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CHICAGO, Nov. 12, 2024 (GLOBE NEWSWIRE) — Consumer credit balances continued to grow across all credit products during the third quarter of 2024, but in many cases, that growth has slowed. These are among the findings from the newly released Q3 2024 Quarterly Credit Industry Insights Report (CIIR) from TransUnion TRU. The findings point to a level of stabilization in the consumer credit market which may signal a return to more typical credit use patterns across many lending products.

The report reveals that after a period of rapid balance growth across a range of credit products, in particular credit cards and unsecured personal loans, balance growth has slowed. While both credit products saw year-over-year (YoY) growth of approximately 15% in the year ending Q3 2023, YoY balance growth for the year ending Q3 2024 was only 6.9% for credit cards and 3.6% for unsecured personal loans.

“The moderated growth in balances is likely the result of a number of factors in combination,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion. “For example, looking at credit cards, lenders in many cases have tightened underwriting standards which may have resulted in lending to borrowers less likely to grow balances quickly. In addition, as inflation has returned to more normal levels in recent months, it has also meant consumers may be less likely to rely on these credit products to make ends meet.”

Balances Are Growing More Slowly Than One Year Prior

The report also found that YoY growth in delinquency has moderated across most credit products. Credit cards and auto saw slower YoY growth in delinquency as compared to one year prior, while unsecured personal growth saw a steeper rate of decline.

Delinquencies Are Declining, or Growing More Slowly, Across Many Credit Products

To learn more about the latest consumer credit trends, register for the Q3 2024 Quarterly Credit Industry Insights Report webinar. Read on for more specific insights about credit cards, personal loans, auto loans and mortgages.

Key card metrics begin to stabilize as balance and delinquency growth slows

Q3 2024 CIIR Credit Card Summary

A number of metrics associated with credit cards show a moderation of growth when compared to recent quarters. One instance can be found in the growth of balances. YoY growth of credit card balances for Q3 2024 was 6.9%. However, this pales in comparison to the 15% YoY balance growth that took place between Q3 2022 and Q3 2023. Average credit card debt per borrower has also been slowing relative to prior years. Average debt per borrower rose only 4.8% YoY in Q3 2024 as opposed to 11.2% the year prior, and 12.4% the year before that. Another sign of moderation can be seen when examining delinquencies. The percentage of consumers 90+ days past due (DPD) increased from 2.34% in Q3 2023 to 2.43% in Q3 2024, representing a 9 bps increase, versus the 40 bps observed last year.

Instant Analysis

“We appear to be moving from higher balance and delinquency growth observed between Q3 2021 and Q3 2023 to a slower growth environment. On the consumer front, lower inflation in recent quarters, combined with continued wage gains for consumers, may be driving consumers toward a financial equilibrium where they balance their monthly expenses and their monthly budget. Increased lender discretion is playing a role in this slowdown, resulting in a decrease in new credit card originations. The origination decline is most likely a response to the 90-day delinquency number remaining higher than observed in over a decade.”

– Paul Siegfried, senior vice president and credit card business leader at TransUnion

Q3 2024 Credit Card Trends

*Note: Originations are viewed one quarter in arrears to account for reporting lag.
For more credit card industry information, click here for episodes of Extra Credit: A Card and Banking Podcast by TransUnion.
Click here for a Q3 2024 credit card industry infographic.

Originations grow and delinquencies decline as lenders continue shift to lower-risk borrowers

Q3 2024 CIIR Unsecured Personal Loan Summary

Unsecured personal loans continued to trend positively with accelerating growth in originations and declining delinquencies. Originations for Q2 2024, the most recent quarter of data available, stood at 5.4 million, which represents YoY growth of 5.4%. While this still remains below Q2 2022’s 6.0 million, it is the second highest Q2 on record. Super prime originations grew 13.4% YoY, continuing to be the highest-growth risk segment. Subprime and near prime had their second quarter in a row of growth after five quarters of YoY decline. Despite this growth, borrower-level 60+DPD delinquency saw YoY declines for the second consecutive year, down 25 bps to 3.5% in Q3 2024. This change was driven by a mix shift and improvement in subprime delinquencies, which fell to 11.9% from 12.9% a year ago, while super prime delinquency ticked up.

