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Gas-insulated Switchgear Market Size (2024 - 2029)

The Gas Insulated Switchgear market is projected to experience significant growth over the forecast period, driven by the transformation of the power industry and the increasing adoption of renewable energy-based power plants. Despite challenges such as high equipment costs and stringent regulations, the market is expected to expand, with the high voltage level segment leading due to its utility sector applications. Opportunities are anticipated from investments in smart grids and the replacement of outdated switchgear in developed regions. The Asia-Pacific region is expected to lead in market demand, particularly from countries like India and China.

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Market Size of Gas-insulated Switchgear Industry

Gas-Insulated Switchgear Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 21.06 Billion
Market Size (2029) USD 31.03 Billion
CAGR (2024 - 2029) 8.06 %
Fastest Growing Market Asia-Pacific
Largest Market Asia Pacific

Major Players

Gas-Insulated Switchgear Market Major Players

*Disclaimer: Major Players sorted in no particular order

Gas Insulated Switchgear Market Analysis

The Gas-insulated Switchgear Market size is estimated at USD 21.06 billion in 2024, and is expected to reach USD 31.03 billion by 2029, growing at a CAGR of 8.06% during the forecast period (2024-2029).

The outbreak of the COVID-19 led to a series of lockdowns leading to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities due to less discretionary spending, hampering the gas-insulated switchgear(GIS) market. In terms of the growth of the market, factors such as the transformation of the power industry in terms of upgrading transmission and distribution networks, rising adoption of renewable energy-based power plants, etc., are expected to drive the market during the forecast period. However, high equipment cost when compared to air-insulated switchgear, along with stringent environmental and safety regulations related to GIS, is likely to restrain the market growth during the forecast period.

  • The high voltage level segment due to most applications being in utility sectors, is anticipated to dominate the market during forecast period.
  • Growing investments in smart grids and energy systems and the extension or replacement of old switchgear at substations in developed regions are expected to create ample opportunities in the GIS market soon.
  • Asia-Pacific is expected to dominate the market, with the majority of the demand coming from the countries such as India and China.

Gas Insulated Switchgear Industry Segmentation

The gas-insulated switchgear market report includes:

Voltage Level
Low Voltage
Medium Voltage
High Voltage
End User
Power Utilities
Industrial Sector
Commercial and Residential
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Gas-insulated Switchgear Market Size Summary

The gas-insulated switchgear (GIS) market is poised for significant growth over the forecast period, driven by the transformation of the power industry and the rising adoption of renewable energy-based power plants. The market is expected to expand as countries modernize their transmission and distribution networks to accommodate the increasing demand for power, particularly in the Asia-Pacific region. This region, led by China and India, is experiencing rapid industrialization and urbanization, which has resulted in a substantial surge in power demand. The need for eco-friendly long-distance transmission and distribution projects, along with the integration of renewable energy sources, is further propelling the demand for GIS. However, the market faces challenges such as high equipment costs compared to air-insulated switchgear and stringent environmental regulations, which may restrain its growth.

The high voltage segment of the GIS market is anticipated to dominate due to its extensive applications in utility sectors and the ongoing investments in smart grids and energy systems. The modernization and replacement of old switchgear at substations, particularly in developed regions, are expected to create ample opportunities for market players. Companies are also focusing on developing asset performance management solutions to address downtime and maintenance issues, which is expected to enhance market growth. Notable developments, such as Siemens Energy and Mitsubishi Electric's collaboration on high-voltage switching solutions with zero global-warming potential, highlight the industry's commitment to innovation. The market is moderately fragmented, with key players like Hitachi Energy Ltd, Schneider Electric SE, and General Electric Company actively participating in projects that underscore the growing importance of GIS in modern power systems.

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Gas-insulated Switchgear Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Voltage Level

      1. 2.1.1 Low Voltage

      2. 2.1.2 Medium Voltage

      3. 2.1.3 High Voltage

    2. 2.2 End User

      1. 2.2.1 Power Utilities

      2. 2.2.2 Industrial Sector

      3. 2.2.3 Commercial and Residential

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Asia-Pacific

      3. 2.3.3 Europe

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Gas-insulated Switchgear Market Size FAQs

The Gas-insulated Switchgear Market size is expected to reach USD 21.06 billion in 2024 and grow at a CAGR of 8.06% to reach USD 31.03 billion by 2029.

In 2024, the Gas-insulated Switchgear Market size is expected to reach USD 21.06 billion.

Gas Insulated Switchgear Market Report Snapshots

Gas Insulated Switchgear Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)