Expect a robust Compound Annual Growth Rate (CAGR) of 5.4% to propel the global gas insulated substation market throughout the forecast period. Already valued at US$ 14.6 Billion in 2023, the market’s journey promises a remarkable ascent, envisioning an impressive valuation of US$ 24.6 Billion by 2033.
The demand for gas insulated substations gains impetus from groundbreaking advancements in switchgear and a surging trend of grid modernization, reverberating across both developed and developing economies. A notable differentiator lies in the environmental impact, positioning gas insulated substations as a greener alternative to their air-insulated counterparts. This ecological consciousness stands as a pivotal driver for market expansion.
Shape Your Vision: Access Valuable Insights Through Our Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-13293
Market Drivers and Challenges in the Gas-Insulated Substation Landscape
The gas-insulated substation market is on an expansion trajectory, driven by the escalating value of per-hectare land. These substations’ space-efficient design demands significantly less room than conventional counterparts, requiring merely 10% of the installation area. This compact footprint is a compelling factor propelling market growth.
Globally, the momentum has swung toward investments in clean and renewable energy ventures. This transition, coupled with burgeoning renewable projects and heightened electricity consumption, positions the gas-insulated substation market for a promising future, teeming with potential.
Key Drivers:
- Adaptability and Compactness: The market is set to burgeon over the next seven years owing to the soaring demand for adaptable solutions that can seamlessly fit within diverse structures. The ascendancy of compact power systems is expected to steer global market expansion, while the substation’s resilience in challenging environments like arctic or desert regions is poised to amplify its market footprint.
Key Insights:
- U.S. Dominance: Throughout the forecast period, the U.S. is projected to capture the lion’s share of the global gas-insulated substation market. This leadership is attributed to regional industry leaders adept at tailoring designs to meet operational requisites, ensuring cost-efficiency without compromising stability or employee well-being.
- Asia Pacific Ascendancy: The Asia Pacific region, spearheaded by China and Japan, is poised to claim the highest market share. Market players in this region have notably introduced phase-separated and enclosed type GIS solutions that exemplify compactness and robust construction, fortified by years of expertise.
- Indoor Installation Prowess: The “indoor” installation category is anticipated to command the lion’s share of revenue throughout the forecast period. Its versatility to be placed in confined spaces, residential zones, and industrial complexes—coupled with its portability—positions it as a dominant revenue generator.
Key Players:
- General Electric Company
- Hitachi Ltd.
- ABB Ltd.
- Larsen & Toubro Limited
- Siemens AG
- Mitsubishi Electric Corporation
- Eaton Corporation PLC
- Toshiba Corp
- CG Power and Industrial Solutions Ltd
- Schneider Electric SE
- Bharat Heavy Electricals Limited
- Elsewedy Electric Co S.A.E.
- Powell Industries Inc.
- Hyosung Corp
Empower Your Business IQ: Don’t Wait, Secure Your Complete Report – Buy Now @ https://www.futuremarketinsights.com/checkout/13293
Recent Developments:
- In November 2018, ABB has been granted a contract by German grid operator TransnetBW for an electrical substation upgrade. ABB is responsible for installing the world’s first 380kV gas-insulated switchgear under the $40 million contract.
- In 2020, The Hitachi ABB Power Grids joint venture was formed by Hitachi Ltd. The new business is anticipated to offer financial power to support ambitious projects and new commercial potential as the sector embraces decentralization and digitization.
Key Segments Profiled in the Gas Insulated Substation Market Survey
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 & Distribution
- Manufacturing & Processing
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com