Instant Analysis

“The unsecured personal loan market continues to be a bright spot in the consumer lending market, showing growth with declining delinquencies. The performance improvement was driven by better subprime performance even as lenders begin to cautiously open their buy boxes. It is worth watching to see if this trend continues as lenders return to growth across risk tiers in the new year.

– Liz Pagel, senior vice president of consumer lending at TransUnion

Q3 2024 Unsecured Personal Loan Trends

*Note: Originations are viewed one quarter in arrears to account for reporting lag.
Click here for additional unsecured personal loan industry metrics.

Mortgage originations remain flat year-over-year as delinquencies tick up

Q3 2024 CIIR Mortgage Loan Summary

After seeing a YoY increase in the prior quarter, mortgage originations were flat YoY in Q2 2024, the latest quarter for which mortgage origination data is available, despite seeing a 29% seasonal QoQ increase. However, after a long period in which mortgage originations have been relatively depressed, largely due to relatively high interest rates, the Federal Reserve recently made a ½ point rate reduction with the potential for future cuts. It remains to be seen if this helps spur the mortgage market, as well as the refinance market, which made up just over 13% of originations in Q2 2024. While this represents a slight increase in share, it remains very low relative to historical figures. Delinquencies continue to tick upward among homeowners. For Q3 2024, the 60+ DPD delinquency rate was at 1.22%, up 27 bps from Q2 2023’s 0.95%. However, these rates remain extremely low, and have been helped by the still strong job market as well as the fact that the majority of mortgage accounts and balances are held by 760+ risk score consumers.

Instant Analysis

“It is worth watching to see if, now that the Federal Reserve has begun lowering interest rates, the mortgage origination market may begin to see growth after a lengthy sluggish period. The year-over-year increase in delinquencies is certainly something worth monitoring. However, it’s important to note that current delinquency rates remain low in comparison to long-term measures. It remains to be seen if the aforementioned interest rate reductions and cooling inflation help stem this increase in the coming quarters.”

– Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

Q3 2024 Mortgage Trends

* Originations are viewed one quarter in arrears to account for reporting lag.
Click here for additional mortgage industry metrics. Click here for a Q3 2024 mortgage industry infographic.

Monthly car payments stabilize as originations remain flat and delinquency growth slows YoY

Q3 2024 CIIR Auto Loan Summary

While affordability remains a challenge, monthly car payments have stabilized after a sustained period of escalation. For Q3 2024, the average monthly new car payment increased by 0.3% to $745. This follows a two-year period from Q3 2021 through Q3 2023 in which new car prices increased by nearly 5%. Monthly used car payments saw a decline YoY from $534 to $526. Originations remain well below historical norms, at 6.4 million for Q2 2024, which is up slightly in year-over-year terms (0.7%). It remains to be seen if the recent interest rate reduction will spur some of those waiting on the sidelines to head over to a dealership. Leasing continues to gain traction after pandemic-era lows. In Q3 2024, leasing accounted for 25% of registrations, up from 17% two years ago. Delinquencies continued to tick up. However, the rate of growth continues to slow. Serious consumer-level delinquency rates (60+ DPD) were at 1.6% in Q3 2024.

Instant Analysis

“Despite originations remaining low relative to historical norms, there’s much to be optimistic about when looking to key auto metrics this quarter. Delinquencies, while still increasing, are growing more slowly. However, this does continue to impact loan availability. That said, interest rate declines along with more normal inventory levels and reduced prices could provide relief to consumers in this market. Leasing appears to be gaining popularity again, likely driven in part by the return of dealer incentives. This leasing option, along with the stabilization of monthly payments for new and used cars, will play key roles in solving the affordability challenges faced by many when car shopping.”

– Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion

Q3 2024 Auto Loan Trends

¹Note: Originations are viewed one quarter in arrears to account for reporting lag.
²Data from S&P Global MobilityAutoCreditInsight, Q3 2024 data only for months of July & August.
Click here for additional auto industry metrics.

For more information about the report, please register for the Q3 2024 Credit Industry Insight Report webinar.

About TransUnion TRU

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

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Rockville Pike, Nov. 12, 2024 (GLOBE NEWSWIRE) — According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, the global bio-tech flavor market is analyzed to reach a size of US$ 34.44 billion in 2024 and is further forecasted to expand at a noteworthy CAGR of 7.2% over the next ten years. The continuous developments in biotechnology, particularly in the fields of fermentation, microbial engineering, enzymes, and other technologies, are revolutionizing the manufacturing of natural flavors.

