August 16, 2019
Global gas insulated power equipment market is slated to witness commendable gains in the future, growing at a CAGR of more than 8 percent over 2025, according to the latest research available at Market Study Report LLC.
According to the report, the global gas insulated power equipment market has lately been influenced by significant increase in compact substation devices demand to reduce the overall cost of the project, maintenance, and space requirements. Yet, the presence of conventional switchgear technologies encompassing air insulated and vacuum products is challenging their integration across the sector. However, continuous efforts to decrease costs, amplify operational performance, and produce compact product specifications have increased the adoption of these devices.
The rapid development of sustainable technologies encompassing wind energy would drive the demand for competitive and advanced electrical networks over the years. Furthermore, increasing factory volume production to endure the mounting energy demand, with traditional electrical networks attaining clearances and additional space, have amplified the overall project cost. Hence, the implementation of GIS technology offers considerable scope for space and cost reduction in line with operative performance which in turn would fuel the gas insulated power equipment market size.
Improved safety features, operational flexibility, higher overload capability, and low space requirement are the chief factors which are reported to strengthen the global gas insulated power equipment market. In addition, GIL provides low electromagnetic field emission, high-power ratings, high short-circuit endurance capability, and auto-reclosing functionality. Furthermore, ongoing efforts for upgrading HVAC and HVDC transmission technology together with the incorporation of renewable grid networks would amplify product penetration across the globe.
The report cites that gas insulated power equipment market has been substantially impacted by government inclination towards the reduction in distribution losses, reliability of power grids, and heightened transmission capacity. Non-flammable operational characteristics, minimal electrical aging, efficient short-circuit endurance capability, and low maintenance cost have surged business growth. Furthermore, the manufacturers are consistently investing in R&D pertaining to gas insulated transmission lines (GIL) for reducing the environmental threats and overall expenditure on the project.
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In terms of regional contribution, the Asia Pacific market is slated to observe immense growth over the coming years, on account of rising electricity demand from various developing nations. Emerging economies like India are regarded as favorable regions as they are consistently boosting the traditional electricity network and capacities to suffice the increasing electricity demand. Changing power consumption patterns in corporations and households driven by government shift towards the deployment of effective grid infrastructure would reinforce the global gas insulated power equipment market share.
The competitive landscape of gas insulated power equipment market includes L&T, Crompton Greaves, BHEL, Hitachi, Mitsubishi Electric, Schneider Electric, Siemens AG, ABB, Toshiba, Xi'an XD Switchgear Electric, Hyosung, General Electric, Chint Group, Fuji Electric, Iljin Electric, Hyundai Electric, Meidensha Corporation, AZZ, and Ormazabal.