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HV gas insulated switchgear market revenue from the 300 kV segment was worth 600 million in 2022. The global demand for electricity continues to surge, primarily propelled by urbanization, industrialization, and the widespread adoption of electricity in various sectors, including transportation. This escalating demand underscores the critical necessity for reliable and efficient Gas Insulated Switchgear systems, especially those rated at 300 kV, to ensure the stability of power distribution networks. Many countries are strategically prioritizing the upgrade of their electrical grids to enhance reliability, diminish transmission losses, and facilitate the integration of renewable energy sources.
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The offshore wind segment is set to grow at a CAGR of more than 9.2% through 2032. Offshore wind farms are rapidly growing in size and number as technological advancements and economies of scale come into play. Numerous countries are now pursuing ambitious plans to significantly expand their offshore wind capacity, resulting in a heightened adoption of high voltage gas insulated switchgears. The trend toward larger and more potent wind turbines persists, with these larger turbines capturing more wind energy and enhancing the overall efficiency of offshore wind farms.
In fact, turbines with capacities exceeding 10 MW are currently under development and deployment. Moreover, offshore wind energy is no longer confined to its traditional strongholds in Europe but is expanding into other regions such as the United States, Asia, and Australia.
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North America HV gas insulated switchgear market is anticipated to witness a growth rate of over 6.3% between 2023 and 2032. The transmission and distribution refurbishment sector plays a crucial role in driving demand in North America. According to a recent study conducted by the Department of Energy (DOE), the implementation of energy-efficient power lines is expected to result in energy savings of up to 16 terawatt-hours (TWh) annually by 2020. This underscores the significance of energy efficiency initiatives in the region. The North American global switchgear industry is poised to experience substantial growth, primarily due to the increasing emphasis on expanding transmission and distribution networks.