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Sales in the Gas Insulated Substation Market are expected to reach US$ 21.7 Bn by 2031

Jun 24, 2022
Sales in the Gas Insulated Substation Market are expected to reach US$ 21.7 Bn by 2031

North America’s Gas Insulated Substation Market is projected to grow at a CAGR of 5.6% through 2031, with the US and Canada leading this expansion into new markets in Central & South Asia respectively. India’s rate however remains high as it grows fastest among all countries covered by our scope – expected increase ranging from 6-7

/EIN News/ — NEWARK, Del, June 22, 2022 (GLOBE NEWSWIRE) — The global gas insulated substation market 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.

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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 Substation Market 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.

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Key Drivers

  • 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.

Key Restraints

  • 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.

Competitive Landscape

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.

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Some of the key players operating in the market profiled by FMI are:

  • 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

More Valuable Insights on Gas Insulated Substation Market

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:

By Basis of Installation:

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 and Distribution
  • Manufacturing and Processing

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

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Key Questions Covered in the Report

  • 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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Article originally published at https://www.einpresswire.com/article/577945344/sales-in-the-gas-insulated-substation-market-are-expected-to-reach-us-21-7-bn-by-2031-future-market-insights-inc

This news story originally appeared at Books - Reality Syndicate Viewers on 24 June 2022