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Global Gas Insulated Substation Market: Snapshot

Substations play a crucial role in electricity distribution infrastructures as a part of the transmission and distribution systems, performing several core functions such as the transformation of voltage from high to low, or vice versa. Electricity may flow through a number of substations between the power generation station to the consumer. Substations may house transformers to alter voltage levels between high and low transmission and distribution voltages or at the junction of two different levels of transmission voltages. 

In the recent years, gas insulated substations have witnessed a significant rise in demand owing to their high level of efficiency and compact nature, with size running down to around a tenth of conventional substations. The market for gas insulated substations is expected to benefit from the rising concerns of scarcity of land, especially in urban areas. The rising costs of usable land and the increasing demand for compact power transmission and distribution systems are the key factors boosting the market for gas insulated substations. 

The report estimates that the market for gas insulated substations will more than double over the period between 2016 and 2024. The market is expected to exhibit a robust 10.31% CAGR over the said period, rising from a valuation of US$14.7 bn in 2015 to US$35.8 bn in 2024. 

High Voltage Substations to See Increased Demand

The report segments the global gas insulated substations market on the basis of voltage into medium (≤ 72.5 KV) and high (>72.5 KV). Of these, the segment of high voltage gas insulated substations is expected to witness demand rise at a higher pace than the segment of medium voltage gas insulated substations. As the power transmission industry struggles to deal with the challenge of bringing high voltage levels into urban areas, with the added requirement of being able to be compatible with the inconsistent supply of power from renewable sources, the segment of high voltage gas insulation substations is expected to gain higher demand. 

Asia Pacific Market for Gas Insulated Substation to Remain at Forefront of Growth

From a geographical perspective, the global market for gas insulated substations is segmented in the report into North America, Asia Pacific, Europe, and Rest of the World. Of these, the Asia Pacific market presently dominates, accounting for a massive 54% of the global market in 2015. China and India are the leaders in the massive Asia Pacific market for gas insulated substations. In Asia Pacific, the market for gas insulated substations is expected to benefit from the immense scarcity of open spaces required to expand transmission and distribution infrastructure of the burgeoning power industry. Rising urbanization in countries such as Japan, China, and India are also expected to drive the increased demand for gas insulated substations. 

In Europe, which held the second spot in terms of share in the global market in 2015, countries such as France, the U.K. and Germany dominate the gas insulated substation market space. In North America, the U.S. and Canada remain at the forefront of the market for gas insulated substations. The Europe and North America markets are expected to benefit from the increased need for replacement of aging power transmission and distribution infrastructure. GCC countries and Brazil represent the key markets for gas insulated substations in the rest of the world. 

Some of the leading vendors operating in the global gas insulated substation market are Schneider Electric SE, Fuji Electric Co., Ltd., ABB Ltd., Hitachi, Ltd., General Electric (GE), Mitsubishi Electric Corporation, Toshiba Corporation, Siemens AG, Crompton Greaves Ltd., and Eaton Corporation plc.

Advances in Grid Modernization to Propel Gas Insulated Substation Market

Gas insulated substations are typically used in geographies where space is at premium and are preferred over air insulated substations (AIS) due to the former’s lower footprint. This is a key driver for demand in the gas Usually, the initial installation may prove to be costly for industries and utilities, over time this is offset by benefits of installation in places where price of the space is typically. This is particularly true in busy urban spaces where grid solutions are costly. Thus, the trend of incorporating small and light-weight components has notably propelled product advancements, thereby benefitting some of the key providers of gas insulated substations solutions. A key consumer proposition underpinning innovation in gas insulated substation market is the urge of manufacturers and solution providers to meet the environmental norms. Thus, sealing systems used should be environmental friendly to attract buyers. The drive for digitally monitoring systems has fuelled new prospects in the gas insulated substations market. Developed nations with continuous advances in grid modernization are emerging as a steady revenue generators for OEMs and distributors in the market. Advancements in switchgear technologies have thus boosted the capabilities of gas insulated substation market.

The Covid-19 pandemic and the outbreaks have affected more than 180 countries across the world. The virus strains have caused enormous impacts on health infrastructure, causing governments to cease all non-essential economic activities to prevent community transmission. Meanwhile, vaccines by several manufacturers across nations have come to the fore and the inoculation programs have gained momentum in many developed and emerging economie of the world. The jabs has been visibly reducing the morbidity and mortality, enabling governments to ease restrictions related to trade. The decline in household consumption have also impacted the macroeconomic dynamics that shape the growth contours of the gas insulated substations market. New demands among industries have also been slow to pick up pace over the past 12 months. The post-pandemic world will see companies entering into collaborations to improve their long-term outlooks.

This research study analyzes the gas insulated substation market in terms of revenue (US$ Bn). The market has been segmented on the basis of voltage and geography. For the research, 2015 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country level from 2015 to 2024. The report provides a broad competitive analysis of companies engaged in the gas insulated substation business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the gas insulated substation market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of gas insulated substations with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the gas insulated substation market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition. 

The high-level analysis in the report provides detailed insights into the gas insulated substation business in the U.S. There are currently numerous drivers of the market. One of the most prominent drivers is the compact size and reliability of gas insulated substations. Market attractiveness analysis was carried out for the gas insulated substation market on the basis of revenue realization and industrial growth. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions. 

The gas insulated substation market was analyzed across four regions: North America, Europe, Asia Pacific, and Rest of World. These regions are further segmented by country and voltage of installed gas insulated substations globally. Voltage range (0 to 72.5 Kv and above 72.5 Kv) has been provided for each country and region. Regional data has been provided for each sub-segment of the gas insulated substation market. Some of the key manufacturers of gas insulated substations are ABB Group, Eaton Corporation Plc., Fuji Electric Co., Ltd., General Electric Company, Hitachi, Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Crompton Greaves Limited, and Toshiba Corporation. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments. 

Gas Insulated Substation Market: By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World 

Gas Insulated Substation Market: By Voltage 

  • Medium (≤ 72.5 KV)
  • High (> 72.5 KV)

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Gas Insulated Substation Market

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