Gas Insulated Switchgear Market worth $31.6 Billion by 2028
The global Gas Insulated Switchgear Market is expected to reach USD 31.6 billion by 2028 from USD 23.8 billion in 2023, at a CAGR of 5.8% according to a new report by MarketsandMarkets™. The Gas Insulated Switchgear Market is poised for substantial growth during this period, primarily due to the expected strengthening of power distribution infrastructure in response to the growing demand for electricity. Furthermore, the expansion of renewable energy capacity and increased investments in industrial production are set to drive the demand for gas insulated switchgear. The market is expected to experience accelerated growth, particularly with the increasing use of high-voltage direct systems.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234770702
Outdoor segment, by installation, to occupy majority of Gas Insulated Switchgear Market share.
During the forecast period, the outdoor switchgear segment, categorized by installation, is expected to secure a dominant market share. This is attributed to the increasing power consumption, which drives the need for the expansion and modernization of power grids, ultimately boosting the demand for outdoor gas insulated switchgear. These outdoor gas insulated switchgear are primarily used in substations and switchyards where space constraints for outdoor installations are not a concern. Given their widespread application areas, outdoor gas insulated switchgear are anticipated to capture a larger market share compared to their indoor counterparts.
Above 220 kV voltage segment, by voltage rating, to be largest market.
Throughout the forecast period, the outdoor switchgear segment, as classified by its installation, is projected to maintain a leading position in the market. This dominance is driven by the growing power consumption, which in turn fuels the requirement for expanding and upgrading power grids, thereby increasing the demand for outdoor gas insulated switchgear. Outdoor gas insulated switchgear finds its primary utility in substations and switchyards where the availability of space for outdoor installations is not a limiting factor. Due to its extensive applications, outdoor gas insulated switchgear is expected to outperform its indoor counterparts and command a larger market share.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=234770702
Asia Pacific to emerge as the largest Gas Insulated Switchgear Market
During the forecast period, Asia Pacific is anticipated to hold the largest market share in the global Gas Insulated Switchgear Market. This prominence is expected to be driven by the rapid industrial growth observed in the region. Major economies, including China, Japan, and India, have established ambitious targets to diversify their energy sources in the coming years. Additionally, the increasing urbanization in the region is leading to a decrease in available space, which could serve as a driving factor for the growth of gas insulated switchgear in Asia Pacific.
Key Market Players:
Key players in the global Gas Insulated Switchgear Market include ABB (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Eaton (Ireland).
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Content Source: https://www.marketsandmarkets.com/PressReleases/gas-insulated-switchgear.asp
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/gas-insulated-switchgear-market-234770702.html
