Gas Insulated Switchgear Market – Overview
The Global Gas Insulated Switchgear Market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at the rapid pace during the forecast period. Electricity is a green source of power, which has gained a significant importance in the modern life. Most of the home appliances, industrial machineries, trains and many other systems rely on electrical supply. Certainly, electricity is a boon to the modern life, however, it can turn into a threat if not handled properly. In a distribution system, all possible measures have to be taken in order to ensure minimum power loss and maximum safety. For this, switchgears are used for switching and protecting devices such as switches, fuses, circuit breakers and relays. The main purpose of switchgears is to ensure safety of the distribution system by disconnecting in case of any short-circuit. As per the study conducted by Market Research Future, the Global Gas Insulated Switchgear Market is likely to grow at the CAGR of around 9%.
Power industry is one of the major revenue generating industries which has pushed the market for innovative and eco-friendly energy generation activities, where, gas insulated switchgear market is one of them. In other words, the growth in the power industry will create a positive impact on the market for global gas insulated switchgear. The switchgear has become the backbone of electric transmission lines spread across the country and in cross border distribution. Over the last decade, a significant surge in electric power consumption has been observed and is estimated to grow further owing to numerous electrification projects in several developing countries. Also, growing power consumption rate or per capita power consumption across the developed countries is also a major driver for the growth of global gas insulated switchgears market. Moreover, increasing adoption of electricity based gadgets, equipment, appliances, vehicles and others is projected to increase the power demand and dense electricity distribution network. Furthermore, several countries are engaged in cross border power transmission to their neighbouring countries, which involve a thousand miles of transmission lines and hundreds of distribution stations and sub-stations. Technological advancements in both power generation as well as distribution systems are estimated to be the main drivers of the gas insulated switchgears. Owing to the increasing demand for gas insulated switchgears, various key manufacturers are engaged in developing more advanced and sophisticated gas insulated switchgears. The manufacturers are striving to increase the reliability and efficiency of the gas insulated switchgears by employing automation and high quality materials. Escalating demand for compact size substations on account of high land lease rates is expected to drive the demand for gas insulated switchgears. Installation for these products take 1/10th of the total space required for the conventional switchgears. In November 2015, the U.S. based Public Service Electric & Gas (PSEG) ordered compact and modular 420 kV GIS from ABB to enhance power reliability and protect network from extreme weather conditions.
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Gas insulated switchgear Global Market - Key Player
ABB Ltd., Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Hitachi Ltd., Hyundai Heavy Industries Co., Fuji Electric Co. Ltd., Toshiba International Corporation, Nissin Electric Co. Ltd., Crompton Greaves Limited, Hyosung Corporation, Chint Electric Co. Ltd. and Larsen & Toubro are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Gas Insulated Switchgear Market.
Gas insulated switchgear Global Market – Segmentation
The scope of Global Gas Insulated Switchgear Market is segmented into two major segments which are explained below:
Gas insulated switchgear Global Market - Competitive Analysis
The global market for gas insulated switchgear seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international manufacturers, domestic product developers and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product development through innovation approach, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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In November, 2016 – Fuji Electric Co., Ltd., headquartered in Tokyo, Japan, announced the release of its “145 kV Gas-Insulated Switchgear” (GIS) conforming to the IEC Standard.
In October, 2016 – GE (NYSE: GE) achieved another milestone in its ‘Make in India’ journey with the commencement of dedicated 765kV Gas Insulated Substation (GIS) manufacturing line at its high voltage transmission equipment manufacturing facility at Padappai in Chennai, India.
In Feb, 2016 – ABB won an order from SP PowerGrid to supply four 66 kilovolt (kV) gas-insulated switchgear (GIS) substations for the city-state of Singapore. The project is part of SP PowerGrid’s continuous efforts to strengthen the efficiency and reliability of its transmission and distribution networks and to meet the growing demand for power in Singapore’s industrial, commercial and residential sectors.