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Gas-insulated Switchgear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4997455
  • Report
  • April 2022
  • Region: Global
  • 125 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Eaton Corporation PLC
  • General Electric Company
  • Hitachi Energy Ltd.
  • Powell Industries Inc.
  • Schneider Electric SE
  • Siemens Energy AG

The gas-insulated switchgear market is expected to register a CAGR of more than 5% during the forecast period of 2022-2027. The outbreak of the COVID-19 led to a series of lockdowns leading to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities due to less discretionary spending, hampering the gas-insulated switchgear(GIS) market. In terms of growth of the market, factors such as transformation of the power industry in terms of upgrading transmission and distribution networks, rising adoption of renewable energy based power plants, etc. are expected to drive the market during the forecast period. However, high equipment cost when compared to air-insulated switchgear, along with stringent environmental and safety regulation related to GIS is likely to restrain the market growth during the forecast period.



Key Highlights

  • Medium voltage level segment is anticipated to witness significant demand over the forecast period, as it offers numerous advantages, such as less field construction work (i.e., quick installation time), flexible designs, minimal maintenance, etc.
  • Growing investments in smart grids and energy systems and the extension or replacement of old switchgears at substations in developed regions are expected to create ample opportunities in the GIS market soon.
  • Asia-Pacific is expected to dominate the market, with the majority of the demand coming from the countries such as India and China.

Key Market Trends


Medium Voltage Level Segment to Witness Significant Demand

  • The medium voltage level GIS segment is expected to witness significant demand over the forecast period due to the rapid improvement in the power distribution sector through the implementation of the smart grid and smart meter technology.
  • Gas-insulated medium voltage switchgear is widely used in wind power plants. Medium voltage switchgear of up to 35 kVA are used for the protection of wind generators installed at remote locations.
  • Wind farm installation is on the rise globally due to a shift towards renewable energy sources and also cheaper cost compared to other sources of renewable energy.
  • In February 2022, Vattenfall formed a joint venture with Seagust to bid for offshore wind areas in Norway. Norway is expected to hold its initial offshore wind licensing rounds in 2022 for two areas, Utsira Nord and Sorlige Nordsjo II, in the North Sea, with a total capacity upto 4.5 GW.
  • Also, in February 2022, Enertrag AG signed a corporate power purchase agreement tied to its 36-MW wind farm project in Poland. The wind farm is expected to be commissioned by 2024.
  • Furthermore wind power plants and other kind of renewable energy power plants are in various of stages of construction globally. These plants employ medium-voltage gas-insulated switchgear and as a result, the demand is likely to increase during the forecast period.
  • Besides that, rail-based mass transit systems are being rapidly developed globally, which are primarily powered by electricity, which is further shooting up the demand for medium voltage gas-insulated switch gears. For instance, in India, approximately 717.15 km of the metro rail system is operational and further 2000 km in various stages of construction, which will require medium-voltage gas-insulated switch gears.
  • Therefore, based on the above-mentioned factors, medium voltage level segment is expected to witness significant demand for the global GIS market during the forecast period.

Asia-Pacific to Dominate the Market

  • Asia-Pacific is expected to dominate the gas-insulated switchgear market, as the region witnesses a high demand for electricity. Countries like China, Japan, and India, are investing in their grid expansion projects to increase the distribution grid reliability.
  • Due to the unprecedented growth of the economy, coupled with factors such as rapid industrialization and urbanization, China witnessed a high demand for electricity over the past few years.
  • According to China’s largest state-owned utility corporation, State Grid Corporation of China (SGCC), the country’s energy demand, in 2030, is expected to exceed 10 Petawatt hour (PWH). As a result, there is a need for the expansion of the existing power transmission network, which is expected to drive the demand for gas-insulated high voltage switchgear, in the country.​
  • In January 2022, the Indian government, the West Bengal government along with the World Bank signed a project of worth USD 135 million to improve the efficiency and reliability of electricity supply in selected areas of West Bengal. This project will see the adoption of GIS along with other equipment in the modernization of the electricity grid.
  • Furthermore, as the demand for power increases, a majority of the emerging countries were unable to fulfill the domestic electricity demand. Therefore, new power plants are being built in this region.
  • The region is also seeing rapid adoption of renewable energy-based power generation, that requires a transmission and distribution network of its own and revamping of existing grid infrastructure to integrate such power plants, which, in turn, is driving the demand for gas-insulated switchgears.
  • Therefore, the trend is expected to continue during the forecast period as well, which, in turn, is expected to drive the gas-insulated switchgears market in the region.

Competitive Landscape


The gas-insulated switchgear market is moderately fragmented. Some of the key companies in the market include Hitachi Energy Ltd., Schneider Electric SE, General Electric Company, Eaton Corporation PLC, and Toshiba Corp.



Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


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Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Eaton Corporation PLC
  • General Electric Company
  • Hitachi Energy Ltd.
  • Powell Industries Inc.
  • Schneider Electric SE
  • Siemens Energy AG

1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Voltage Level
5.1.1 Low Voltage
5.1.2 Medium Voltage
5.1.3 High Voltage
5.2 End-User
5.2.1 Power Utilities
5.2.2 Industrial Sector
5.2.3 Commercial and Residential
5.3 Geography
5.3.1 North America
5.3.2 Asia-Pacific
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Hitachi Energy Ltd.
6.3.2 Schneider Electric SE
6.3.3 General Electric Company
6.3.4 Powell Industries Inc.
6.3.5 Eaton Corporation PLC
6.3.6 Toshiba Corp
6.3.7 Mitsubishi Electric Corporation
6.3.8 Siemens Energy AG
6.3.9 Hyosung Heavy Industries Corp.
6.3.10 Bharat Heavy Electricals Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Hitachi Energy Ltd.
  • Schneider Electric SE
  • General Electric Company
  • Powell Industries Inc.
  • Eaton Corporation PLC
  • Toshiba Corp
  • Mitsubishi Electric Corporation
  • Siemens Energy AG
  • Hyosung Heavy Industries Corp.
  • Bharat Heavy Electricals Limited
Note: Product cover images may vary from those shown

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