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HV Gas Insulated Switchgear (GIS) Market Trends

  • Report ID: GMI6890
  • Published Date: Oct 2023
  • Report Format: PDF

HV Gas Insulated Switchgear Market Trends

The growing adoption of distributed generation and smart grid networks has compelled installers to adopt efficient power supply units. Additionally, the increasing prominence of heavy-duty industrial machinery, especially in motor control operations on a large scale, will drive the demand for circuit protection equipment. The substantial migration to suburban areas, driven by an increased reliance on manufactured products, has placed a heightened focus on the expansion of residential, commercial, and industrial electricity networks. Furthermore, the expansion of electric transportation networks, process units, and Special Economic Zones (SEZs) in developing nations has had a positive impact on the demand for these units.
 

The industry has experienced substantial growth due to increasing concerns related to fire hazards, electrical supply faults, health, and operational safety risks. The absence of efficient electric grid networks in developing economies, combined with a focus on upgrading existing infrastructure in developed nations, has created a favorable business environment. Moreover, the expansion of product portfolios and strategic moves like acquisitions and mergers by major industry players are expected to drive industry growth as well.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of HV gas insulated switchgear was worth USD 15.7 billion in 2023 and is projected to witness 7.9% CAGR from 2024 to 2032, due to the introduction of advanced, adaptable, and secure power distribution technologies.

300 kV HV GIS market size exceeded USD 600 million in 2022, driven by the rising global demand for electricity, primarily propelled by urbanization, industrialization, and the widespread adoption of electricity in various sectors.

HV gas insulated switchgear market share from the offshore wind segment will witness more than 9.2% CAGR through 2032, with numerous countries pursuing ambitious plans to significantly expand their offshore wind capacity.

North America HV GIS market size is set to depict over 6.3% CAGR from 2023 to 2032, due to the significant investments in the transmission and distribution retrofitting sector. ?

HV Gas Insulated Switchgear Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 14
  • Tables & Figures: 570
  • Countries covered: 29
  • Pages: 368
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