These techniques are essential because they enable the efficient and regulated synthesis of taste molecules from enzymes and microorganisms, producing bio-tech flavors of superior quality. Moreover, these approaches require less money than resource-intensive conventional extraction methods. Because of these ongoing advancements, leading food and beverage producers are embracing bio-tech tastes on a large scale. Bio-tech flavor makers are also increasing their manufacturing capacity and focusing on supplying them at budget-friendly pricing by scaling up these biotechnological processes.

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North America’s strong demand for natural and clean-label products is contributing to the market growth in the region. Because the region is home to biotechnology enterprises, the market is growing at a noteworthy rate. Owing to the rising demand for flavored foods and beverages, the East Asian market is estimated to provide several lucrative opportunities in the coming years.

Key Takeaways from Bio-Tech Flavor Market Study:

The worldwide market for bio-tech flavors is forecasted to reach a size of US$ 69.03 billion by 2034-end. The North American region is estimated to lead with a 23.9% portion of the global market in 2024.

The market in East Asia is approximated to reach a valuation of US$ 15.95 billion by the end of 2034. The application of bio-tech flavors in beverages is evaluated to increase at 7.2% CAGR through 2034.

Demand for bio-tech flavors in South Korea is projected to rise at 8% CAGR from 2024 to 2034. By flavor type, the microbial produced flavor segment is analyzed to generate revenue worth US$ 19.05 billion by 2034.

“Prominent bio-tech flavor companies are investing in R&D activities to generate new and advanced microbial flavors that enhance product offerings and meet evolving customer expectations for distinctive flavors and health benefits,” says a Fact.MR analyst.

Some of the leading providers of bio-tech flavor market are Givaudan S.A; International Flavors & Fragrances Inc.; Firmenich SA; Symrise AG; Takasago International Corporation; Sensient Technologies Corporation; Kerry Group; Frutarom Industries Ltd.; BASF SE; Bell Flavors and Fragrances Inc.; Fab Flavour; Janiel Biotech; Garden Flavours Co. Pvt. Ltd.

Bio-Tech Flavor Industry News & Trends:

The biotech company Cultimate Foods, based in Berlin’s Biocube and Hannover (Institut für Technische Chemie, Leibniz Universität Hannover), successfully concluded its €2.3 million seed investment in April 2024. The business intends to expand its operations, business alliances, and manufacturing procedures.

In 2024, BASF Aroma Ingredients launches a new natural product under the Isobionics brand into the taste market. Isobionics Natural beta-Caryophyllene 80, a new product in the Isobionics brand, exemplifies the company’s commitment to developing natural tastes that are impacted by consumer desire.

How Much Demand Is There in the US for Bio-Tech Flavors?

With reputable biotechnology companies and academic institutions establishing the benchmark for the development of biotech tastes, the US is renowned for its technical innovation. These advancements are improving fermentation and microbial engineering techniques, enabling the production of high-quality, efficient natural flavors.

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By increasing the scalability and cost-effectiveness of bio-tech flavor manufacturing, advancements are encouraging food and beverage industries to use bio-tech tastes as an alternative to synthetic or traditional natural flavors. By ensuring consistent flavor quality and reducing manufacturing costs, this technological breakthrough is also contributing to a rise in industry adoption in the United States.

Several Beverage Companies Widely Utilizing Bio-Tech Flavors Over Synthetic Ones:

A high number of beverage producers are switching from artificial flavors to biotech alternatives derived from plants. The growing demand for natural solutions by consumers is the cause of this shift. Beyond their actual flavor characteristics, bio-tech tastes meet consumer desire for clean-label products free of artificial ingredients.

Biotechnology is enabling the production of unique and complex taste compounds that enhance beverages’ sensory characteristics and appeal to a wider range of customers. The need for bio-tech flavors is also driven by the growing popularity of functional beverages, which frequently include bio-active ingredients for health advantages.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the bio-tech flavor market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on form (powder, liquid, paste), flavor type (vanilla & vanillin, fruity, microbial produced, essential oils), and application (food, beverages, nutraceuticals), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Discover Additional Market Insights from Fact.MR Research:

Flavor enhancers market is estimated to be valued at US$ 3.66 billion in 2023. The global demand is set to reach a market value of US$ 6.08 billion by 2033.

