Product Code: 61338
The market for gas-insulated switchgear is expected to witness a CAGR of more than 5% during the forecast period, 2020 - 2025. The gas-insulated switchgear (GIS) is metal-enclosed, which is more environment-friendly, more reliable, and more flexible when compared to air-insulated switchgear (AIS). Due to its space optimization, low maintenance, and protection against external elements, the demand for gas-insulated switchgear is expected to rise in the coming years. Transformation of the power industry is expected to drive the demand for gas-insulated switchgear market during the forecast period, as GIS type switchgear is preferred for transmission line renovation projects. Factors, such as high equipment cost when compared to AIS, along with stringent environmental and safety regulations related to GIS, are hindering the market growth.
- The gas-insulated medium voltage switchgear (GIS) is anticipated to witness significant demand over the forecast period, as it offers numerous advantages, such as less field construction work (i.e. quick installation time), flexible designs, minimal maintenance, etc.
- Growing investments in smart grids and energy systems, and the extension or replacement of old switchgears at substations in developed regions are expected to create ample opportunities in the GIS market.
- Asia-Pacific is expected to dominate the market, with majority of the demand coming from the countries, such as India and China.
Key Market Trends
Medium Voltage GIS to Witness Significant Demand
- The medium voltage gas-insulated switchgear segment is expected to witness significant demand over the forecast period, due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart meter technology.
- Gas-insulated medium voltage switchgear is widely used in the wind farm generators. Medium voltage switchgear of up to 35 kVA SF6 gas-insulated, especially used for the protection of wind generators, is installed at the remote locations.
- According to China's largest state-owned utility corporation, State Grid Corporation of China (SGCC), the country's energy demand in 2030 is expected to exceed 10 Petawatt hour (PWH). As a result, there is a need for the expansion of the existing power transmission network, which is expected to drive the demand for medium voltage gas-insulated switchgear in the country.
- In September 2019, the Power Grid Company of Bangladesh Limited invited international competitive bids for the design, supply, installation, testing, and commissioning of a 400 kV outdoor gas insulated switchgear (GIS) substation at Bogura (West) and Rahanpur, along with the upgradation/extension of the Gopalganj and Chapainawabganj (old) substations on a turnkey basis.
- Therefore, the rising adoption of smart grid technology is expected to have a positive impact on the medium voltage switchgear market, during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the gas-insulated switchgear market, as the region 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.
- Due to the unprecedented growth of the economy, coupled with factors, such as rapid industrialization and urbanization, China witnessed a high demand for electricity, over the past few years.
- As the power generation capacity increases, a majority of the emerging countries are unable to fulfill the domestic electricity demand. Therefore, new power plants are being built in this region.
- Moreover, to connect the growing number of power plants and to supply electricity to consumers, the region is witnessing a large number of transmission and distribution (T&D) network construction projects, which, in turn, is driving the demand for switchgear, including gas-insulated switchgears, in the utility sector.
- Therefore, the trend is expected to continue during the forecast period as well, which, in turn, is expected to drive the gas-insulated switchgears market in the region.
The gas-insulated switchgear market is moderately fragmented. Some of the key companies in the market include ABB Ltd, Schneider Electric SE, General Electric Company, Eaton Corporation PLC, and Toshiba International Corporation.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Voltage Level
- 5.1.1 Low Voltage
- 5.1.2 Medium Voltage
- 5.1.3 High Voltage
- 5.2 End User
- 5.2.1 Power Utilities
- 5.2.2 Industrial Sector
- 5.2.3 Commercial and Residential Sector
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 ABB Ltd
- 6.3.2 Schneider Electric SE
- 6.3.3 General Electric Company
- 6.3.4 Powell Industries Inc.
- 6.3.5 Eaton Corporation PLC
- 6.3.6 Toshiba International Corporation
- 6.3.7 Mitsubishi Electric Corporation
- 6.3.8 Siemens AG
- 6.3.9 Hyosung Heavy Industries Corp.
- 6.3.10 Larsen & Toubro Limited
- 6.3.11 Bharat Heavy Electricals Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS