The global Gas insulated switchgear market is expected to grow at CAGR of 10.3% during 2016-2022. The Gas insulated switchgear is segmented on the basis of application, type and geography. The application segment is further segmented into Infrastructure & Transportation, Manufacturing & Processing, Power Generation, Transmission & Distribution and 1Other End-Users. The type segment is also segmented into High Voltage Gas Insulated Switchgear and Medium Voltage Gas Insulated Switchgear.
The Gas insulated switchgear market is dominated by some of the major key players such Alstom SA, Crompton Greaves Limited, Fuji Electric Co. Ltd., GE Digital Energy, Hitachi Ltd., Hyosung Power & Industrial Systems, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, and Toshiba Corporation.
The growing demand for gas insulated switch gear from energy generation application in the world is expected to boost growth in the global gas insulated switchgear market. However, the growing demand from various end user application such as Infrastructure & Transportation, Manufacturing & Processing, and Transmission & Distribution for the gas insulated switchgear is also injecting huge growth scope in the global gas insulated switchgear market. Although the extended lifespan and low maintenance cost is also injecting huge growth opportunity in the global gas insulated switchgear market.
The increasing research and development by the key player is the key driving force in the global market to develop ad innovate new product in the market. However, the high manufacturing cost and rising concern for environmental hazard of Sf6 is expected to hamper the growth in the global gas insulated switchgear market. Other than such restricting factor there are some factor which are increasing scope of composite resins market and creating huge opportunity in the global gas insulated switchgear market. The Rising Industrial & Infrastructural Growth and Rising Concerns for Recycling of Sf6 & other components for Cost minimization is expected to create huge opportunity for the global gas insulated switchgear market.
Asia Pacific was the largest market owing to the growth of composites industry in the region. Asia Pacific region is also expected to witness the fastest growth among other regions over the forecast period. The growing demand for wind energy is also growing the Asia pacific gas insulated switchgear market. The rising investments in the Asia Pacific region in the distribution and transmission sector to develop and increase number of substations for the high voltage transmission and renewable energy generation. Thus, the increasing demand for renewable energy is one of the major driving force of the Asia Pacific gas insulated switch gear market. The North American market is anticipated to grow significantly in the forecasted period. The growing use of gas insulated switch gear for power generation on account of increasing concern towards conventional energy sources depletion is anticipated to affect positively the product growth. The growing investment by the North American government to develop new renewable energy sources is expected to boost the growth in the North American gas insulated switch gear market.