Growth forecast for gas insulated switchgear market

MarketsandMarkets has released a new report, ‘Gas Insulated Switchgear Market by Type, Sub-Type, End-User & Region - Global Forecast to 2020’. The report, which defines and segments the global gas insulated switchgear market with an analysis and forecast of the market size, predicts that the market will grow from an estimated US$15.4 billion in 2015 to US$24.6 billion by 2020, at a CAGR of 9.9%. Better capacity compared to conventional switchgears, optimised energy efficiency, reliability, and security to multiple energy sources, compact structure, longer lifespan, and low maintenance of gas insulated switchgears, are driving the market across the globe.

Among the two major types of gas insulated switchgear: high voltage and medium voltage, high voltage held the largest market share in 2014. The high voltage segment includes gas insulated switchgears above 72.5 kV rating, and ratings below 72.5 kV come under medium voltage gas insulated switchgears. High voltage gas insulated switchgears are efficient to transmit electricity at high voltage, extra high voltage, and ultra high voltage levels. In many cases, the renewable energy generator is directly connected to the national grid, which generates electricity of high voltage or ultra voltage level. At such instances, due to its less space consumption, high voltage gas insulated switchgears are widely used in many developed and populated nations, which have space constraints.

Asia Pacific is the largest market for gas insulated switchgears among other regions studied in this report, such as North America, Europe, GCC (Gulf Cooperation Council), and the rest of the world. Asia Pacific will continue to dominate the gas insulated switchgear market, seeking more investments in the transmission and distribution sector for renewable energy generation, encouraging more substations to be installed for high voltage transmission. In order to meet environmental constraints, countries in the region are now focusing on decreasing the emission level by bringing in highly developed technologies into operation, by investing in substation projects, which involve gas insulated switchgear installations as well.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24122015/gas-insulated-switch-gear-market-to-2020-1961/