Market Trends of Pad Mounted Switchgear Industry
This section covers the major market trends shaping the Pad Mounted Switchgear Market according to our research experts:
Gas Insulated Switchgear is Expected to Grow at the Fastest Rate
- Gas-insulated switchgear (GIS) is a metal encapsulated switchgear that consists of high-voltage components such as circuit breakers and disconnectors. A GIS is majorly used in confined spaces, for example, in city buildings, office spaces, offshore platforms, extensions, roofs, etc.
- Moreover, the medium-voltage gas-insulated switchgear segment is expected to witness significant demand over the forecast period due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart meter technology.
- Gas-insulated medium voltage switchgear is widely used in wind farm generators. Medium voltage switchgear of up to 35 kVA SF6 gas-insulated, especially used for the protection of wind generators, are installed at remote locations.
- Underground distribution is common in European countries. Many countries, such as the Netherlands, have 100% of their distribution network underground because of several advantages such as increased reliability and low fault rate. Investments in distribution networks are expected to further contribute to the growth of the gas-insulated pad-mounted switchgear market.
- Furthermore, a large increase in power consumption in developing countries such as China and India as a result of several electrification projects is assisting market expansion. GIS is being used by several countries involved in cross-border power transmission to create long transmission lines, distribution stations, and substations.
- With increasing urbanization and industrialization across developing economies, the demand for gas-insulated switchgear is expected to witness significant growth during the forecast period.
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Asia-pacific to be the Fastest Growing Market
- The Asia-Pacific is expected to be the fastest-growing region due to the increasing power generation capacity plans, growing demand for replacing/refurbishing of aging transmission and distribution networks, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities.
- China has witnessed high rates of electricity demand, owing to the unprecedented growth of the economy, coupled with factors such as rapid industrialization and urbanization of electricity. The primary energy consumption grew by 7.1%, exceeding 157 exajoules, in 2021.
- Utilities and governments in China are developing new generation projects, particularly renewable energy ones, to meet the rising electricity demand. This is likely to require distribution infrastructure to accommodate these projects, which is expected to drive the growth of pad-mounted switchgear in the country.
- With Australia's aging electricity infrastructure nearing the end of its lifespan, it has become crucial to refurbish/ renovate the electricity distribution network for increasing renewable energy generation. Moreover, the country has been taking initiatives to modernize its energy infrastructure, for which, the government invests nearly USD 5 billion annually in the distribution network.
- The Indian government also plans to invest further in strengthening the electrical network, to build a strong and smart grid, and this, in turn, is expected to supplement the demand for pad-mounted switchgear in the country.
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