The Gas-insulated Switchgear Market size is estimated at USD 21.06 billion in 2024, and is expected to reach USD 31.03 billion by 2029, growing at a CAGR of 8.06% during the forecast period (2024-2029).
The outbreak of the COVID-19 led to a series of lockdowns leading to the global economic slowdown, which, in turn, led to a slowdown in industrial and commercial activities due to less discretionary spending, hampering the gas-insulated switchgear(GIS) market. In terms of the growth of the market, factors such as the transformation of the power industry in terms of upgrading transmission and distribution networks, rising adoption of renewable energy-based power plants, etc., are expected to drive the market during the forecast period. However, high equipment cost when compared to air-insulated switchgear, along with stringent environmental and safety regulations related to GIS, is likely to restrain the market growth during the forecast period.
The gas-insulated switchgear market is moderately fragmented. Some of the key companies in the market include Hitachi Energy Ltd, Schneider Electric SE, General Electric Company, Eaton Corporation PLC, and Toshiba Corp.
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