According to China’s largest state-owned utility corporation, the State Grid Corporation of China (SGCC) planned to build 12 electricity transmission lines, with an investment of USD 33.7 billion. At high voltages, gas-insulated switchgear provides various advantages, which include minimization of operation and maintenance cost, space constraint issues, and arc quenching mechanism. According to the World Energy Investment statistics, Investment in T&D infrastructure is expected to increase to USD 6.8 trillion between 20. For instance, Saudi Arabia is planning on large-scale investment worth USD 100 billion on increasing the power generation from the current 40,000 to 80,000 MW in the next ten years. Increasing Investments in Transmission & Distribution Infrastructure to Fuel Demand for GIS MarketĬountries are investing in the development of transmission and distribution infrastructure to cater to the increasing demand for electricity. Hence, growth in renewable power generation is expected to help drive the demand for this market during the projected period. The Energy Information Administration (EIA) forecasts that renewables will account for almost half-49%-of the global electricity output by 2050. According to the International Energy Outlook 2019 report, 28% of the global power came from renewable sources in 2018, which is majorly contributed by wind, solar, and hydropower. This, coupled with supportive government initiatives for the development of renewable power are the prominent factors responsible for the growth of renewable power generation. The increasing awareness about renewable power led to a significant adoption of renewable energy. Increasing Share of Renewable Power Generation to Aid Market Growth Moreover, enormous construction activities to build commercial spaces, business parks, and housing societies are set to spike power demand. Hence, the space constraint in urban localities and growing energy demand is projected to further propel the gas insulated switchgear market growth during the forecast period. The extensive population shifting to cities is increasing the demand for electricity. According to the United Nations report in 2018, about 55% of the world’s population lives in urban areas, which is projected to increase to 68% by 2050. The growing population and growing rate of urbanization are likely to increase the demand for energy across the globe.
Increasing Energy Demand Fuel Market Growth
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