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Gas Insulated Switchgear Market will grow at 8% CAGR by 2024.

Gas Insulated Switchgear Market will grow at 8% CAGR by 2024.

U.S. gas insulated switchgear market to witness substantial growth prospects over 2017-2024, favorable regulatory framework to push the regional demand
Gas Insulated Switchgear Market Size By Capacity (<38kV, 38kV ≤ 72kV, ≥ 72kV ≤ 150kV, >150kV), By Voltage Level (Medium Voltage (Primary Distribution, Secondary Distribution), High Voltage), By Application (Transmission & Distribution, Manufacturing & Processing, Infrastructure & Transportation, Power Generation), Industry Analysis Report, Regional (North America, Europe, Asia Pacific, Latin America, MEA), Competitive Market Share & Forecast, 2017 – 2024

The global Gas Insulated Switchgear Market is witnessing an exponential growth with the worldwide demand for electricity directly influencing the demand for high-voltage switchgears. Gas insulated switchgear (GIS) consists of disconnectors and circuit-breakers that are used to control, protect, and isolate electrical equipment. Shifting trends toward replacement of commonly used gases such as SF6 and N2 with clean energy resources will encourage manufacturers to come up with new alternatives. ABB, for instance, has been developing alternatives for the predominantly used sulfur hexafluoride (SF6) with new gas mixture that has lowest environmental impact possible. SF6 is a man-made gas used in GIS due to its excellent electric insulation and arc interruption properties. ABB, however has achieved recent breakthrough by commissioning the first ever high and medium voltage pilot gas insulated switchgear bays with a new fluoroketone-based gas mixture which is eco-efficient. Such product upgradations and breakthroughs with the potential to reduce the greenhouse gas emission, will eventually provide a significant impetus to gas insulated switchgear industry size in the coming years.

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Rising investments and refurbishment programs toward replacement of aging electric grid network with efficient and light weight electrical equipment will draw lucrative avenues for gas insulated switchgear industry in the coming years. As per the IEA (International Energy Agency), in 2016, the global spending on electricity generation was around USD 420 billion and 70% of this total expenditure accounted for renewable energy mix. In 2016, global gas insulated switchgear market valuation was around USD 14 billion, according to Global Market Insights, Inc. The industry analysts further project the market to exceed USD 29 billion in coming seven years, growing at a CAGR of 8% over 2017-2024.

The application gamut of gas insulated switchgear market witnesses a huge growth potential with heavy opportunities in sectors ranging from power generation, to manufacturing, processing, & transportation, to marine, mining, and oil & gas industries. The ongoing advancements, perpetually rising product innovation, and huge electrification projects have played a major role in the expansion statistics of gas insulated switchgear market. With massive electrification and oil & gas projects, U.S. is one of the prominent regions that has huge growth potential in the aforementioned application spectrum. In fact, U.S. accounted for a significant 65% of the North America gas insulated switchgear industry in 2016. Moreover, with the presence of leading industry players such as General Electrics Corp., U.S. gas insulated switchgear market is further expected to garner profitable growth margins.

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The U.S. gas insulated switchgear market size will grow owing to rising investments toward upgradation and refurbishment of ageing electrical infrastructure along with government initiatives to improve the electricity delivery system in the country. In 2016, the U.S. Department of Energy (DOE) announced its Grid Modernization Initiative which aims at improving the resiliency, security and reliability of the country’s electricity delivery system. DOE also announced up to USD 220 million of new funding to help modernize the nation’s electrical interconnected network.

Browse key industry insights spread across 270 pages with 454 market data tables & 11 figures & charts from the report, “Gas Insulated Switchgear Market Size By Capacity (<38kV, 38kV ≤ 72kV, ≥ 72kV ≤ 150kV, >150kV), By Voltage Level (Medium Voltage (Primary Distribution, Secondary Distribution), High Voltage), By Application (Transmission & Distribution, Manufacturing & Processing, Infrastructure & Transportation, Power Generation, Other), By Installation (Indoor, Outdoor), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Italy, Russia, France, Spain, China, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, Taiwan, Philippines, New-Zealand, Australia, Saudi Arabia, UAE, South Africa, Bahrain, Qatar, Oman, Kuwait, Egypt, Turkey, Brazil, Argentina, Peru), Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/gas-insulated-switchgear-market

Siemens AG, Larsen & Toubro, Hitachi Limited, Alstom, Xi’an XD Switchgear Electric Company Limited, Hyundai Heavy Industries Company Limited, and Schneider Electric SE are some of the other major companies partaking in the global gas insulated switchgear industry space.

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Switchgear Market Forecast, 2017 – 2024

Switchgear Market size for 2016 was valued over USD 90 billion and is set to witness gain over 7% by 2024. Increasing spending towards infrastructural development coupled with government measures toward expansion of electric grid in rural areas will augment the switchgear market size. Re-establishment of transmission & distribution networks across war-affected countries in Middle East will further boost the product demand.

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