Market Overview:

According to a new report by IMIR Market Research on The market for Gas Insulated Switchgear was valued at approximately USD 26.9 Billion in 2023. Over the course of the forecast period (2024–2031), it is expected to increase at a compound annual growth rate (CAGR) of 6.3%, reaching a valuation of USD 45.04 Billion by 2031.

The market is expanding as a result of rising power demand, significant investments in power sector companies, and government initiatives to enhance the availability of electricity. The market is expanding due to a number of additional causes, including the increase in power generation projects that focus on renewable energy sources and the scarcity of space in cities. Growing energy demands have made a stable and trustworthy T&D organization necessary. According to the DOE and the North American Electric Reliability Corp., a framework that can handle unforeseen force spikes and decreases is necessary to ensure continuous force.

The aging facilities lack of initiatives, and unclear modernization plans are the main causes of the rising frequency of power outages. The force area hardware value chain as a whole is getting a commercial opportunity from new regulations that, to the greatest extent feasible, force power outages and remodel the world's maturing power networks, particularly in North America, Europe, and portions of Asia. Switchgear uses monitoring systems to alert the support group when outdated and overused equipment is almost certain to disappoint. It also provides them with continuous information to identify problems and opportunities for improvement, enabling them to make more informed decisions.

However, the market's expansion may be hampered by the expensive cost of equipment and strict government regulations. Additionally, environmental constraints such as moisture content and temperature, as well as water runoff from the ground, can affect the effectiveness of switchgear electrical organizations, especially those that are installed outside. In order to ensure the equipment operates legitimately and dependably in the substation environment, it must meet or exceed the detailed specifications.

Market Dynamics:

Market Drivers-

Growing Demand for Electricity

• The rising need for energy in a number of industries, including infrastructure, business, residential, & industrial. The demand for a consistent and effective electrical supply for lighting residences, companies, factories, transit networks, and other infrastructure is growing as nations expand and become more urbanized. Gas-insulated switchgear is essential to the efficient and secure management, protection, & switching of electrical circuits in power distribution and transmission systems. Additionally, there is a comparable rise in the use of GIS systems to assist grid modernization initiatives, improve power system reliability, and satisfy rising electricity demand as a result of the electrification of industry, the growth of energy from renewable sources, and the adoption of electric vehicles. Gas Insulated Switching Market growth and demand are driven by the requirement for reliable and small switchgear solutions that can function in a variety of environmental situations.

Focus on Grid Infrastructure Upgrades and Expansion

• The global utilities, grid operators, & governments are concentrating their efforts on grid expansion, infrastructure improvements, and optimization in the Gas Insulated Switching Equipment Market. To increase grid stability, resilience, and efficiency, investments in modernization projects are required due to aging electrical infrastructure, rising urbanization, and the incorporation of renewable energy sources. Gas-insulated switchgear is well-suited for metropolitan and intermediate applications with space limits and environmental considerations because it has various advantages over typical air-insulated switchgear, including a smaller footprint, improved reliability, and better insulation qualities. Moreover, Geographic Information Systems (GIS) facilitate the integration of renewable energy sources such as solar and wind power into the grid by providing efficient grid connection and administration capabilities. Gas insulated switchgear is expected to become more and more necessary as utilities and government agencies prioritize investments in smart grids, the integration of energy from renewable sources, and the resilience of infrastructure. This will drive market acceptance and expansion in the gas lined switchboard market.

Market Trends-

Increasing Demand for Smart Grid Infrastructure

• An increasing demand for advanced switchgear systems that can facilitate efficient power distribution, control, and transfer has arisen from the electrical system's growing integration of renewable energy sources, such as wind and solar power. Compact design, great reliability, and enhanced safety features are just a few advantages of gas insulated switchgear for smart grid applications. IS technology enable utilities to maximize grid operations, minimize transmission losses, and more effectively manage variable renewable energy generation. Moreover, utilities may better optimize load distribution, fortify grid resilience, and enhance outage management capabilities by applying digital authority, monitoring, & automation technologies made easier by GIS technology.  The increased emphasis on modernizing and repairing aging grid infrastructure in order to facilitate the shift towards smarter, environmentally friendly electricity networks is driving the market requirement for gas insulated switchgear solutions.

Rapid Urbanization and Industrialization

• The rapid industrialization & urbanization seen in rising markets across the globe. The expansion of urban populations is accompanied by an increase in the need for dependable and robust electrical networks to support infrastructure projects, industrial expansion, and urban development.  Gas insulating switchgear's small size, high voltage capacity, and resilience to moisture and pollutants make it ideal for use in both industrial and urban settings. To maintain stable grid conditions and dependable power distribution, GIS systems are frequently employed in substations, manufacturing facilities, data centers, & urban development projects. Due to the expansion of smart city initiatives and investments in vital infrastructure projects including public transportation, healthcare facilities, and commercial buildings, gas insulation switchgear systems are in high demand.

Market Restraining Factors-

High Initial Investment Costs

• The substantial initial expenses associated with setting up and implementing GIS systems. Although gas-insulated switchgear is well-known for its cutting-edge technology, small size, and excellent performance, these advantages are frequently more expensive than those of traditional air-insulated switchgear (AIS) systems. For utilities, grid managers, and industrial facilities, the initial capital cost of acquiring GIS equipment, such as switchgear units, breakers and disconnectors, and controls panels, can be significant. Furthermore, in order to meet the small footprint and unique needs of GIS equipment, GIS installations call for specialist engineering knowledge, site preparation, & infrastructure customizations. For certain prospective clients, especially in areas with tight budgets or little financial resources, the substantial upfront costs could be a deterrent to adoption. Hence, cost factors could sway judgments, prompting some purchasers to choose different switchgear options or postpone GIS expenditures, which would restrict the market's ability to expand and become more firmly established in the gas-insulated switchgear industry.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Gas Insulated Switchgear Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Gas Insulated Switchgear Market Market Players Analysis:

• Hitachi Energy, GE
• Siemens Energy
• Schneider Electric
• General Electric
• Eaton Corporation
• Mitsubishi Electric
• Hyundai Electric & Energy Systems
• Larsen & Toubro
• Crompton Greaves
• Hyosung Heavy Industries Corporation
• Toshiba Energy Systems & Solutions Corporation
• CHINT Electric
• Powell Industries
• ABB
• And More.

