NEWARK, DE / ACCESSWIRE / January 16, 2023 / The global gas-insulated substation market is anticipated to have a high-pace CAGR of 5.4% during the forecast period. The current valuation of the gas-insulated substation market is USD 14.6 billion in 2023. The gas-insulated substation market value is projected to reach a high valuation of USD 24.6 billion by 2033.
The key elements driving the demand for gas-insulated substations are advances in switchgear technology and a growing trend of network upgrades in both developed and developing countries. Air-insulated substations are more likely to pollute the environment, while gas-insulated substations are more environmentally friendly.
Over the forecast period, this aspect is likely to drive the expansion of the global market. Furthermore, the increasing need for compact and low-maintenance power systems is expected to drive market expansion during the forecast period. They outperform air-insulated substations in terms of efficiency and reliability.
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The market is expected to expand as a result of rising land values per hectare because gas-insulated substations require less space than their equivalents. Because they take up less space, these substations require 90% less space to install than traditional power plants.
Globally, the emphasis has shifted towards investments in clean energy projects and the development of renewable energy. As a consequence of the considerable development of new renewable projects and the increased use of electricity, the market for gas-insulated substations is expected to show good potential in the future.
The gas-insulated substation market is expected to grow over the next seven years as a result of increasing demand for features including the adaptability to fit into a structure. The demand for compact power systems is expected to increase, which will drive the development of the global market. Its ability to function in harsh conditions such as the arctic and desert is expected to increase the size of the market.
The market is benefiting from a considerable increase in energy consumption in emerging countries as a result of various electrification initiatives. GIS is being used by various nations involved in cross-border power transmission to create long transmission lines, distribution stations, and substations. The advent of digital monitoring systems that enable intelligent supervision of the operation of encapsulated switchgear components has benefited OEMs and distributors in the power transmission business. In recent years, manufacturers in the gas-insulated switchgear market have focused on commercializing products with sophisticated sealing systems and using low-weight gases, including non-SF6 gas. They are suitable for arctic or desert environments due to their characteristics.
However, sulfur hexafluoride is a greenhouse gas and its use in substations is expected to slow down market development. In addition, the high cost of traditional electrical substations is expected to hinder market expansion and present hurdles for industry participants.
Key takeaways:
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During the forecast period, the US is estimated to account for the largest share of the global gas-insulated substation market. This is attributed to key regional companies that modified their designs to meet the operational demands of their end-users at a low cost without sacrificing stability or employee safety, such as world leaders in medium and high-end SF6 gas-insulated switchgear (GIS). high voltage ranging from 24 kV to 800 kV.
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During the forecast period, the Asia Pacific Gas Isolated Substation market is expected to have the highest share, led by China and Japan. This is due to market players who have successfully produced a standard series of 3 phase or separated phase closed type GIS achieving very compact construction and exceptionally reliable, with years of experience.
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Due to its ability to be planted in small areas and also deployed in residential areas and industrial complexes where continuous electricity is required, along with its portability, the “indoor” installation type is expected to garner the most revenue during the forecast period.
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Competitive Landscape:
To promote brand and revenue, industry players engage in a deluge of focused product launches and global growth. They are also extending their reach across many continents and entering new markets, particularly emerging countries, to build their consumer base and improve their position. As a result of the increasing frequency of contaminations and the development of diseases around the world, industry participants are also introducing innovative new products to the market. These reasons are expected to fuel the growth of the global gas insulated substation market.
Key players. Main players:
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general electric company
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hitachi ltd
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ABB Ltd.
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Larsen & Toubro Limited
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Siemens AG
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Mitsubishi Electric Corporation
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Eaton Corporation PLC
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toshiba company
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CG Power and Industrial Solutions Ltd
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Schneider Electric SE
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Bharat Heavy Electricals Limited
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Elsewedy Electric Co SAE
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Powell Industries Inc.
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hyosung corporation
Recent developments:
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In November 2018, the German grid operator TransnetBW awarded ABB a contract for the upgrade of a power substation. ABB is responsible for installing the world’s first 380 kV gas-insulated switchgear under the $40 million contract.
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In 2020, Hitachi Ltd formed the Hitachi ABB Power Grids joint venture. The new business is expected to offer financial power to support ambitious projects and new business potential as the sector embraces decentralization and digitalization.
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Table of Contents
1. Executive Summary
1.1. World Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology roadmap analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market background
3.1. Market dynamics
3.1.1. drivers
3.1.2. restrictions
3.1.3. Chance
3.1.4. Trends
3.2. scenario forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Probable Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity map analysis
3.4. Product life cycle analysis
3.5. Supply Chain Analysis
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