2012-09-26 18:49:33 - Gas insulated switchgear market to show impressive growth over the coming years
The global gas insulated switchgear market is expected to show impressive growth over the coming years, particularly in the US where the market is expected to grow at a compound annual growth rate (CAGR) of 7.4% over the period 2010-2020, to reach a value of $341.4m in 2020 from $167.9m in 2010.Key factors driving growth within the gas insulated switchgear market include the increase in urbanization and the growing space constraints in metropolitan cities around the globe. Furthermore, the world´s rising electricity demand is also expected to lead to investment in the expansion of transmission and distribution networks.China currently accounts for 59.5% of the world´s gas insulated switchgear market, while India, though a comparatively smaller market of $235.9 million is
expected to grow at a CAGR of 19% over the period 2011-2020. High economic development, rising urbanization and rising electricity demand in these countries are expected to drive the global market of gas insulated switchgear in to the future. The increasing electricity demand in India and China is driving investments in power plants in these countries. However, the current transmission and distribution networks in these countries are not efficient enough to take the increased electricity load from the power plants. In the future, investment is needed in the transmission and distribution networks of India and China to drive the gas insulated switchgear market.In the future, gas insulated switchgear manufacturing companies are expected to bring smaller and more efficient switchgear into the market. For more information on the gas insulated switchgear market, see the latest research: Gas Insulated Switchgear MarketFollow us on Twitter @CandMResearch
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