Developments:

• In August 2023, To assist in the building of its new South Lake Water Treatment Plant, the City of Georgetown, Texas, contracted with Eaton Corporation plc to supply power distribution, control, and protection equipment as well as turnkey electrical engineering services. It is projected that the contract will cost about $6 million.
• In June 2023, ABB and Samsung Engineering in Saudi Arabia inked a collaboration agreement to work together on engineering and procurement projects and to offer comprehensive analytics solutions to the Saudi oil and gas industry.

Gas Insulated Switchgear Market Market Segmentation Analysis:

By Type

• High Voltage GIS
• Medium Voltage GIS
• Low Voltage GIS

By Installation

• Indoor
• Outdoor

By Technology

• Hybrid Switchgear
• Integrated Three Phase
• Compact Gas Insulated Switchgear

By End-Use Sector

• Power Transmission
• Power Distribution
• Power Generation
• Infrastructure
• Transportation
• Others

The report also helps in understanding Global Gas Insulated Switchgear Market Market dynamics, structure by analyzing the market segments, and project the Global Gas Insulated Switchgear Market Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Gas Insulated Switchgear Market Market make the report investor’s guide.

Segmentation Insights:

The market scope is segmented because of by Type, by Installation, by Technology, by End-use.

By Installation

Based on the Installation of the market is segmented into Indoor and Outdoor.

The Gas Insulated Switchgear Market was dominated by the indoor category in 2022, with a value of USD 14,590.1 million and a projected compound annual growth rate (CAGR) of 10.1%. Because of the stringent fuel consumption regulations, GIS is installed within and provides the finest options for many regions, including underground and indoors. Furthermore, users favor GIS for interior substations and air-insulated cubicles for outdoor substations. However, the extremely high voltage gas insulation switchgear is resistant to temperatures between +55°C and -40°C, winds up to 34 m/s, and altitudes of < 3000 m. These devices can also be used outdoors in a variety of climate-related settings. Nonetheless, the majority of indoor gas generators are employed in business and industrial environments to ensure consistent electricity.
In addition, the primary driver of the demand for gas-fired indoor heating is an uninterrupted power supply. The low voltage in the energy sector and the extensive use of GIS in tiny areas also aided in the growth of the indoor segment.

By Technology

Based on the Technology of the market is categorised into Hybrid Switchgear, Integrated Three Phase, Compact Gas Insulated Switchgear.

The market for hybrid switchgear is expanding due to the growing need for robust and dependable power distribution systems. Its special blend of contemporary gas-insulated and traditional air-insulated technologies improves operating reliability and guarantees a steady supply of electricity even under trying circumstances. Hybrid switchgear is also growing because of the global movement to reduce carbon emissions and migrate to better energy sources. Hybrid switchgear maintains high performance while reducing environmental effect by utilizing environmentally friendly insulating gases.

In addition, switchgear solutions that are flexible and adaptive are required for the integration of energy from renewable sources, including wind and solar, into power grids. This demand is successfully met by hybrid switchgear, which can accept a variety of energy inputs. Furthermore, the upgrading of electrical infrastructure is fueled by the growing urbanization and industry, which encourages the adoption of hybrid switchgear due to its small size and space-saving features. Hybrid switchgear is in high demand as a result of growing attention to grid resilience against natural disasters and technology breakthroughs, which guarantees a dependable power distribution network.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Asia-Pacific is anticipated to grow substantially throughout the duration of the forecast period, making it the largest global shareholder in the gas insulated switchgear market. The Asia-Pacific region is highly populated, and in recent years, there has been a significant increase in electricity consumption due to the fast-paced rise of industrialization and urbanization. Investments in the transmission and distribution (T&D) infrastructure increased as a result. Long-range T&D projects also become more ecologically friendly as smaller substations and underground networks are developed, which calls for the use of gas-insulated switch gears more and more.

North America is the globe's second-largest electrical market in terms of electricity generation. The ways in which electricity is produced, transmitted, distributed, and used in the region have changed within the last ten years. Due to significant restructuring of the energy markets, particularly in the transmission and distribution networks, there is an increased demand for technology like gas-insulated switchgear (GIS). The government also starts a lot of initiatives to develop and modernize power transmission networks. For example, the Bipartisan Infrastructure Law's Transmission Facilitating Program (TFP) will enable the federal government to distribute USD 2.5 billion in funds in May 2022 for the purpose of modernizing and expanding the capacity of the country's electrical grid. To ensure to get input from the public on the design of the new revolving fund program, the US Department of Energy (DOE) released a request for information (RFI). During the projected period, the country's need for GIS is expected to rise due to these government initiatives, which are expected to bring about significant advances in energy transmission networks.

Gas Insulated Switchgear Market Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Gas Insulated Switchgear Market Market valued?
• Which region has the largest share in 2024 for the global Gas Insulated Switchgear Market Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Gas Insulated Switchgear Market Market:

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Gas Insulated Switchgear Market Trends:- Market key trends which include Increased Competition and Continuous Innovations Trends