Market Size of Gas-insulated Switchgear Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 21.06 Billion |
| Market Size (2029) | USD 31.03 Billion |
| CAGR (2024 - 2029) | 8.06 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Insulated Switchgear Market Analysis
The Gas-insulated Switchgear Market size is estimated at USD 21.06 billion in 2024, and is expected to reach USD 31.03 billion by 2029, growing at a CAGR of 8.06% during the forecast period (2024-2029).
The outbreak of the COVID-19 led to a series of lockdowns leading to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities due to less discretionary spending, hampering the gas-insulated switchgear(GIS) market. In terms of the growth of the market, factors such as the transformation of the power industry in terms of upgrading transmission and distribution networks, rising adoption of renewable energy-based power plants, etc., are expected to drive the market during the forecast period. However, high equipment cost when compared to air-insulated switchgear, along with stringent environmental and safety regulations related to GIS, is likely to restrain the market growth during the forecast period.
- The high voltage level segment due to most applications being in utility sectors, is anticipated to dominate the market during forecast period.
- Growing investments in smart grids and energy systems and the extension or replacement of old switchgear at substations in developed regions are expected to create ample opportunities in the GIS market soon.
- Asia-Pacific is expected to dominate the market, with the majority of the demand coming from the countries such as India and China.
