According to the latest Future Market Insights (FMI) analysis, sales in the gas insulated substation market are expected to top US$ 12.5 Bn by 2021. Growth outlook remains positive as the market is assessed to register 5.7% CAGR between 2021 and 2031. FMI has identified General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation as leading players in the gas insulated substation market. The top ten market players are expected to account for nearly half of demand registered through the forecast period.
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2016-2020 Gas Insulated Substation Market Outlook Compared to 2021-2031 Forecast
Driven by increase focus on research and development and investment in power generation sector, the gas insulated substation market will rise at 5.7% CAGR between 2021 and 2031 in comparison above 3.8% CAGR registered during 2016-2020.
Over the forecast period, the growing demand for small, low-maintenance power systems is expected to drive the market. In comparison to air-insulated substations, gas insulated ones have higher efficiency and dependability.
Because gas-insulated substations require less area than their equivalents, rising per hectare land values are predicted to stimulate prospects for expansion. Due to their lower space use, these substations require 90% less area than other power plants which is key factor enabling growth in the market.
Market growth is predicted to be driven by rising energy consumption in emerging nations as a result of changing lifestyle and increasing per capita income. It is predicted to gain traction in the market since it can be planted in a small space also it protects the environment using sulphur hexafluoride gas whereas Air-insulated substations are more likely to pollute the environment, whereas gas-insulated substations are more environmental friendly.
Leading manufacturing companies are focusing on expanding their product offering and are employing omni channel sales channels across various regional markets. To improve their revenue generation, companies are directly making contracts and proposal bidding with end users and governments, which is helping them in revenue generation.
Rapid industrialization witnessed worldwide has positively affected the gas insulated substation market. The ongoing development of various manufacturing firms across the globe has increased the demand for electricity. Several industries and government organizations across various regions have increased their expenditures on the power generation sector owing to the raising demand of electricity from Industrial sector. This has increased the demand of gas insulate substations across the globe.
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The COVID-19 had a negative impact on the market since lockdown was imposed across various countries by local governments. Limited production and transportation-related delays owing to travel restriction created obstacles amid the pandemic.
Economies are steadily recovering from the effect. Company activities have begun to grow at a slow and steady pace as supply and distribution networks recovered. Against this backdrop, production activities have begun and restrictions related to transportations are now removed by governments.
Considering this, the pandemic is unlikely to have a long-term effect on the Gas Insulated Substation market.
Companies operating in gas insulated substation market are aiming at strategic collaborations and partnerships with other manufacturers to expand their production capacity. They also are continuously investing in R&D activities to introduce innovative solutions to the market.
Besides this, they are focusing on the expansion of manufacturing facilities globally to maintain their global presence. Manufacturers are targeting East Asia & South Asia Pacific region as these are the emerging markets.
By Basis of Installation:
- Indoor
- Outdoor
By Voltage Rating:
- Medium voltage (Up to 72.5 kV)
- High Voltage (72.5 kV – 220 kV)
- Ultra High Voltage (220 kV – 765 kV)
By End-user:
- Power Transmission and Distribution
- Manufacturing and Processing
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Answered in the Report
What is the gas insulated substation market size?
At what rate did the demand for gas insulated substation rise in 2021?
At what rate will the demand for gas insulated substation market grow through 2031?
Who are the top players in the gas insulated substation market?
Who are the leading exporters of gas insulated substation?
What is the North America gas insulated substation market outlook?
At what rate will the sales of gas insulated substation increase in Europe?
What is the market share of South Korea and Japan in gas insulated substation market?
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