Gas-Insulated Substation Market worth $29.5 billion by 2023
Added: (Tue Jan 08 2019)
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According to the new market research report "Gas-Insulated Substation Market by Voltage Type (Medium, High, and Extra High), Installation (Indoor and Outdoor), Output Power, End User (Power Transmission Utility, Distribution Utility, and Generation Utility), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The gas-insulated substation market is expected to grow from an estimated USD 18.9 billion in 2018 to USD 29.5 billion by 2023, at a CAGR of 9.27%. Rising energy demand and space constraints in densely populated urban areas are likely to drive the gas-insulated substation market.
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On the basis of end user, the power transmission utility segment is expected to hold the largest share of the market
The power transmission utility segment is projected to grow at the second highest CAGR during the forecast period. Power transmission utility is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations. Gas- insulated switchgear plays a vital role in grid protection and efficient flow of power, as well as protection and relaying of the transmission circuit. High voltage transmission and extra high voltage transmission lies under the jurisdiction of the power transmission utilities. These utilities are responsible for the transmission grid expansion, refurbishment, as well as procurement of high voltage equipment.
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The medium voltage segment is expected to be the fastest-growing segment of the gas-insulated substation market, by voltage type, during the forecast period.
The medium voltage gas-insulated substation is expected to grow at the highest CAGR from 2018 to 2023. The market is primarily driven due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology. This equipment is mainly used by the core sector, power generation, infrastructure, transportation, and distribution system industries. The medium voltage gas insulated substation segment is sub-divided into primary distribution and secondary distribution
Asia Pacific: the leading market for gas- insulated substations
In this report, the gas-insulated substation market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, South America, Europe, and the Middle East & Africa. Asia Pacific led the global gas-insulated substation market in 2018. China, India, and Japan are the largest markets for gas-insulated substations in the region. These countries are investing in their grid expansion projects to increase distribution grid reliability. China accounted for the largest share of the gas-insulated substation market in Asia Pacific in 2017 and is estimated to have the highest installed generation and distribution capacity during the forecast period. The country, which is an export-oriented economy, has witnessed exponential growth in the demand for electricity in the past couple of decades, fueled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities. India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to a rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and is expected to drive the growth of the gas-insulated switchgear market in Asia Pacific.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the gas-insulated substation market. The key players include ABB (Switzerland), Siemens (Germany), Toshiba Corporation (Japan), Siemens (Germany), and Hitachi (Japan). The leading players are adopting various strategies to increase their shares in the gas-insulated substation market.
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