A latest report on the gas insulated substation market published by Future Market Insight uncoverscrucial trends andhidden opportunities determining growth of the market. It discloses the scope of potential sales pockets in terms of basis of installation, voltage rating, end user, and regions. The study also forecast sales projections of gas insulated substation several countries and regions for the coming decade.
DUBAI, UAE, Nov. 8, 2021 /PRNewswire/ -- The global gas insulated substationmarket will reach US$ 21.7 Bn by the end of 2031, estimates FMI. The market is anticipated to surge at 5.7% CAGR during the forecast period 2021-2031, in comparison to the 3.8% CAGR registered from 2016 to 2020.
Increasing investment in development of power transmission and distribution infrastructure is the major factor driving the demand for gas insulated substation market. Gas insulated substations are increasingly gaining traction among several commercial and industrial utilities owing to their reliable power supply, higher efficiency, lower operational and maintenance cost, and compact size.
In addition to this, surging demand for renewable energy and rising inclination towards bio-based fuel sources is expected to create lucrative revenue generation opportunities for the market.
Rising number of massive industrialization projects across the U.S. China, India, and others are consistently increasing power demand. Industries require an enormous amount of power supply for carrying out various energy-intensive operations such as manufacturing, processing, and others.
Hence, they are extensively investing in up-gradation of their power grids which will create growth opportunities for gas insulated substations. Driven by this, the sales of gas insulated substations are projected to top US$ 12.5 Bn, rising at a CAGR of 5.1% in 2021.
On the basis of end user, the power transmission and distribution sector is estimated to emerge as the fastest-growing segment, totaling US$ 12.7 Bn by 2031 end. Increasing demand for electricity across the world owing to rising population and development in residential and industrial sectors are primary factors facilitating the segment growth.
"Growing trend of adopting automated machineries across industries and introduction of advanced artificial intelligence (AI) based operated substations is expected to accelerate the market growth," says the FMI analyst.
Key Takeaways from Gas Insulated SubstationMarket Study
North America market is projected to expand at a CAGR of 5.6% through 2031, owing to rapid industrialization in the U.S. and Canada.
Favored by rising investment in the power transmission sector in the U.K. and Germany, the market in Europe is forecast to surge at a CAGR of 5.2% over the assessment period.
China is projected to emerge as the largest market for gas insulated substations in East Asia, surpassing US$ 2.9 billion by the end of 2031.
India is estimated to witness the fastest growth in the South Asia market, expanding at a CAGR of 6.4% between 2021 and 2031.
In terms of installation, indoor gas insulated substations are forecast to dominate the segment, accounting for nearly 75% of the overall sales in 2021.
Increasing government initiatives and campaigns to expand the industrial sector across the countries such as China, the U.S., India, Brazil, Canada, and others is expected to favor the growth of the market.
Rising emphasis towards the consumption of renewable energy sources and growing demand for improving electricity access across rural areas are propelling the demand for gas insulated substations.
High risk of human contact with toxic greenhouse gas used in substations such as sulfur hexafluoride is hampering the growth of the market.
High cost of gas insulated substations compared to substitutes such as air-insulated substations might limit the sales.
Leading players in the global market are General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation. As per FMI, top ten companies are estimated to account for nearly 50% of the demand share through the assessment period.
Key manufacturers are aiming to expand their production capacity through agreements, contracts, strategic collaborations, partnerships, and acquisition with other players. For instance,
In January 2019, VC Fund Technologies, Berlin and a German utility company E.ON, announced investing in a start-up named Nuventura, a manufacturer of clean power grid technology to increasing the production of gas-insulated switchgears with dry air.
In November 2018, TransnetBW, an electrical transmission grid operator announced entering into a contract with ABB, Swiss multinational corporation for upgrading its electrical substation for US$ 40 million. Under the contract, the latter company is responsible for installing the first 380kV gas insulated switch gears in the world.
Some of the key players operating in the market profiled by FMI are:
General Electric Company
Larsen & Toubro Limited
Mitsubishi Electric Corporation
Eaton Corporation PLC
CG Power and Industrial Solutions Ltd
Schneider Electric SE
Bharat Heavy Electricals Limited
Elsewedy Electric Co S.A.E.
Powell Industries, Inc.
More Valuable Insights on Gas Insulated SubstationMarket
In its latest report, FMI provides a detailed analysis of the global gas insulated substation market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of:
The report offers insight into gas insulated substation market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for gas insulated substation market between 2021 and 2031
Gas insulated substation market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Gas insulated substation market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.