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. The growth outlook remains positive as the market is assessed to register a 5.7% CAGR between 2021 and 2031.
Leading companies in the market for gas-insulated substations, according to FMI, including
- General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation.
Nearly half of the demand recorded throughout the forecast period is anticipated to be accounted for by the top ten market players.
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Impact of Industrialization on Gas Insulated Substation Market
The market for gas-insulated substations has benefited from the rapid industrialization currently taking place around the world. The demand for electricity has grown as various manufacturing companies continue to develop around the world. Due to the rising demand for electricity from the Industrial sector, numerous businesses and government agencies from various regions have increased their spending on the power generation sector. Due to this, there is now a greater need for gas-insulated substations all over the world.
Competitive Landscape
In order to increase their production capacity, businesses in the gas-insulated substation market seek out strategic alliances and partnerships with other producers. To bring novel solutions to the market, they also consistently invest in R&D projects.
To maintain its global presence, they are also concentrating on the global expansion of manufacturing facilities. East Asia and South Asia Pacific are the regions that manufacturers are focusing on because these are emerging markets.
Gas Insulated Substation Market by Category
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
- The Middle East and Africa (MEA)
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Opportunity for Gas Insulated Substation Market in China
According to Future Market Insights, East Asia will continue to be one of the most alluring markets during the forecast period. By 2031, China is anticipated to surpass US$ 2.9 billion and become East Asia’s largest market.
China’s industrialization has increased the demand for electricity. The main driver of the demand for gas-insulated substations in China is this, along with the rising investment in the power generation and utility sector. As a result of its quick industrialization, China is using more electricity. As a result, the nation will become a key market in East Asia for gas-insulated substations.
Demand for Gas Insulated Substations Increasing in India
Over the forecast period, demand is anticipated to increase at a CAGR of nearly 6.4% in the Indian market. India’s industrial sector is one of South Asia’s fastest growing. Additionally, it has increased the need for energy. This, along with the nation’s expanding population, has caused the consumption of electricity to exceed the supply. As a result, over the next few years, India’s demand for gas-insulated substations is likely to increase.
India has been named as a primary market in the report, and it is anticipated that country will continue to have a high demand for gas-insulated substations over the forecast period. Sales of gas-insulated substations are likely to increase as government power generation and distribution pick up in response to India’s industrialization and urbanisation.
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