According to the new market research report "Gas Insulated Switchgear Market by Type, Voltage (medium, high, extra high, ultra-high), Installation, End-User (Transmission Utilities, Distribution Utilities, Generation Utilities, Transportation, Industry & OEMs) and Region - Global Forecast to 2023", published by MarketsandMarkets™, The global gas insulated switchgear market is projected to reach a market size of USD 28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.

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The report segments the gas insulated switchgear market, by type, into high voltage gas insulated switchgear and medium voltage gas insulated switchgear. Medium voltage gas insulated switchgear market is expected to grow at the highest CAGR during the forecast period. This segment is driven due to rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology, gas insulated switchgears are gaining importance over conventional switchgear and air insulated switchgear.

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The gas insulated switchgear market, by end-user, is segmented into power transmission utility, power distribution utility, power generation utility, infrastructure & transportation, and industries & OEMs. Power distribution utility is expected to grow at the highest CAGR during the forecast period. Space constraint is one of the major challenge in the development of distribution grid infrastructure projects which can be overcome by GIS substations and create new revenue pockets.

Asia Pacific is the largest gas insulated switchgear market, in terms of production as well as consumption in various utilities and industries. It is the most populated region in the world and consequently 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. China accounted for the largest share of the gas insulated switchgear market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects; Japan, China, and India are emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and is expected to drive the growth of the gas insulated switchgear market in Asia Pacific.

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The gas insulated switchgear market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).

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