Global Gas Insulated Medium Voltage Switchgear Market Overview
As per MRFR analysis, the Gas Insulated Medium Voltage Switchgear Market Size was estimated at 6.34 (USD Billion) in 2022. The Gas Insulated Medium Voltage Switchgear Market Industry is expected to grow from 6.65 (USD Billion) in 2023 to 10.2 (USD Billion) by 2032. The Gas Insulated Medium Voltage Switchgear Market CAGR (growth rate) is expected to be around 4.87% during the forecast period (2024 - 2032).
Key Gas Insulated Medium Voltage Switchgear Market Trends Highlighted
The gas insulated medium voltage switchgear market is experiencing a surge in demand due to the increasing need for reliable and efficient power distribution. The stringent regulations on carbon emissions and the rising adoption of renewable energy sources are driving the demand for gas insulated switchgear as a cost-effective and environmentally friendly alternative to traditional air-insulated switchgear.
The trend towards digitalization and automation in the power industry is also creating opportunities for the integration of smart features into gas insulated switchgear, enhancing its efficiency and reliability. Moreover, the growing emphasis on improving grid resilience and reducing power outages is expected to drive the adoption of gas insulated switchgear in critical infrastructure projects.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Insulated Medium Voltage Switchgear Market Drivers
Rising Demand for Renewable Energy Integration
The development of the renewables sector, such as solar and wind power, in alternative to traditional energy generation sources, raises the demand for gas-insulated medium voltage switchgear. The equipment is suitable for renewables integration, as it is compact and reliable and operates effectively in terms of intermittent power supplies, typical for renewable energy sources. Thus, at the moment, the key market driver prompting the purchase and installation of this type of equipment is the necessity to connect renewable energy sources to the grid.The trend will presumably remain significant in the future.
Apart from renewables integration, the equipment is advantageous due to a range of benefits, such as opportunities for operation in severe environmental conditions, no maintenance requirements, and a long lifespan. The switchgear is easy to integrate into the existing equipment, which also makes the development and manufacturing of the latter appealing from an economic standpoint. Most probably, the demand for these commodities will continue to grow as a range of countries and their operators are willing to make renewables a bigger part of their energy sources and reduce the dependency on traditional ways of generating power.
Increasing Infrastructure Investment
The increasing investment in electrical infrastructure around the world is another major driver of growth for the GIS switchgear market. As countries and regions continue to develop their economies, the demand for reliable and efficient electrical infrastructure is growing. GIS switchgear is well-suited for use in a variety of infrastructure applications, including power plants, substations, and transmission lines.
The growth of the GIS switchgear market is also being driven by the increasing demand for smart grid technologies.Smart grids are designed to improve the efficiency, reliability, and security of the electrical grid. GIS switchgear can play a key role in smart grids by providing real-time monitoring and control of the electrical grid. This allows utilities to quickly respond to changes in demand and to prevent outages. The increasing investment in electrical infrastructure and the growing demand for smart grid technologies are expected to continue to drive the growth of the GIS switchgear market in the coming years.
Technological Advancements
The third major driver of growth for the GIS switchgear market is the ongoing development of new technologies. GIS switchgear manufacturers are constantly striving to improve the performance, reliability, and cost-effectiveness of their products. It is expected that these innovations will continue to fuel the growth of the GIS switchgear market in the future.
An important technological trend in the GIS switchgear market is the development of new insulating materials.These materials are more resistant to electrical breakdown and can operate at higher temperatures. This enables GIS switchgear manufacturers to create more compact and efficient products. Another important technological innovation is the development of new control and monitoring systems. These systems allow utilities to monitor and control their GIS switchgear remotely. As a result, the electrical grid can become more reliable and efficient.
Gas Insulated Medium Voltage Switchgear Market Segment Insights
Gas Insulated Medium Voltage Switchgear Market Voltage Level Insights
Voltage Level Segment Insights and Overview Three major voltage levels exist in the current Gas Insulated Medium Voltage Switchgear market, including up to 52 kV, up to 72.5 kV and up to 145 kV. Up to 52 voltage levels hold the largest market share and are likely to continue to dominate over the forecast years. This high market share is related to the adoption of up to 52 kV switchgear in most of the distribution networks in developing regions due to its cost-effectiveness.
Further, the up to 72.5 K voltage level segment is expected to experience the fastest growth over the forecast period.It is estimated that it will grow at a CAGR of about 5.2% over the forecast period of 2022 to 2031, a growth that will be driven by the need for reliable power distribution in industrial and commercial setups. Additionally, the up to 145k voltage level segment is estimated to take a significant portion of the market by 2032 and is to be driven by its application in high voltage transmission and distribution networks.
