The gas-insulated substation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Gas Insulated Substation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The gas-insulated substation market size has grown rapidly in recent years. It will grow from $22.12 billion in 2023 to $24.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to development of high voltage transmission systems, space constraints and urbanization, demand for reliable power infrastructure, environmental considerations, increased grid complexity.
The gas-insulated substation market size is expected to see rapid growth in the next few years. It will grow to $36.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to regulatory support and environmental concerns, demand for compact and high-efficiency substations, focus on grid resilience and reliability, increasing grid modernization initiatives, transition towards renewable energy. Major trends in the forecast period include product innovations, technological advancements, rising focus on grid reliability, integration of renewable energy, technological advancements in gis.
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Scope Of Gas Insulated Substation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Gas Insulated Substation Market Overview
Market Drivers –
The increasing demand for clean energy is expected to boost the growth of the gas-insulated substation market. Clean energy refers to electricity that comes from renewable, zero-emission sources that do not pollute the atmosphere while used, in addition to energy saved by way of power efficiency measures. The clean energy consists of 245 kV voltage is a key well-known voltage level for the European high voltage grid answers high voltage merchandise, GE Renewable Energy. Having SF6-loose fuel-insulated substations at 245 kV might be vital to helping the decarbonization of the high-voltage grid. For instance, in 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, Global electricity generation from renewable sources increased to 29% in 2020. In 2021, the wind was set for the largest increase in renewable generation, growing by 275 TWh (17%), which is greater than 2020 levels. Thus, the increasing demand for clean energy is driving the growth of the gas-insulated substation market.
Market Trends –
Product innovation is a key trend in the gas-insulated substation market. Major companies operating in the gas-insulated substation market are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2023, Toshiba, a Japan-based electronics company, launched 72kV GIS, a replacement for equipment at TEPCO PG’s Fuchu Substation. 72kV GIS This device consists of a circuit breaker that blocks fault current on a transmission line to prevent it from harming other electrical equipment, a transmission system switch, a lightning arrester, and an instrument transformer. 72kV GIS uses a blend of nitrogen and oxygen (synthetic air) as its insulating medium, which is safe and has no global warming impact in the event of a leak.
The gas-insulated substation market covered in this report is segmented –
1) By Voltage: Medium Voltage, High Voltage, Extra High Voltage
2) By Installation: Indoor, Outdoor
3) By Application: Power Transmission, Power Distribution, Power Generation
4) By End-User: Power Utilities, Industrial Sector, Commercial And Residential Sector
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Regional Insights –
Asia-Pacific was the largest region in the gas-insulated substation market share in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the gas-insulated substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the gas-insulated substation market report are Hitachi Ltd., Larsen & Toubro Limited, Eaton Corporation plc, CG Power and Industrial Solutions Limited, Schneider Electric SE, Bharat Heavy Electricals Limited, Elsewedy Electric Co S.A.E., Powell Industries Inc., Hyosung Corporation, Fuji Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Tbea Co. Ltd., Entec Electric & Electronic Co. Ltd., ILJIN Electric, Nissin Electric, Meidensha Corporation, LUCY ELECTRIC INDIA PRIVATE LIMITED, Chint Group, SEL S.P.A., Sinopec Corp., PetroChina Company Limited, ExxonMobil Corporation, British Petroleum Public Limited Company, Chevron Corporation, ERICO International Corporation
Table of Contents
1. Executive Summary
2. Gas Insulated Substation Market Report Structure
3. Gas Insulated Substation Market Trends And Strategies
4. Gas Insulated Substation Market – Macro Economic Scenario
5. Gas Insulated Substation Market Size And Growth
…..
27. Gas Insulated Substation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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