BANGALORE, India, Sept. 18, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Gas Insulated Switchgear Market by Type (High Voltage Gas Insulated Switchgear, Medium Voltage Gas Insulated Switchgear), by Application (Power Transmission Utility, Power Distribution Utility, Power Generation Utility, Infrastructure and Transportation, Industries & OEMs) and Region breakdown with global forecast 2026", Published On Valuates Reports. The global Gas Insulated Switchgear market size is projected to reach USD 1348.9 Million by 2026, from USD 895.2 Million in 2020, at a CAGR of 7.1% during the forecast period 2021-2026.
Major factors driving the growth of Gas Insulated Switchgear Market size are rising investment in renewable energy, government measures to reduce carbon emissions, and increasing electricity grids due to industrialization and urbanization.
The study includes a global and regional forecast for the switchgear industry. The study includes Gas Insulated switchgear market drivers and constraints along with the effect they have on the demand over the forecast period. The report also provides an analysis of the possibilities available on a global level in the switchgear industry.
TRENDS INFLUENCING THE GAS INSULATED SWITCHGEAR MARKET SIZE
The increases in electricity usage in recent years is expected to drive the growth of Gas Insulated Switchgear Market size. Electricity demand is expected to rise due to multiple electricity projects in a number of developing countries.
Also, the rising rate of energy consumption in developing countries is also a major factor for the growth of the gas-insulated switchgear market size.
The power sector is experiencing a significant investment of capital in its T&D infrastructure. Due to the growing demand for electrical equipment, Global players are investing heavily in T&D equipment, including gas-insulated switchgear. These factors are expected to increase the growth of the gas-insulated switchgear market size.
The Asia Pacific is expected to witness the highest growth rate during the forecast period. The market growth can be attributed to the increasing demand for power in developing countries like China and India, as well as developed economies like Japan and China. Increasing power requirements are expected to increase the number of substations, along with the upgrade of the aging electrical infrastructure. During the forecast period, this will drive the market for gas-insulated switchgear.
The power Transmission Utility segment holds the largest Gas Insulated Switchgear market share. This dominance can be attributed to growing power requirements due to increasing urbanization along with a rising population. The expansion of the transmission network leads to an increase in the number of substations, which is expected to increase demand for gas-insulated switchgear.
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