Rising concerns around the use of energy efficient systems for power generation and increasing real estate prices to drive the adoptions of Gas Insulated Substations whose market is forecasted to grow at a CAGR of 19.4%
Published Date : 17/11/2017
According to a new market research study titled 'Gas Insulated Substation Market to 2025 - Global Analysis and Forecasts by Voltage Type and Application', the global gas insulated substation market was valued at US$ 15,416.1 Mn in 2016 and is estimated to reach US$ 41,059.8 Mn by 2025. The report highlights the trends prevalent in the global gas insulated substation market and the factors driving the market along with those that act as deterrents to its growth.
The world is experiencing a significant rise in demand for energy efficient power generation systems as the power consumption has increased heavily over the past decades. It is anticipated that, the power consumption will grow further with the increased usage of electronic gadgets, vehicles, and electronic appliances in the developed countries as well as in few developing countries. This has led to adoption of gas insulated substations (GIS), which is highly energy efficient and can transmit more than 5 times of power as compared to the conventional system which is air insulated substation.
The market for gas insulated substation is influenced by various factors such as easy installation and operation of the mechanism and low maintenance of the system, long life span of the systems and increased reliability of the system over air insulated substations. Moreover, due to growing demand for power generation in developed countries as well as developing countries, the need for compact size gas insulated substation is increasing rapidly, which in turn is leading the market to grow significantly.
The global gas insulated substation market has been segmented on the basis of voltage type into high voltage and ultra-high voltage. Gas Insulated Substations have been subdivided into their applications as Power Transmission & Distribution application and Manufacturing & Processing application. Geographically, the global Gas Insulated Substation market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
High voltage gas insulated substations held the majority of market share globally in 2017, owing to rapid adoption of the systems. The developed regions and developing regions across the globe are witnessing space limitations due to rapidly increasing population and commercialization. The key players profiled in the report are ABB, Toshiba International Corporation, Schneider Electric SE, General Electric Company and Eaton. Also, CG Power and Industrial Solutions Ltd., Hyosung Corporation, Mitsubishi Electric Corporation, Nissin Electric Co. Ltd. And Siemens AG are other key players profiled in the report.
Global Gas Insulated Substation Market Breakdown by Regions, 2016 (%)
Source: The Insight Partners Analysis
The report segments the global gas insulated substation market as follows:
Global Gas Insulated Substation Market - By Voltage Type
Ultra High Voltage
Global Gas Insulated Substation Market - By Application
Power Transmission & Distribution
Manufacturing & Processing
Global Gas Insulated Substation Market - By Geography
Rest of Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)