Gas Insulated Substation Market Set to Surpass US$ 24.6 Billion by 2033, Fueled by a Strong 5.4% CAGR

Gas Insulated Substation Market

The global gas insulated substation market is poised for significant expansion, starting from an estimated value of US$ 14.6 billion in 2023, according to a comprehensive analysis conducted by Future Market Insights (FMI). Projections indicate substantial growth ahead, with the market expected to achieve a valuation exceeding US$ 24.6 billion within the next decade, driven by a robust Compound Annual Growth Rate (CAGR) of 5.4%.

This upward trajectory is primarily attributed to the rising demand for compact, low-maintenance power systems. Gas insulated substations are increasingly being recognized as a superior alternative to their air-insulated counterparts, offering heightened reliability and efficiency. This transformative trend underscores the industry’s steadfast commitment to addressing evolving energy demands through innovative and dependable solutions.

Empower Your Decisions – Request Your Sample Report Now! 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:

  1. 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:

  1. 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.
  2. 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.
  3. 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

Take Your Research Further – Purchase The Premium Report 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

Drive Your Decisions With Personalized Insights – Request Now! https://www.futuremarketinsights.com/customization-available/rep-gb-13293

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these