MarketsandMarkets’ Gas Insulated Switchgear Market report sees the market for gas insulated switchgear equipment growing from an estimated $18.48 Billion in 2018 to $28.09 Billion by 2023, registering a CAGR of 8.73% during the forecast period. This growth is due to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives towards improving electricity access.
- Based on end user, the power transmission utility segment is expected to hold the largest share of the market
- The medium voltage gas insulated switchgear is expected to be the fastest-growing segment of the market
- Asia Pacific: A leading market for gas insulated switchgear
- Top players in the Gas Insulated Switchgear Market include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.
For greater insight into this market, browse select portions of the report.