Gas Insulated Switchgear Market Growth and Share, Key Players, Business Opportunities, Challenges, Demand and Forecast Analysis till 2034: SPER Market Research
Gas Insulated Switchgear Market
Gas insulated switchgear (GIS) is a form of switchgear used in electrical systems to regulate electrical devices. They’re utilized to isolate and protect electrical equipment. Traditional air-insulated switchgear (AIS) uses ambient air as an insulation medium and does not require any additional special gases. In contrast, GIS employs sulfur hexafluoride (SF6) gas as an insulating medium in its operation. GIS consists of various components, including enclosures, insulating gas, switching devices, bus bars, and connectors. GIS enclosures are metal-clad, sealed constructions. Metals used in enclosures include steel and aluminum. These enclosures serve as housing for switching devices, bus bars, and other critical components. These enclosures provide protection against dust, pollution, and moisture.
According to SPER market research, ‘Global Gas Insulated Switchgear Market Size- By Voltage, By Installation, By End User -Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Gas Insulated Switchgear Market is predicted to reach 33.53 billion by 2034 with a CAGR of 6.33%.
Drivers: The gas-insulated switchgear market electricity demand has surged over the last decade as the population has grown exponentially. Electricity consumption has increased as the population has grown, resulting in an increase in power demand. Industrialization, urbanization, and infrastructure electrification all contribute to increased demand for power. As countries industrialize, there is a greater demand for energy, which is required to power factories, manufacturing processes, and other small to large industrial operations. Such reasons fuel the expansion of the gas insulated switchgear market, as these switchgears are mostly utilized in electrical substations for power distribution, compact and space-saving electrical substations, and smart grids.
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Restraints: The high initial and maintenance expenses associated with GIS limit the growth of the gas insulated switchgear market. The high production cost is due to the precision manufacturing methods necessary to achieve standards while producing a complicated design. The cost is also determined by components such as insulating gas, bus bars, and circuit breakers. Furthermore, high installation and maintenance costs limit the expansion of the gas insulated switchgear industry. The gas utilized in these switchgears is typically SF6. SF6 is a greenhouse gas that is damaging to the environment. In addition, various legislation and initiatives aim to reduce the usage of SF6 gas and/or restrict its emissions.
Global Gas Insulated Switchgear Market Key Players:
The market for gas-insulated switchgear is dominated by Asia-Pacific because of the region’s fast industrialization and urbanization, which raises demand for power. Some significant market players are ABB, Bharat Heavy Electricals Limited, CHEM Group, Eaton, Fuji Electric, GE, Hitachi, Ltd, Hyundai Electric & Energy Systems Co., Ltd, and others.
Global Gas Insulated Switchgear Market Segmentation:
By Voltage: Based on the Voltage, Global Gas Insulated Switchgear Market is segmented as; Up to 66 kV, 66 kV – 170 kV, 170 kV – 550 kV, Above 550 kV.
By Installation: Based on the Installation, Global Gas Insulated Switchgear Market is segmented as; lndoor and Outdoor.
By End User: Based on the End User, Global Gas Insulated Switchgear Market is segmented as; Utility, Industrial, Commercial, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Gas Insulated Switchgear Market Share
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