Gas Insulated Power Equipment Market Size, Share, Trends, Growth 2032

Gas Insulated Power Equipment Market Insights

Zion Market Research has published a report on the global Gas Insulated Power Equipment Market, estimating its value at USD 23.61 Billion in 2023, with projections indicating that it will reach USD 40.06 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 6.05% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Gas Insulated Power Equipment industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Gas Insulated Power Equipment Market: Overview

These products are deployed as substation devices or receiving equipment for safe as well as stable power supply. The product has the ability to enclose & store circuit breakers, earthing instruments, and isolator switches in metal containers by using a highly insulated performance gas.

Global Gas Insulated Power Equipment Market: Growth Factors

The escalating requirement to enhance the energy productivity and greater need for reducing the power costs have resulted in gas insulated power equipment market demand across the globe. On the other hand, there has been large-scale acceptance of power conserving equipment across many developed economies. Growing awareness about the probability of success of using these products has sparked government interest in the business for enhancing energy efficiency. Global gas insulated power equipment industry growth is likely to gain momentum within the next few years as a result of the huge influx of funding from public & private sectors for improving power supplies and a bid for enhancing the energy infrastructure.

Post economic recession has witnessed governments across the globe focus on improving their dilapidated and depleted economies by laying emphasis on achieving energy efficiency. This has forced governments to invest in the market that can help in resolving the issue of power wastage, thereby reducing greenhouse emissions as well as energy import from other countries.

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Additionally, exceptional safety features, miniature space requirement, and flexibility in functionalities are likely to mark a new phase and add a novel dimension toward the gas insulated power equipment market growth. Additionally, incessant & tireless efforts made by the government as well as entrepreneurs to upgrade HVAC as well as HVDC transmission systems along with the amalgamation of renewable power grid systems will elevate the product usage. This will further shoot up the profit margin of the gas insulated power equipment market.

Global Gas Insulated Power Equipment Market: Segmentation

The gas insulated power equipment market can be segmented into product and application.

Product wise, the market is sectored into switchgear (GIS) and gas insulated transmission lines.

Application wise, the gas insulated power equipment industry is divided into HVDC and HVAC.

Gas Insulated Power Equipment Market: Report Scope

Global Gas Insulated Power Equipment Market: Regional Analysis

Based on the region, the global gas insulated power equipment market can be divided into five main regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific gas insulated power equipment market is slated to witness a remarkable expansion within the next few years, owing to escalating energy demand from emerging economies such as China and India. Additionally, changing power consumption patterns witnessed in corporate houses and domestic purpose along with the need for effectively integrating power grid infrastructure will impel the business growth trends.

The Middle East and African industry are slated to experience lucrative surge over the years ahead, owing to the burgeoning demand for effective power infrastructure as well as power outage problems witnessed in the region. Additionally, the redeployment of power grid infrastructure across the war-torn countries of the Middle East and Africa will multiply the market size.

Global Gas Insulated Power Equipment Market: Competitive Players

Some main participants of the gas insulated power equipment market are

• ABB
• Siemens AG
• Crompton Greaves
• Hyundai Electric & Energy System
• Xi'an XD Switchgear Electric
• Meidensha Corporation
• Schneider Electric
• Larsen and Toubro

The global gas insulated power equipment market is segmented as follows:

By Product

• Switchgear (GIS)
• Gas Insulated Transmission Lines

By Application

• HVDC
• HVAC

Gas Insulated Power Equipment Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa