The gas insulated switchgear market is projected to grow at a CAGR of 8.73%, from 2018 to 2023
The gas insulated switchgear market is projected to grow at a CAGR of 8.73%, from 2018 to 2023
The gas insulated switchgear market is projected to grow at a CAGR of 8.73%, from 2018 to 2023.
NEW YORK, March 15, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p03473699
The global gas insulated switchgear market is estimated at USD 18.48 billion in 2018 and is projected to grow at a CAGR of 8.73% to reach USD 28.09 billion by 2023. This growth is primarily due to rise in renewable power generation, increasing investments in the transmission & distribution infrastructure, escalating energy demand, limitations of space availability in densely populated urban areas, and government initiatives towards improving electricity access.
The medium voltage gas insulated switchgear is expected to grow at the highest CAGR.
Medium voltage gas insulated switchgear is expected to grow at the highest CAGR from 2018 to 2023.The market is primarily driven due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology.
This equipment is mainly used by the core sector, power generation, infrastructure, transportation, and distribution system industries. The medium voltage gas insulated switchgear segment is further segmented into primary distribution and secondary distribution.
Asia Pacific: The largest market for variable speed generators.
Asia Pacific is expected to account for the largest market share of the global gas insulated switchgear market in 2018.This trend is projected to continue till 2023.
It is the most populated region in the world and consequently witnesses a high demand for electricity.Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability.
China accounted for the largest share of the gas insulated switchgear market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity.The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments.
Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas insulated switchgear market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
-- By Company Type: Tier 1- 48%, Tier 2- 38%, Tier 3- 14%
-- By Designation: C-Level- 20%, Director Level- 35%, Others- 45%
-- By Region: North America-25%, Europe-24%, Asia Pacific-30%, South America-8%, Middle East-11%, and Africa-2%
Some of the prominent players in the market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan).
Research Coverage:
The report defines, describes, and forecasts the global gas insulated switchgear market by type, installation, voltage, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
1. The report identifies and addresses key markets for gas insulated switchgear, which would help suppliers review the growth in the demand for the product.
2. The report helps solution providers understand the pulse of the market, and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
Read the full report: https://www.reportlinker.com/p03473699
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