Food ingredient market size is estimated to reach $35.15 Bn in 2024 and is projected to grow at a CAGR of 4.9% to end up at US$ 56.79 billion by 2034

Natural flavor carrier market is projected to grow at a steady CAGR rate during 2018-2028. Clean Label products augur the growth of natural flavor carriers.

Gamma-decalactone market is expected to grow steadily during the forecast period. The market is projected to exhibit faster expansion in North America.

Natural and organic flavor market is projected to be valued at US$ 9.99 Bn in 2024 and is projected to rise at 5.7% CAGR to ascend to $17.39 Bn by 2034

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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New York, United States, Nov. 12, 2024 (GLOBE NEWSWIRE) — A vehicle intercom system is placed in various cars to encourage clear and effective communication among the vehicle’s occupants and between the vehicle and outside individuals. These systems are designed to perform in challenging environments, including noisy and abrasive environments, and are vital for ensuring effective communication and safety in a wide range of vehicle applications.

The growing need for continuous and smooth communication in emergency vehicles is estimated to drive the vehicle intercom system market over the forecast period. The necessity for vehicle intercom systems in emergency vehicles is driven by the need to address the challenge of communicating with emergency services in high-noise environments. This factor is expected to drive the vehicle intercom system market share throughout the forecast period. Technological improvements in the communication industry will drive the automobile intercom system market.

Download Free Sample Report PDF @https://straitsresearch.com/report/vehicle-intercom-system-market/request-sample 

Market Dynamics

Military and Defense Applications Boost the Market Expansion

The military industry primarily drives vehicle intercom systems. Intercom systems are essential in military vehicles like armored vehicles, tanks, and personnel carriers because they allow crew members to communicate, coordinate tasks, and improve situational awareness. Vehicle intercom systems allow crew members to communicate effectively in armored vehicles such as tanks, armored personnel carriers (APCs), and infantry fighting vehicles (IFVs). Intercom systems, for example, enable the driver, gunner, and commander of an Abrams M1 tank to coordinate moves, convey critical information, and effectively respond to threats.

Furthermore, increasing security concerns like asymmetrical warfare and urban combat necessitate vehicles with sophisticated intercom systems that can react to changing operating settings. Intercom systems are crucial for communication in urban combat, where tight quarters and varied terrain present special challenges. Because they provide communication, situational awareness, and crew cooperation, these technologies are vital to the efficacy and safety of military vehicles. The vehicle intercom systems market is expected to grow steadily as defense budgets continue to rise and the nature of modern battle evolves.

Integration with Advanced Vehicle System Creates Tremendous Opportunities

Integrating intercom systems with high-end automobiles is promising in the Global Vehicle Intercom System Market. These interfaces provide a complete and efficient vehicle communication and control solution, improving intercom systems’ functionality and value. Intercoms can be connected to navigation and mapping systems for location-based communication. This is useful for public transportation and emergency response vehicles. An ambulance with an intercom and navigation system can broadcast its location to a hospital’s emergency room. This allows medical staff to prepare for the patient and streamlines the handover.

Manufacturers of telematics, navigation, and surveillance systems can profit from this market by collaborating with vendors of vehicle intercom systems. They can also invest in R&D to provide seamless integrations and user-friendly interfaces for shifting vehicle operator needs across industries.

Regional Insights

Europe is projected to lead the vehicle intercom system market. Market growth is expected in this area due to government and automaker vehicle intercom system research in Germany, the UK, and France. Germany, the UK, and France are investing more in vehicle intercom system research and development, which may indicate market growth. The German Vehicle Intercom System market had the largest share, while the UK market was the fastest-growing in Europe. The European vehicle intercom system market will likely grow as more sectors prioritize reliable communication solutions. Future technology and safety and security enhancements are expected to keep the industry dynamic and competitive. 

The North American market is also expected to grow substantially. The defense sector’s demand for vehicle intercom systems for military and emergency vehicles is projected to drive the market. Due to more operating vehicles, patrol stations, and operational presence in other contested areas, the defense industry’s demand for vehicle intercom systems for military and emergency vehicles is likely to rise in this region. The US will spend 38% of military funds in 2021. That’s $801 billion in 2021. The US spends the most on military equipment R&D. In October 2022, the US Army and BAE Systems will accelerate production of the Armored Multi-Purpose Vehicle, which will replace M113 armored troop carriers and have a machine gun, automatic grenade launcher, remote weapon control system, vehicle intercom system, and other features.

