The growth in renewable power stations is expected to provide opportunities for the gas-insulated substation market growth
The global gas-insulated substation market size is projected to reach nearly USD 45 billion by 2028. In addition, the market is forecasted to grow a CAGR of above 9% over the forecast period of 2020-2028. Rapid industrialization around the globe is projected to boost the demand along with the growing need of energy demand in the global market. The high growth of the industrial sector across the rapidly growing economies, including China, Indonesia, South Korea and India, is expected to fuel demand in the industry. Growing number of power plants in offshore regions utilising green energy resources need a compact and efficient source of electricity. Longer life cycle, improved flexibility and greater reliability for multiple energy sources compared with air-insulated subsidiary stations are the few attributes that will drive the growth of the gas-insulated substation market during the forecast period.
The report also outlines the various characteristics of the global gas-insulated substation industry by assessing the market from value chain analysis. Moreover, the gas-insulated substation market report comprises various qualitative parts of the gas-insulated substation industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The gas-insulated substation market has huge competition amongst the already well-known and new market players. Also, the gas-insulated substation industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The Asia Pacific market for gas-insulated substations is expected to contribute significant market revenue shares, which can be attributed to increased adoption of new technologies and growing manufacturing and energy demand in the regional sector. China is expected to lead the Asia-Pacific market by increasing infrastructure projects, widening the demand-supply gap in power, expanding manufacturing facilities nationwide, and increasing commercial spaces among different applications. The country benefits from low cost and high efficiency of the gas-insulated substations with improved use of resources boosting demand for products in Asia Pacific.
The major players of the global gas-insulated substation market are ABB Group, Siemens AG, Hitachi Corporation, Toshiba Corporation, and General Electric. Moreover, the market comprises several other prominent players in the gas-insulated substation market as Alstom S.A., Mitsubishi Electric Corporation, Schneider Electric SE, Hyundai Heavy Industries Co Limited, Fuji Electric Co. Ltd. and Nissin Electric Co. Ltd. The gas-insulated substation market comprises well established local as well as global players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Gas-Insulated Substation Market
Installation Overview, 2018-2028 (USD Billion)
Voltage Rating Overview, 2018-2028 (USD Billion)
- Medium voltage (Up to 72.5 kV)
- High Voltage (72.5 kV – 220 kV)
- Extra High Voltage (220 kV – 765 kV
End User Overview, 2018-2028 (USD Billion)
- Power transmission utility
- Power distribution utility
- Power generation utility
- Other (heavy industries & railways)
Regional Overview, 2018-2028 (USD Billion, Million Units)
- Rest of Europ
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America