Key Insights Up to 52 voltage level is poised within the analyzed period especially owing to its cost and its application in the distribution networks. Over the forecast period, up to 72.5 voltage level segment will grow and hold a significant portion of the market, and it is driven by its application in industrial and commercial setups.
Over the analyzed period, up to 145 voltage level will be driven by its application in the high voltage distribution networks. It is expected to account for a significant portion of the market. The growth of the medium voltage switchgear is attributed to the need for effective and reliable power distribution, the upsurge in renewable energy investment, and new smart grids.The key players in this market are ABB, Siemens, Schneider Electric, Eaton and General Electric.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Insulated Medium Voltage Switchgear Market Product Type Insights
The Gas Insulated Medium Voltage Switchgear Market is segmented into various product types, including Gas-Insulated Circuit Breakers (GCBs), Gas-Insulated Contactors (GICs), and Remote Terminal Units (RTUs). Among these, GCBs hold the largest market share in 2023, owing to their wide application in various industries, including power generation, transmission, and distribution.
The market for GICs is also expected to witness significant growth during the forecast period, driven by the increasing adoption of smart grids and the need for efficient and reliable power distribution.RTUs, which provide remote monitoring and control of switchgear, are expected to gain traction in the coming years due to the growing demand for remote asset management and control systems. Overall, the Global Gas Insulated Medium Voltage Switchgear Market is anticipated to grow at a steady pace, driven by the increasing demand for reliable and efficient power distribution solutions.
Gas Insulated Medium Voltage Switchgear Market Insulation Type Insights
The Gas Insulated Medium Voltage Switchgear Market is segmented by Insulation Type into SF6 Gas, Vacuum, and Dry Air. Among these, the SF6 Gas segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The widespread adoption of SF6 Gas in medium voltage switchgear is attributed to its excellent insulating properties, high dielectric strength, and arc-quenching capabilities. The Vacuum segment is projected to witness significant growth over the coming years, driven by the increasing demand for compact and environmentally friendly switchgear solutions.
Vacuum insulation offers advantages such as reduced size and weight, lower maintenance requirements, and a longer lifespan compared to SF6 Gas. The Dry Air segment is expected to gain traction in the coming years due to its inherent safety and environmental benefits. Dry Air insulation eliminates the use of greenhouse gases and reduces the risk of explosions and fires associated with SF6 Gas. However, the segment's growth may be limited by the need for larger equipment sizes and higher operating voltages.
Gas Insulated Medium Voltage Switchgear Market Application Insights
The Gas Insulated Medium Voltage Switchgear Market is segmented based on application into substations, transmission lines, and distribution networks. Among these segments, substations are expected to account for the largest market share in 2023, owing to the increasing demand for reliable and efficient power distribution systems. The growth of the transmission lines segment is attributed to the rising need for efficient transmission of electricity over long distances.
Distribution networks are also expected to witness significant growth due to the increasing demand for electricity in remote areas and the need for modernizing aging infrastructure.Overall, the Global Gas Insulated Medium Voltage Switchgear Market is projected to exhibit a steady growth rate during the forecast period, driven by the increasing demand for reliable and efficient power distribution systems.
Gas Insulated Medium Voltage Switchgear Market Regional Insights
The regional market for Gas Insulated Medium Voltage Switchgear is expected to grow significantly in the coming years. Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth in this region can be attributed to the increasing adoption of smart grids and the rising demand for reliable and efficient power distribution systems.
Europe is another major market for Gas Insulated Medium Voltage Switchgear, and it is expected to grow steadily in the coming years.The growth in this region is driven by the increasing investments in renewable energy and the growing need for grid modernization.
The APAC region is expected to be the fastest-growing market for Gas Insulated Medium Voltage Switchgear during the forecast period. The growth in this region is attributed to the rapidly growing economies and the increasing urbanization. South America and MEA are also expected to witness significant growth in the coming years. The growth in these regions is driven by the increasing investments in infrastructure development and the rising demand for electricity.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Insulated Medium Voltage Switchgear Market Key Players And Competitive Insights:
Major players in the Gas Insulated Medium Voltage Switchgear Market industry are constantly developing new and advanced technologies to meet the growing demands of their customers. This is leading to increased competition and innovation, which is benefiting the market as a whole. Leading Gas Insulated Medium Voltage Switchgear Market players are also investing heavily in research and development, which is expected to further drive Gas Insulated Medium Voltage Switchgear Market development in the coming years.
Siemens is one of the leading companies in the Gas Insulated Medium Voltage Switchgear Market. The company offers a wide range of gas-insulated medium-voltage switchgear products, including circuit breakers, switches, and disconnectors. Siemens’ products are known for their high quality, reliability, and durability. The company has a strong global presence and is well-positioned to continue to grow its share of the market in the coming years.
