The gas-insulated switchgear market value will reach USD 36,400.7 million by 2030 from USD 22,457.4 million in 2022, at a 6.2% CAGR, according to P&S Intelligence. The growth can be credited to the increasing need for electricity, snowballing renewable power-based capacity adding, and rapid urbanization.
Additionally, more power will be needed for offices, powerhouses, hospitals, retail malls, etc., as populace and prosperity surge. This market also covers the power required for sporting venues, retail establishments, grocery stores, and cultural centers.
In 2022, The indoor category had the larger market share, of approximately 70%, owing to the fact that indoor switchgear is more reliable and safer to use, stronger and simpler to maintain, and needs less space in comparison to an outside system. Because of grounded metal attachments, the hazard of electrocution is also reduced. Additionally, it is safer and less prone to environmental issues.
In 2022, the hybrid category had the largest market share, above 40%. As more applications are combined, the separation among components nearly ranges to zero. The requirement for site space is larger for the AIS as clearances must be kept amid precise pieces of the machine, including CT, CB, ground switches, disconnectors, etc.
Meanwhile, CT, CB, ground switches, disconnectors, and components are all involved in a single inclusion with hybrid switchgear, the site footprint is decreased. One can fit more similar inlets in the same site by decreasing the needed area.
The power utility category held the largest market share in recent years and is projected to advance the fastest in the next few years. The transmission network is growing globally because of the rising power demand brought on by rapid urbanization and an increasing populace. The transmission network is expanding because of the mounting population, which will lift the number of substations. This increase in substations is projected to surge demand for gas-insulated switchgear.
In 2022, APAC had the largest market share, approximately 40%, mainly because of growing electricity needs and rapid urbanization in the region. Additionally, 54% of the global urban populace, lives in the region. Additionally, APAC's city populace is projected to surge by 50% by 2050.
Additionally, seven of the top ten most occupied cities globally are in APAC, such as Tokyo, Delhi, Kolkata, Shanghai, Beijing, Kolkata, and Mumbai overall, 11% and 29% of Asia's city populace lives in megacities with populaces surpassing 10 million and urban areas with numbers between 1 million and 10 million. Cities are the major economic booster on both regional and global levels, although they only make up 11% of APAC's town population.
Hence, the increasing need for electricity, snowballing renewable power-based capacity adding, and rapid urbanization are the major factors contributing in the growth of the gas-insulated switchgear market.
