Gas-Insulated Switchgear (GIS) market projected to reach $46.49 billion by 2032, driven by renewable energy.
From GlobeNewswire: 2024-12-10 08:00:00
The Gas-Insulated Switchgear (GIS) market is projected to reach USD 46.49 billion by 2032, growing at a CAGR of 6.32%. GIS systems are essential for modern power systems, especially in urban and industrial settings. The rise of renewable energy integration and smart grids further drives GIS adoption due to its reliability and minimal maintenance requirements.
Renewable energy integration is a key driver for the GIS market, with governments and industries investing in solar and wind technologies. GIS systems facilitate the seamless integration of renewables into the grid, ensuring minimal energy loss and improved reliability. The demand for GIS is expected to rise as the renewable energy sector grows, with over 80% of new capacity coming from solar and wind sources.
The outdoor GIS segment led the market in 2023, accounting for 53% of the market share. The 170 kV–550 kV voltage segment dominated the market with a 42% share, widely used in high-capacity transmission systems. The Utilities segment held 51% of the market share in 2023, indicating a strong demand for GIS in power generation and distribution infrastructure.
Asia-Pacific held a significant market share in 2023 and is projected to grow at a CAGR of 6.58% during the forecast period. Rapid urbanization, infrastructure investments, and high electricity demand in countries like China and India are driving GIS adoption in the region. Companies like Siemens and ABB are deploying advanced GIS solutions for industrial and renewable energy projects in Asia-Pacific.
Recent developments include ABB India increasing its GIS production capacity in Nashik and Siemens launching a gas-insulated switchgear without fluorinated gases in the U.S. The NXPLUS C 24-blue GIS switchgear features a reduced CO2 footprint and arc-resistant design, enhancing safety and sustainability in the medium-voltage market. The gas-insulated switchgear market is analyzed in a new report, including production volumes by region in 2023, design trends, capacity utilization, and supply chain metrics. The report also covers market segmentation by installation, voltage, and end-use, along with a competitive landscape, regional analysis, company profiles, and use cases. For more information, visit https://www.snsinsider.com/reports/gas-insulated-switchgear-market-4837
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