High Voltage Switchgear Market to be dominated by Gas-Insulated Switchgear segment through 2028.
Increasing electricity generation and consumption to
drive Global High Voltage Switchgear Market in the forecast period, 2023-2028.
According to
TechSci Research report, “Global High
Voltage Switchgear Market - By Region,
Competition, Forecast & Opportunities, 2028”, Global High Voltage Switchgear Market is
anticipated to grow at a 5.58% CAGR in the forecast period, 2024-2028, driven
by the growing focus on Increase in renewable energy-based capacity addition.
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market data Figures spread through 180 Pages and an in-depth TOC on "Global High Voltage Switchgear Market.”
Based on Type, Global
High Voltage Switchgear Market is segmented into— Gas-insulated
Switchgears, Airinsulated Switchgears. Gas-insulated Switchgears Segment to
Dominate the Market. Gas-insulated high voltage switchgear (GIS) is compact
metal-enclosed switchgear, consisting of high voltage components, such as
disconnectors and circuit breakers. Gas-insulated high voltage switchgear (GIS)
offers numerous advantages, such as less field construction work (i.e., quicker
installation time), flexible designs, minimal maintenance, and good reliability
and safety. In some cases, the main load center of a place is located in a very
congested area, but, the availability of sufficient land for establishing a
conventional electrical substation is hardly available. GIS is a kind of
metal-enclosed switchgear, and it occupies much less space. All the equipment
is enclosed by gas-tight metal enclosures, and SF6 is used as an insulation
between the earthed metal enclosures and live parts of the equipment. GIS can
be used in city buildings, on roofs and offshore platforms, and industrial and
hydropower plants, where spaces are limited. Therefore, with increasing
urbanization and industrialization across the developing economies, the demand
for gas-insulated switchgear is expected to witness significant growth during
the forecast period.
Based on Region,
Asia Pacific region is expected to dominate the market for High Voltage
Switchgear during the forecast period. Asia-Pacific has dominated the high
voltage switchgear market in 2018 and is expected to continue its dominance in
the coming years as well. Rapid industrialization and urbanization in the
Asia-Pacific (APAC) has led to an increase in electricity demand. This, in
turn, has fueled the need for expansion of T&D infrastructure across the
region and thereby driving the high voltage switchgear market. According to China’s
largest state-owned utility corporation, State Grid Corporation of China
(SGCC), the country’s energy demand, in 2030, is expected to exceed 10 Petawatt
hour (PWH). As a result, there is a need for the expansion of the existing
power transmission network, which is expected to drive the demand for high
voltage switchgear, in the country. The
demand for the HVDC transmission system is expected to further supplement the
integration of large-scale renewables, which are located far away from the
demand centers, in China’s power grid. This, in turn, is likely to drive the
high voltage switchgear market in the country. Adding to this, increasing
efforts to improve electricity access across the Southeast Asia region is
expected to drive the market studied during the forecast period.
Major companies
operating in the Global High Voltage Switchgear market are:
- ABB Ltd
- Schneider
Electric SE
- General
Electric Company
- Toshiba
International Corporation
- Mitsubishi
Electric Corporation
- Siemens AG
- Larson &
Turbo Limited
- Bharat Heavy
Electricals Limited
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“The global High Voltage Switchgear market is driven
by several key factors that shape its growth and development. The global high
voltage switchgear market is driven by several compelling factors that
collectively shape its growth and evolution. These drivers are essential
components of the energy infrastructure and reflect the dynamic nature of the
industry. Firstly, the relentless growth in electricity demand across the globe
is a primary driver. Factors such as urbanization, industrialization, and
technological advancements continuously boost the need for electricity,
necessitating the expansion and modernization of electrical grids. Secondly,
the global transition towards renewable energy sources is a major influencer.
Wind, solar, and hydroelectric power require advanced high voltage switchgear
for efficient integration into the grid, given their intermittent nature. Thirdly,
the modernization and expansion of electrical grids play a pivotal role. Many
regions are investing in grid upgrades to enhance reliability, resilience, and
efficiency. High voltage switchgear is fundamental to these efforts.
The electrification of transportation through electric
vehicles (EVs) and charging infrastructure is another key driver. It
necessitates the development of high voltage switchgear systems to support the
growing EV market and manage increased grid loads. Moreover, stringent
government regulations and policies aimed at reducing greenhouse gas emissions
and ensuring grid reliability are fostering investments in advanced high
voltage switchgear technologies. Finally, ongoing technological advancements in
switchgear, including innovations like gas-insulated switchgear (GIS) and
digital solutions, are driving market growth. These advancements enhance
performance, safety, and reliability, further fueling the global high voltage
switchgear market. Collectively, these drivers underscore the critical role
high voltage switchgear plays in modernizing, expanding, and ensuring the
sustainability and reliability of global electrical infrastructure.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
High
Voltage Switchgear Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type (Gas-insulated Switchgears, Air insulated Switchgears), By Installation (Indoor, Outdoor), By Current (AC, DC), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global High Voltage Switchgear market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global High Voltage Switchgear market.
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