ABB is another major player in the Gas Insulated Medium Voltage Switchgear Market. The company offers a comprehensive range of gas-insulated medium-voltage switchgear products, including air-insulated switchgear, gas-insulated switchgear, and hybrid switchgear. ABB’s products are known for their safety, efficiency, and reliability. The company has a strong track record of innovation and is well-positioned to continue to grow its share of the market in the coming years.
Key Companies in the Gas Insulated Medium Voltage Switchgear Market Include:
- Alstom
- Hyosung Heavy Industries
- Aichi Electric
- Meiden Electric
- Siemens
- GC Electric
- Chint Group
- Eaton
- ABB
- Mitsubishi Electric
- Fuji Electric
- Hyundai Electric
- Toshiba
- Schneider Electric
- Nisshin Electric
Gas Insulated Medium Voltage Switchgear Market Industry Developments
The global gas insulated medium voltage (MV) switchgear market is projected to grow from $6.65 billion in 2023 to $10.2 billion by 2032, at a CAGR of 4.87%. The growth of the market is attributed to the increasing demand for electricity, the rising adoption of renewable energy sources, and the growing need for reliable and efficient power distribution systems.
Investments in smart grid infrastructure, the expansion of the power transmission and distribution network, and the increasing focus on energy efficiency are some of the key factors driving the growth of the gas insulated MV switchgear market. The market is also witnessing a growing trend towards digitalization, with the adoption of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI).
Major players in the gas insulated MV switchgear market include ABB, Siemens, Schneider Electric, and General Electric. These companies are investing in research and development to improve the efficiency and performance of their products and to meet the growing demand for reliable and cost-effective power distribution solutions.
Gas Insulated Medium Voltage Switchgear Market Segmentation Insights
Gas Insulated Medium Voltage Switchgear Market Voltage Level Outlook
- Up to 52 kV
- Up to 72.5 kV
- Up to 145 kV
Gas Insulated Medium Voltage Switchgear Market Product Type Outlook
- Gas-Insulated Circuit Breakers (GCBs)
- Gas-Insulated Contactors (GICs)
- Remote Terminal Units (RTUs)
Gas Insulated Medium Voltage Switchgear Market Insulation Type Outlook
Gas Insulated Medium Voltage Switchgear Market Application Outlook
- Substations
- Transmission Lines
- Distribution Networks
Gas Insulated Medium Voltage Switchgear Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
6.34 (USD Billion) |
| Market Size 2023 |
6.65 (USD Billion) |
| Market Size 2032 |
10.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.87% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Alstom, Hyosung Heavy Industries, Aichi Electric, Meiden Electric, Siemens, GC Electric, Chint Group, Eaton, ABB, Mitsubishi Electric, Fuji Electric, Hyundai Electric, Toshiba, Schneider Electric, Nisshin Electric |
| Segments Covered |
Voltage Level, Product Type, Insulation Type, Application, Regional |
| Key Market Opportunities |
Growing demand for underground power distribution Increasing need for reliable and efficient grid infrastructure Aging grid infrastructure requiring upgrades and replacement Rising urbanization and industrialization Technological advancements leading to improved product performance. |
| Key Market Dynamics |
Growing demand for renewable energy Increasing urbanization Aging power grid infrastructure Technological advancements Government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gas Insulated Medium Voltage Switchgear Market is expected to reach a valuation of 6.65 billion USD in 2023.
The CAGR of the Gas Insulated Medium Voltage Switchgear Market is estimated to be 4.87% from 2024 to 2032.
Increasing demand for reliable and efficient power distribution systems, growth in renewable energy generation, and stringent government regulations on grid infrastructure are some key factors driving market growth.
Asia-Pacific is expected to hold the largest market share due to rapid urbanization, industrialization, and increasing investment in power infrastructure.
Gas Insulated Medium Voltage Switchgear finds applications in various industries, including power generation, transmission, and distribution, as well as in commercial and industrial facilities.
Major players in the Gas Insulated Medium Voltage Switchgear Market include Siemens, ABB, Schneider Electric, General Electric, and Mitsubishi Electric.
The Gas Insulated Medium Voltage Switchgear Market is projected to reach a valuation of 10.2 billion USD by 2032.
Fluctuating raw material prices, intense competition, and technological advancements pose challenges to market growth.
Growing adoption of smart grids, increasing demand for energy efficiency, and government initiatives to modernize power infrastructure present opportunities for market expansion.
Digitalization, automation, and the integration of renewable energy sources are key trends influencing market dynamics.
