PUNE, India, March 7, 2018 /PRNewswire/ --

The report "Gas Insulated Switchgear Market by Type, Voltage (medium, high, extra high, ultra-high), Installation, End-User (Transmission Utilities, Distribution Utilities, Generation Utilities, Transportation, Industry & OEMs) and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from an estimated USD 18.48 Billion in 2018 to USD 28.09 Billion by 2023, registering a CAGR of 8.73% during the forecast period. This growth is primarily due to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives towards improving electricity access.

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Browse 105 Tables and 38 Figures spread through 174 Pages and in-depth TOC on "Gas Insulated Switchgear Market - Global Forecast to 2023"

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On the basis of end user, the power transmission utility segment is expected to hold the largest share of the market 

The power transmission utility dominated the Gas Insulated Switchgear Market in 2017 and is projected to grow at the second highest CAGR during the forecast period. Power transmission utilities is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations, where gas insulated switchgear plays a vital role in grid protection, and efficient flow of power, as well as protection and relaying of the transmission circuit. High voltage transmission, extra high voltage transmission, and ultra-high voltage transmission lie under the jurisdiction of the power transmission utilities. These utilities are responsible for the transmission grid expansion, refurbishment as well as procurement of high voltage equipment. As per IEA statistics, approximately USD 3,180 billion will be invested globally between 2014 and 2035 on the net addition of 3.2 million kilometers of transmission lines. Additional USD 3,007 billion will be invested during the same period on the refurbishment of old transmission infrastructure.

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The medium voltage gas insulated switchgear is expected to be the fastest-growing segment of the market 

Medium voltage gas insulated switchgear is expected to grow at the highest CAGR from 2018 to 2023. The market is primarily driven due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology. This equipment is mainly used by the core sector, power generation, infrastructure, transportation, and distribution system industries. The medium voltage gas insulated switchgear segment is sub-divided into primary distribution and secondary distribution.

Asia Pacific: A leading market for gas insulated switchgear 

In this report, the Gas Insulated Switchgear Market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East and Africa. Asia Pacific is expected to account for the largest market share of the global Gas Insulated Switchgear Market in 2018. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the Gas Insulated Switchgear Market in Asia Pacific in 2016 and has the highest installed generation and distribution capacity. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the Gas Insulated Switchgear Market in Asia Pacific.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas Insulated Switchgear Market. These players include ABB (Switzerland), Siemens (Germany), Hitachi (Japan), Toshiba (Japan), and Nissin Electric (Japan). The leading players are trying to make inroads in the markets in the developed economies and are adopting various strategies to increase their market shares.

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