As the global economy recovers in 2021 and the supply of the industrial chain improves, the gas-insulated switchgear market will undergo major changes. The gas-insulated switchgear market is expected to register a CAGR of 8.06% during the forecast period, from USD 14.34 billion in 2020 to USD 26.62 billion in 2027. The outbreak of the COVID-19 led to a series of lockdowns leading to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities due to less discretionary spending, hampering the gas-insulated switchgear(GIS) market. In terms of the growth of the market, factors such as the transformation of the power industry in terms of upgrading transmission and distribution networks, rising adoption of renewable energy-based power plants, etc., are expected to drive the market during the forecast period. However, high equipment cost when compared to air-insulated switchgear, along with stringent environmental and safety regulations related to GIS, is likely to restrain the market growth during the forecast period.
The global gas-insulated switchgear industry report provides top-notch qualitative and quantitative information including: Market size (2017-2021 value and 2022 forecast). The report also contains descriptions of key players, including key financial indicators and market competitive pressure analysis.
The report also assesses key opportunities in the market and outlines the factors that are and will drive the growth of the industry. Taking into account previous growth patterns, growth drivers, and current and future trends, we also forecast the overall growth of the global gas-insulated switchgear market during the next few years. The global gas-insulated switchgear market size will reach USD million in 2028, growing at a CAGR of % during the analysis period.
Highlights-Regions
The gas-insulated switchgear market can be split based on product types, major applications, and important regions as follows:
North America
Europe
Asia Pacific
Latin America
Player list
Schneider Electric SE
Eaton Corporation PLC
Hitachi Energy Ltd.
Toshiba Corp
General Electric Company
Types list
Low Voltage
Medium Voltage
High Voltage
Application list
Power Utilities
Industrial Sector
Commercial and Residential