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Top 5 Key Highlights

• Wired and wireless are the two types of connections. The wireless system has a significant market impact.
• By application, the market can be divided into Commercial, Emergency, Military, and Airport Ground Support Vehicles. Military vehicles drove market expansion.
• The market is divided into two segments based on technology: analog and digital. Digital technology is the market’s main source of revenue.
• The market is divided into Central Unit, Crew Control Unit, Radio Interface Unit, Intercom User Unit, Wireless Intercom Unit, Headset Dismounted Interface, Loudspeaker Unit, Adapter, Wire/cable, and Tactical Ethernet Switch based on Component Type. Headset Dismounted Interface holds the largest market share.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. Europe is the most significant global cosmetic dyes market shareholder and is estimated to grow at a CAGR of % over the forecast period.

Top Companies of Vehicle Intercom System

1. Cobham
2. L3Harris Technologies
3. David Clark Company
4. Elbit Systems
5. Thales Group
6. EID
7. SyTech Corporation
8. Teldat Group
9. C-AT Communications-Applied Technology
10. Wolf Elec Intercoms
11. Aselsan

Recent Developments

• October 2023- Thales secured a contract with Polska Grupa Zbrojeniowa (PGZ) to supply the MIECZNIK1 Frigate program with the TACTICOS integrated combat management system (CMS), sonars, air-surveillance and fire-control radars, and a 360° infrared sensor.
• July 2023- Telefónica and Teldat deepen their partnership to promote connectivity and security.

Segmentation

1. By Type

1. 1. Wired
   2. Wireless

2. By Application

2. 1. Commercial Vehicles
   2. Emergency Vehicles
   3. Military Vehicles
   4. Airport Ground Support Vehicles

3. By Technology

3. 1. Analog
   2. Digital

4. By Component Type
   1. Central Unit
   2. Crew Control Unit
   3. Radio Interface Unit
   4. Intercom User Unit
   5. Wireless Intercom Unit
   6. Headset Dismounted Interface
   7. Loudspeaker Unit
   8. Adapter
   9. Wire/cable
   10. Tactical Ethernet Switch

Get Detailed Market Segmentation @https://straitsresearch.com/report/vehicle-intercom-system-market/segmentation 

Regional Listings

1. North America
   1. U.S.
   2. Canada
2. Europe

2. 1. U.K.
   2. Germany
   3. France
   4. Spain
   5. Italy
   6. Russia
   7. Nordic
   8. Benelux
   9. Rest of Europe

3. APAC

3. 1. China
   2. Korea
   3. Japan
   4. India
   5. Australia
   6. Taiwan
   7. South East Asia
   8. Rest of Asia-Pacific

4. Middle East and Africa

4. 1. UAE
   2. Turkey
   3. Saudi Arabia
   4. South Africa
   5. Egypt
   6. Nigeria
   7. Rest of MEA

5. LATAM

5. 1. Brazil
   2. Mexico
   3. Argentina
   4. Chile
   5. Colombia
   6. Rest of LATAM

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

Phone: +1 646 905 0080 (U.S.)

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New York, United States , Nov. 12, 2024 (GLOBE NEWSWIRE) — Gas-insulated switchgear (GIS) is a substation equipment that regulates and distributes electrical power. A gas-insulated switchgear is a composite device encased in a solid metal frame that contains multiple electrical devices like circuit breakers, bus bars, transformers, earth switches, and surge arresters. These components are submerged in sulfur hexafluoride (SF6) gas in shielded compartments surrounded by barrier components. This design has several advantages over standard air-insulated switchgear. A GIS unit requires only centimeters for effective insulation, whereas an air-insulated switchgear unit would require meters.

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Market Dynamics

Higher operational Tolerance and smaller land footprint drives the global market

The utilization of SF6 gas as an insulating medium in gas-insulated switchgear facilitates the achievement of significantly reduced distances between components responsible for conveying electrical current. Therefore, the unit is significantly smaller than air-insulated stations. These systems also operate efficiently under adverse environmental conditions, such as snowfall and corrosive air.

Additionally, they are easily installed inside tunnels, open terraces, or underground basements in dusty conditions, perform flawlessly, and require no maintenance because they are hermetically sealed. The inner components of the switchgear are segregated from the outside environment. These advantages of gas-insulated transformers are anticipated to significantly increase the global gas-insulated switchgear market during the forecast period.

