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The global gas insulated switchgear market size is anticipated to reach USD 36.60 billion by 2026 with a rising inclination towards the use of renewable sources for energy production and utilization worldwide. Gas-insulated switchgear is compact metals enclosed switchgear with high-voltage components such as disconnectors, and circuit-breakers that can be operated safely in confined spaces. Fortune Business Insights™ in their recent report titled, “Gas Insulated Switchgear Market Size, Share and Industry Analysis, By Voltage (Up to 66 kV, 66 kV - 170 kV, 170 kV - 550 kV, and Above 550 kV), By Installation (Indoor and Outdoor), By End User (Utility, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026,” discusses the market and its prime trajectories in details. As per this report, the market value was USD 21.13 billion in 2018 and will exhibit a CAGR of 7.2% between 2019 to 2026.
ABB to Set up a New Manufacturing Unit in Indonesia
Inauguration of the new high-voltage gas-insulated switchgear was hosted by ABB in October 2018. This facility was constructed in Tangerang, on the outskirts of Jakarta, the capital of Indonesia to meet the demand for reliable power supply. This is the fourth ABB manufacturing facility in the country and is a part of a USD30 million investment plan. The other three units produce high-voltage, low-voltage, and medium-voltage air-insulated switchgear. The fourth manufacturing unit is spread over an area of 1000 square meters and is expected to deliver 170 kV GIS and houses a medium-voltage manufacturing unit, and a production facility manufacturing high-voltage insulated equipment and switchgear namely Live Tank Circuit Breakers and Disconnectors. The president of Power Grids division, ABB said, “This latest manufacturing unit is our ongoing commitment to Indonesia and we guarantee to provide our complete support and meet the increasing demand for electricity in the coming years.” Such initiatives will aid in the expansion of the market in the coming years.
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Rising Demand for Energy will Bolster Growth
Various factors are responsible for promoting the market growth of gas insulated switchgear. These include rising awareness and implementation of renewable energy sources for power generation, increasing demand for energy, and rising investments in transmission and distribution infrastructure. Besides this, the increasing number of construction activities and the rising demand for electricity will also add impetus to the market. On the flipside, factors such as high cost of installation and maintenance and space constraint issues may cause major hindrances to the overall market growth. Additionally, stringent government regulations imposed on the use of SF6 gas is likely to challenge the future market in the coming years. Nevertheless, the increasing urbanization and industrialization and the need for energy and power to generate electricity will create lucrative growth opportunities for the market in the future years.
Advent of Technological Advancements will Help Intensify Market Competition
Players are focusing on the construction of new grid infrastructure for attracting more gas insulated switchgear market revenue in the forecast period. Besides this, they are also engaging in collaborative efforts such as joint ventures, agreements, and contracts, partnerships, mergers and acquisitions, and others to stay ahead of the competition and contribute the lion’s share. Furthermore, the advent of technological advancements and heavy investments in the construction of new grid infrastructure by major companies will help intensify the overall market competition in the coming years.
Significant Industry Developments of the Market for Gas Insulated Switchgear include:
List of Key Market Manufacturers are:
Further Report Findings
This Market is segmented into:
Value (USD Billion)
By End User