

Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A304202

Prime determinants of growth

The increase in need for gas insulated switchgears is a result of various countries’ electrification and urbanization, which are increasing energy consumption. Furthermore, the gas insulated switchgear market is experiencing growth owing to the incorporation of renewable energy sources into power networks.

In addition, the small size of switchgears allows it to function in places with restricted land access; switchgears occupy only 10% of the substation’s land area. This allows for excellent grid connection reliability and stability, which in turn propels the growth of the gas insulated switchgear industry.  

Report coverage & details:

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022  $23.0 billion
Market Size in 2032 $35.2 billion
CAGR 4.3%
No. of Pages in Report 300
Segments Covered Voltage, Application, Technology, and Region
Drivers
  • Rise in demand of electricity
  • Rapid urbanization and industrialization
  • Integration of renewable energy sources
  • Compact design of the switchgear system
Opportunity
  • Ongoing research and development activities for SF6 free gases as alternative
Restraint
  • High manufacturing cost
  • High installation and maintenance cost
  • Concerns regarding environmental impact of SF6 gas

Impact of the Russia-Ukraine War on the Gas Insulated Switchgear Market

  • Conflicts and tensions on the geopolitical front might harm the raw material supply chain that is essential to industry. The sourcing of essential components or feedstocks from conflict-affected countries for gas insulated switchgears may result in a lack of supply and higher raw material costs. This could therefore affect the total cost of manufacture and price of the gas insulated switchgears.
  • The global economy may become unstable because of geopolitical conflicts, which could impact consumer purchase and investment confidence. The demand for electrical components and heavy electrical equipment—two important markets for the applications of gas insulated switchgears—may decline owing to focus of companies about growth or investment.
  • The conflict may cause delays in logistics and shipping, which would make it more difficult to supply gas insulated switchgears and related goods to end customers on time. Shipment delays and other disruptions in the supply chain may impact project timetables and construction dates, which can affect coating demand.

The high voltage segment is expected to grow faster throughout the forecast period.

Based on voltage, the high voltage segment held the highest market share in 2022, accounting for less than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. High voltage switchgear is used in power plants, transmission lines, and other utility circuits for a number of functions, such as circuit isolation in the event of a malfunction and system monitoring. The equipment’s reclosers and isolators automatically break and re-establish connections when a breakdown is detected.

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/gas-insulated-switchgear-market

The utility segment is expected to lead the trial by 2032.

Based on application, the utility segment held the highest market share in 2022, accounting for more than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. As environmental concerns grow, corporations and governments are directing their resources into more environment-friendly energy solutions. This is promoting the power utility industry’s usage of renewable energy sources. Furthermore, advancements in technology are enhancing the reliability and effectiveness of power generation systems.

The hybrid switchgear is expected to grow faster throughout the forecast period.

Based on technology, the hybrid switchgear segment held the highest market share in 2022, accounting for less than half of the global gas insulated switchgear market revenue and is likely to retain its dominance throughout the forecast period. The need for hybrid switchgear is being driven by the global trend to convert to cleaner energy sources and reduce carbon emissions. Hybrid switchgear reduces its environmental impact while maintaining great performance by using ecologically friendly insulating gases.

Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for less than half of the global gas insulated switchgear market revenue. The governments of the Asia-Pacific area are prioritizing on reducing greenhouse gas emissions and advancing environmental sustainability.

For Purchase Inquiry: https://www.alliedmarketresearch.com/gas-insulated-switchgear-market/purchase-options

Key Players: –

Key players profiled in the report include

  • 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
  • Crompton Greaves Limited

The report provides a detailed analysis of these key players in the global gas insulated switchgear market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Switchgear Industry:

Paralleling Switchgear Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Medium Voltage Switchgear Market: Analysis and Industry Forecast, 2021-2031

Air Insulated Switchgear Market: Forecast, 2023-2032

Switchgear Market: Analysis and Industry Forecast, 2023-2032

Low-voltage Switchgear Market: Opportunity Analysis and Industry Forecast, 2023-2032

Hybrid Switchgear Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube


Primary Logo

Originally published at https://www.einpresswire.com/article/689004788/gas-insulated-switchgear-market-to-reach-35-2-billion-globally-by-2032-at-4-3-cagr-allied-market-research

- Part of VUGA -digital marketing

latest articles

gossip news

explore more

fashion tv watch free