Gas Insulated Switchgear Market Size

Gas Insulated Switchgear Market Size

Gas Insulated Switchgear Market size valued at USD 20 billion in 2021 and is projected to grow at over 8% CAGR from 2022 to 2030. Rapid upgradation of aging grid infrastructure will spur the market expansion.

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With the advancement in artificial intelligence and other technologies, programs related to the refurbishment of aging energy grid infrastructure have been introduced worldwide. Governments have also launched favorable schemes to expand smart grid infrastructure. The modernization of grid networks will foster the installation of advanced electrical equipment and controls, including gas-insulated switchgear substations. Private and public sectors are also making significant investments in smart grid networks to meet the burgeoning power demand.

The consumption of electricity has risen considerably on account of the rising population and ongoing urbanization. In developing countries across Africa, there has been growing concern regarding persistent power lags and failures. These factors have led to increased investment in sustainable electrical networks. Furthermore, the introduction of favorable regulatory reforms associated with electrification will provide growth opportunities for the gas insulated switchgear industry in the coming years.