29-Sep-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for Gas Insulated Power Equipment market was valued at approximately USD 19.5 Billion in 2019, and is expected to generate revenue of around USD 32.8 Billion by end of 2026, growing at a CAGR of around 9.05% between 2020 and 2026. The rising adoption of renewable power generating resources, growing investment in the distribution & transmission infrastructure, the electricity access-related initiatives taken by governments, and the shortage of land in densely populated urban places are jointly propelling the gas-insulated power equipment market.
The leading contenders profiled in the report that are driving the global gas-insulated power equipment market growth are Siemens, GE, CG, Larsen & Toubro, Toshiba, Hyundai, Chint Electric, Nissin Electric, ABB, Fuji Electric, Hitachi, Schneider Electric, Meidensha, Hyosung, and Mitsubishi Electric, among others.
ABB is among the leading market players in the power and automation sector. The Swiss multinational automation company offers a variety of products, services, and tech-based systems to several end-users including transportation, infrastructure, and utility industries. The gas-insulated heavy switchgear offered under ABB's electrification products division is accounted for more than one-fourth of the company's net sales in 2016.
Transmission And Distribution Infrastructure Development Drives The Global Gas-Insulated Power Equipment Market
The key factor driving the growth of the global gas-insulated power equipment market is the appropriate establishment of distribution and transmission infrastructure across the regions to fulfill the rising electricity demand for which several countries are arranging huge investments. Several countries are investing in developing their transmission and distribution infrastructure to meet the increasing demand for electricity. For instance, Saudi Arabia has planned to invest around USD 100 billion in the next 10 years to increase the domestic power generation by twofold i.e. from the current 40,000 MW to 80,000 MW. The heavy power equipment not only cuts the operational and maintenance charges but also solves the space constraint problem. On the contrary, the factor restraining the market growth is the high installation charges of the power equipment. Gas-insulated power equipment is costlier than the air-insulated power equipment with almost the same specifications.
The global gas-insulated power equipment market is categorized on the basis of voltage, type, technology, installation, end-user, and by region. By voltage, the global market is bifurcated into high voltage, extra-high voltage, ultra-high voltage, sub-transmission voltage, and distribution voltage. By type, the market is divided into gas-insulated high-voltage switchgear and gas-insulated medium-voltage switchgear. By technology, the market is classified into compact gas-insulated power equipment, integrated three-phase, and hybrid switchgear. By installation, the market is segregated into outdoor and indoor. By the end-user, the global market is bifurcated into power generation utility, power transmission utility, infrastructure & transportation, power distribution utilities, and industries & OEMs.
Rising Electricity Demand Likely To Flourish The Gas-Insulated Power Equipment Market In Asia Pacific
Based on the regional analysis, Asia Pacific held a significant share in the global gas-insulated power equipment market in 2018. The region is expected to attain the dominating position in the market throughout the forecast period. The key reason behind being the leader is that the Asia Pacific is the densely populated region across the globe and therefore witnesses a huge demand for electricity.
Browse the full “Gas Insulated Power Equipment Market Product (switchgear (GIS) and gas insulated transmission lines), Application (HVDC and HVAC)): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/gas-insulated-power-equipment-market
The global gas-insulated power equipment market is segmented as follows:
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