The changing dynamics in Gas Insulated Switchgear Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Gas Insulated Switchgear Market.
It was estimated prior to this unanticipated outbreak that the Gas Insulated Switch Gear Market will grow at 8.9% CAGR. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Gas Insulated Switchgear Market Segment Analysis:
Based on the type, the market is segmented as high-voltage insulated switchgear and medium-voltage insulated switchgear. The medium-voltage insulated switchgear segment is expected to witness a higher growth during the forecast period. Improvement in the power distribution sector owing to implementation of smart grid and smart metering technology along with the growing penetration of gas insulated switchgear are the major factors driving the growth of medium-voltage insulated switchgear.
Based on the voltage type, the market is segmented as distribution voltage, sub-transmission voltage, high-voltage transmission, extra-high voltage transmission, and ultra-high voltage transmission. The extra high-voltage transmission segment is expected to witness the highest growth during the forecast period. Technical superiority of gas insulated switchgear over air and vacuum switchgear is the prime driver behind the high growth of the extra high-voltage transmission segment.
Based on the end-user type, the market is segmented as power transmission utilities, power distribution utilities, power generation utilities, infrastructure & transportation, and industries & OEMs. The power distribution utilities segment is expected to witness the highest growth in the coming five years. Urbanization in developing economies and government initiatives towards expansion of electricity in rural areas are the major factors towards the high growth of the power distribution utilities segment.
In terms of regions, Asia-Pacific is expected to witness the highest growth in the gas insulated switchgear market during the forecast period. China South Korea, Japan, and India are the growth engines of the region. The market is driven by growing power consumption, government initiatives towards energy efficiency, and upgradation of aging utility infrastructure in the region. North America and Europe are also expected to offer substantial growth opportunities in the gas insulated switchgear market during the forecast period.
Some of the major players in the gas insulated switchgear market are ABB Group, Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric Company, Hitachi, Ltd., Hyundai Heavy Industries Co., Ltd., Fuji Electric Co., Ltd., Nissin Electric Co., Ltd., and Larsen & Toubro Ltd.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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