Gas Insulated Switchgear Market To Generate Revenue worth $36,400.7 Million by 2030
- Published: January 2023
The global gas insulated switchgear market is predicted to produce USD 36,400.7 million revenue by 2030, advancing at a 6.2% CAGR during 2022–2030. This will be due to the surging demand for the electricity, rising urbanization, and increasing renewable energy-based capacity addition.
Moreover, switching, separating, transforming, measuring, and distributing electrical energy in power systems are the primary duties of a GIS substation. The utilization of SF6, an inert gas with high insulating qualities as well as chemical and thermal durability, is the key component of a GIS device. In contrast, a GIS unit needs a few centimeters of insulation to be effective, but an air-insulated switchgear unit would need meters. With all these qualities, GIS is a far more dependable technology comparatively, requiring less space and upkeep.
The energy demand is increased by roughly 35% as middle-class populations grow rapidly in developing countries. By 2050, this demand in wealthy nations will be reduced by 15% as a result of improved building efficiency. As traditional fuels, such as biomass, coal, and oil become less popular, the demand for electricity is expected to increase by 1.8% per year and account for over 50% of the global economy by 2050. Moreover, the industrial expansion requires energy and creativity. This outlook looks ahead to technological developments as well as the growing preference for cleaner energy sources, such as electricity and natural gas.
Outdoor Gas Insulated Switchgear Is Faster Growing
The outdoor category is expected to grow the faster, at a CAGR of over 6%, during the forecast period. Moreover, outdoor switchgear requires a lot of room to build, although it is not as challenging as inside switchgear. Electric switchgear installation is less costly from this perspective. Outdoor substations come in two varieties: pole-mounted substations and substations that are installed on a foundation. The equipment in a pole-mounted substation is outdoor in nature. The high-tension transmission line is protected using a high-transformation fuse.
Also, since the construction is not complicated in this, the equipment is clearly visible. The situation is less complicated in outdoor substations and components, such as bus bars and O.H. lines are not insulated, clearance is greater and escalation is greater.
Moreover, the hybrid category held the largest share in 2022 due to the fact that it can use up to 70% less surface area than similar air-insulated components. Furthermore, substations can be expanded quickly because of the prefabricated modules' simple installation. The choice to put HGIS on the roof of E-House saves space and streamlines building tasks.
Moreover, a hybrid GIS system combines isolated phases and common three-phase elements. By using this system, the connection from the bus bar is made simpler. Phase-to-phase failures are avoided because of the segregated phase equipment. This is the greatest design when it comes to both space requirements and maintenance facilities.
Moreover, APAC held the largest share in 2022 due to the surging power consumption in advanced economies, such as China and Japan, as well as developing nations, such as China and India. An increase in substations as a result of rising power demands and upgrading of the deteriorating electrical infrastructure.
The major players operating in the global gas insulated switchgear market are ABB Group, General Electric, Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, Eaton Corporation plc, Hitachi Ltd., Hyundai Electric & Energy Systems Co. Ltd., Fuji Electric Co. Ltd., and Toshiba Energy Systems & Solutions Corporation.