Gas Insulated Switchgear Market Analysis

Gas Insulated Switchgear (GIS) is a metal enclosed switchgear that consists of components such as circuit breakers and disconnectors. Market Research Future (MRFR) has published a research report about the global gas insulated switchgear market that foretells advancement for this market at 8.77% CAGR (Compound Annual Growth Rate) during the forecast period between 2016 and 2023.

The upsurge in the adoption of electricity-based equipment is motivating the market greatly. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market has the potential to gain an 8.77 % CAGR in the course of the forecast period.

The swelling power consumption levels globally are adding to the growth of the gas insulated switchgear market. The rising construction of industrial plants, offshore platforms, and hydropower plants is anticipated to boost the gas insulated switchgear market in the upcoming period.

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The key factors driving the global gas insulated switchgear market growth include a significant increase in electric power consumption and demand for electricity due to numerous electrification projects in several developing countries. Another factor contributing to market growth is the growing power consumption rate across developed countries.

Industry Segmentation

The segmental assessment of the gas insulated switchgear market has been conducted on the basis of installation, end-user, voltage, region.

On the basis of end-user, the market for gas insulated switchgear is segmented into manufacturing & processing, transmission & distribution, infrastructure & transportation, and others.

On the basis of voltage, the gas insulated switchgear market is segmented into up to 36 kV and >36 kV.

Based on the installation, the gas insulated switchgear market is segmented into indoor and outdoor.

Based on the regions, the gas insulated switchgear market comprises of North America, Europe, Asia Pacific, Africa, South America, and the Middle East.

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Regional Outlook

The regional segmentation of the global gas insulated switchgear market can segment the market into the regional markets namely North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA). Asia Pacific region is the biggest regional market because countries like China, India, and Japan are investing in their grid expansion projects in order to increase distribution grid reliability. In these countries, the demand for electricity is growing due to industrialization and infrastructural developments.

North America is another crucial regional market due to technological advancement and the presence of many key market players. The maximum-revenue generating country-specific markets in this region are the USA, Canada, and Mexico.

Europe is another significant regional market primarily due to the vibrant automotive industry, the presence of many key market players, and the technological advancement that is second only to North America. The vital country-specific markets in this region are France, Germany, Italy, Russia, and the UK, followed by remaining countries of Europe.

Key Players

The key players in the global gas insulated switchgear market include ABB (Switzerland), CG Power (India), Fuji Electric (Japan), General Electric (USA), Hyosung (China), Larsen &Toubro (India), Mitsubishi Electric (Japan), Nisin Electric (Japan), Siemens (Germany), and Toshiba (Japan).

Also Read: https://www.marketwatch.com/press-release/gas-insulated-switchgear-market-2019-competitor-landscape-industry-analysis-by-voltage-installation-key-players-analysis-development-status-drivers-trends-opportunity-assessment-by-forecast-2023-2019-11-12

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