Increasing investments in transmission and distribution infrastructure creates tremendous opportunities

In recent years, major energy consumers like China and India have invested significantly in the transmission and distribution sector by building distribution networks, modernizing rural power grids, and creating new transmission lines. For instance, in February 2021, PowerGrid Corporation of India commissioned its 2GW-320kV, 165-kilometer-long Pugalur-Thrissur HVDC line, which cost USD 700 million to construct.

Similarly, in December 2020, the Indian state of Maharashtra unveiled plans to construct a USD 1.08 billion, 800 kV underground HVDC project to supply Mumbai with an additional 1 GW of electricity. These projects are anticipated to necessitate large power transformers and gas-insulated switchgear, driving market demand and creating opportunities for market expansion.

Regional Analysis

Asia-Pacific is the most significant global gas-insulated switchgear market shareholder and is expected to expand substantially during the forecast period. Asia-Pacific is one of the most populous regions, and due to rapid industrialization and urbanization growth, power demand has increased dramatically in recent years. Thus, investments in transmission and distribution (T&D) infrastructure grew substantially. Long-distance T&D projects become more environmentally friendly by developing underground networks and smaller substations, for which gas-insulated switchgear is becoming an increasingly viable option. Several major electrical and T&D equipment manufacturers, including Hyosung, Meidensha, Mitsubishi, Toshiba, and Zheijhang, have their origins in the eastern Asia-Pacific region. This region houses the majority of their manufacturing facilities. According to the Powergrid Corporation of India, gas-insulated substations and other equipment for the Thrissur-Pugalur HVDC line were supplied by Indian factories as part of the Make In India program.

North America is the second-largest electricity market globally in terms of electricity generation. Over the past decade, the region’s generation, transmission, distribution, and consumption of electricity have undergone profound changes. The electricity markets, particularly the transmission and distribution networks, have undergone extensive reorganization, paving the way for the rising demand for technologies such as gas-insulated switchgear (GIS). In addition, the government undertakes multiple initiatives to develop and modernize power transmission networks. For instance, in May 2022, the federal government released USD 2.5 billion in funds to modernize and expand the country’s power grid capacity under the Transmission Facilitation Program (TFP) created by the Bipartisan Infrastructure Law. Therefore, the US Department of Energy (DOE) issued a request for information (RFI) to solicit public feedback on the structure of the new revolving fund program.

Key Highlights

• The global gas-insulated switchgear market size was valued at USD 21.02 Billion in 2024and is estimated to reach from USD 22.67 Billion in 2025 to USD 41.54 Billion by 2033, growing at a CAGR of 7.86% during the forecast period (2025–2033).
• Based on voltage level, the global gas-insulated switchgear market is bifurcated into low voltage, medium voltage, and high voltage. The high voltage segment dominates the global market and is predicted to grow substantially over the forecast period.
• Based on end-users, the global gas-insulated switchgear market is segmented into power utilities, industrial sector, and commercial and residential. The power utilities segment owns the market share and is predicted to expand substantially during the forecast period.
• Asia-Pacific is the most significant global gas-insulated switchgear market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

1. General Electric Company
2. Hitachi Ltd
3. Eaton Corporation PLC
4. Bharat Heavy Electricals Limited
5. Powell Industries Inc.
6. Schneider Electric SE
7. Mitsubishi Electric Corporation
8. Toshiba Corp.
9. Hyosung Heavy Industries Corp.
10. Siemens Energy AG.

Recent Developments

• February 2023- ABB India opened a new factory in Nashik (Maharashtra, India) to double its gas-insulated switchgear (GIS) production capacity.
• September 2023- Nuventura, a Berlin-based provider of SF6-free, medium-voltage (MV) gas-insulated switchgear (GIS) technologies, secured a Series A investment of €25 million. Mirova (which sponsored Zunder and Philippe Servant) led the round through its impact private equity fund Mirova Environment Acceleration Capital.

Segmentation

1. By Voltage Level

1. 1. Low Voltage
   2. Medium Voltage
   3. High Voltage

2. By End-User

2. 1. Power Utilities
   2. Industrial Sector
   3. Commercial and Residential
3. By Region
   1. North America
   2. Europe
   3. APAC
   4. Latin America
   5. Middle East And Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/gas-insulated-switchgear-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

Phone: +1 646 905 0080 (U.S.)

+44 203 695 0070 (U.K.)

Email: sales@straitsresearch.com

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