PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1128112
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1128112
The global gas insulated switchgear market size is slated to increase considerably over 2022-2023, on account of the introduction of energy efficiency policies and reforms, as well as the integration of smart networking technology.
For example, in July 2022, the Indian Government unveiled the Revamped Distribution Sector Scheme, proposing a USD 3 million investment to help distribution companies improve their operational efficiencies and increase the affordability, reliability, and quality of power supply. These initiatives, along with rapid industrialization and robust power demand, will increase the need for electrical power systems including gas-insulated switchgear components, in turn fueling market expansion.
The gas insulated switchgear market is bifurcated in terms of capacity, voltage level, application, and regional landscape.
In terms of capacity, the industry is segregated into <38 kV, >38 kV to ≤72 kV, >72 kV to ≤150 kV, and >150 kV categories. The >150kV segment is expected to record substantial revenue by 2030, which can be credited to the robust demand for efficient, low-cost switchgear in coal-fired and natural gas power stations.
As compared to counterparts, the installation of this GIS switchgear type will also rise considerably, owing to cost-effectiveness, competitive sizing, insulating properties, and other benefits, further driving segmental progress.
On the basis of voltage level, the market is bifurcated into high voltage and medium voltage. The medium voltage segment is further classified into primary distribution and secondary distribution. Among these, the primary distribution segment is poised to depict a commendable growth rate by 2030, driven by the increasing emphasis on refurbishing existing primary power distribution infrastructure. Furthermore, growing investment interest in energy grid development projects is likely to fuel segmental progress over the forthcoming years.
With respect to application, the gas insulated switchgear market is divided into power generation, transmission and distribution, infrastructure and transportation, manufacturing and processing, and others. The infrastructure and transportation segment is set to record considerable revenue over the forecast period, due to the rising investment in industrial and commercial infrastructures.
Several public and private funding schemes and government-aided initiatives have been introduced to establish a sustainable power network. Furthermore, the growing awareness of superior insulating properties and the high-reliability index of different types of gas-insulated switchgear is expected to amplify industry demand from the infrastructure and transportation segment.
Regionally, the Middle East and Africa gas insulated switchgear market size is anticipated to register commendable growth, given the escalating spending on the energy infrastructure sector and the rapid urbanization, especially across developing economies.
Government bodies have also been undertaking strategic initiatives to address the burgeoning power demand. Moreover, with the growing concern regarding the extension of energy-efficient power networks, the regional market share will increase over the foreseeable future.