July 01,2021/IndustryNewsGlobal/ Theunexpected shifts in the global markets because of the sudden outbreak of theCOVID-19 virus have brought many major and minor tremors to industries of all sizes including the Gas Insulated Switchgear Market . Gas InsulatedSwitchgear Market is likely to witness an impressive CAGR of 8.9% during theforecast period. Growth in renewable power generation, rise in energy demand,increasing investments towards transmission & distribution infrastructure, and government initiatives across the globe towards improving electricity access are the major factors that are driving the global gas insulated switchgear market.
Gas Insulated Switchgear refers to a metalcompact switchgear that has components of high voltage. These components aresuch that can be handled safely.
Gas Insulated Switchgear can be for both high-voltage andmedium-voltage. The switchgear can be installed indoor, outdoor, and also assolid bus duct connection and cable connection.
This report studies the market covering a period of 12 years oftrend and forecast. The report provides detailed insights into the marketdynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the type, the market is segmentedas high-voltage insulated switchgear and medium-voltage insulated switchgear.The medium-voltage insulated switchgear segment is expected to witness a higher growth during the forecast period. Rapid improvement in the power distribution sector owing to implementation of smart grid and smart metering technology along with the growing penetration of gas insulated switchgear are the major factors driving the growth of medium-voltage insulated switchgear.
Based on the voltage type, the market issegmented as distribution voltage, sub-transmission voltage, high-voltagetransmission, extra-high voltage transmission, and ultra-high voltage transmission. The extra high-voltage transmission segment is expected to witness the highest growth during the forecast period. Technical superiority of gas insulated switchgear over air and vacuum switchgear is the prime driver behind the high growth of the extra high-voltage transmission segment.
Based on the end-user type, the market issegmented as power transmission utilities, power distribution utilities, powergeneration utilities, infrastructure & transportation, and industries & OEMs. The power distribution utilities segment is expected to witness the highest growth in the coming five years. Rapid urbanization in developing economies and government initiatives towards expansion of electricity in rural areas are the major factors towards the high growth of the power distribution utilities segment.
In terms of regions, Asia-Pacific isexpected to witness the highest growth in the gas insulated switchgear marketduring the forecast period. China South Korea, Japan, and India are the growth engines of the region. The market is driven by growing power consumption, government initiatives towards energy efficiency, and upgradation of aging utility infrastructure in the region. North America and Europe are also expected to offer substantial growth opportunities in the gas insulated switchgear market during the forecast period.
Some of the major players in the gas insulated switchgear market are -
· ABB Group,
· Siemens AG,
· Schneider Electric SE,
· Mitsubishi Electric Corporation,
· General Electric Company,
· Hitachi, Ltd.,
· Hyundai Heavy Industries Co., Ltd.,
· Fuji Electric Co., Ltd.,
· Nissin Electric Co., Ltd.,
· Larsen & Toubro Ltd.
Features of the Report
This report offershigh-quality insights and is the outcome of detailed research methodologycomprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The harmonic filters Marketanalysis reportdiscusses the following heads in great detail:
· Market structure: Overview,industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environmentanalysis: Growth drivers and constraints, Porter’s five forces analysis, SWOTanalysis
· Market trend and forecastanalysis
· Market segment trend andforecast
· Competitive landscape anddynamics: Market share, product portfolio, product launches, etc.
· Attractive market segmentsand associated growth opportunities
· Emerging trends
· Strategic growthopportunities for the existing and new players
· Key success factors