According to the research report titled ‘Gas Insulated Power Equipment Market Size By Product (Switchgear (GIS) [Voltage {Medium, High}, Installation {Underground, Tunnels & Troughs, Above Ground}, Application {HVAC, HVDC}], Lines (GIL) [Voltage {Medium, High}, Installation {Underground, Tunnels & Troughs, Above Ground}, Application {HVAC, HVDC}]), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Italy, France, Russia, Spain, China, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, Taiwan, Philippines, Australia, New Zealand, Saudi Arabia, UAE, South Africa, Bahrain, Qatar, Oman, Kuwait, Egypt, Turkey, Brazil, Argentina, Peru), Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global gas insulated power equipment market was worth USD 17 billion in 2018 and is expected to grow with a CAGR of 8% during the period of 2019-2025.
 

According to the report, growing demand for compact substation devices in order to reduce space requirements as well as to lower maintenance and project costs is driving the gas insulated power equipment market growth. The product offers benefits such as superior safety features, operational flexibility, low space requirement, and high overload capacity. It also provides high short-circuit endurance, low electromagnetic field emission, high-power ratings, and auto-reclosing functionality. Thus, aforementioned factors together with shifting focus towards optimizing HVDC & HVAC transmission technologies are further aiding the market expansion.
 

The report states that rising adoption of sustainable technologies coupled with increasing application of gas insulated power equipment for its space and cost reduction benefits is stimulating the industry outlook. Moreover, increasing dependency on electricity along with favorable government initiatives towards reducing transmission losses are fostering the demand for the product.
 

Although, traditional switchgear technologies such as air insulated and vacuum products are easily available as an alternative to gas insulated power equipment, various industry players are focusing on developing advanced gas insulated transmission lines to reduce the environmental impact. This factor along with non-flammable and minimal electrical ageing properties of the product are facilitating the business scenario.
 

Considering the geographical landscape, the report cites that gas insulated power equipment industry in Asia-Pacific is expected to register substantial growth during the forecast period. Increasing consumption of electricity across residential and commercial sectors has encouraged the governments of various developing regions to install effective grid networks, which in turn is augmenting the demand for gas insulated power equipment.
 

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AZZ, Inc., Ormazabal Electric, Meidensha Corp., Xi’an XD Switchgear Electric, Chint Group, Larsen & Toubro, ILJIN Electric, Fuji Electric, Hyundai Electric & Energy Systems, Hyosung Heavy Indsutries, CG Power & Industrial Solutions Ltd., Hitachi Ltd., Bharat Heavy Electricals Ltd., Siemens, Schneider Electric, Toshiba Corp., Mitsubishi Electric Corp., General Electric, and ABB Ltd. are the prominent companies operating in the gas insulated power equipment industry.