The new report by EMR titled, ‘Gas Insulated Substations Market Report and Forecast 2021-2026’, gives an in-depth analysis of the gas insulated substations market, assessing the market based on its voltage segmentation, applications, end-use and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 6%
- Forecast Market Size (2026): USD 37 Billion
The growth in the gas insulated substations market is being driven by a surge in the energy-efficient power generation system demand with a heavy increase in the power consumption over the last few decades. Power consumption is anticipated to grow further with a rise in the use of mobile devices, electronic equipment and gadgets, and vehicles. Gas-insulated substations (GIS) are more eco-friendly, efficient, and versatile compared to the traditional air-insulated substations (AIS), which has significantly contributed to the growth of the market. Encouraged by improved space optimisation, low cost of maintenance, and enhanced security against external factors, a boost is expected in the gas-insulated switchgear demand.
Industry Definition and Major Segments
Gas-insulated substations refer to the power generation and distribution centres that are used for the transmission of energy utilising Sulfur hexafluoride (SF6), a human-made gas. In these high voltage substations, the main structures and components are placed in an enclosed setting, and as an insulating medium SF6 is used.
Based on voltage, the industry is segmented into:
- Medium Voltage
- High Voltage
- Extra-High Voltage
Based on application, the market is divided into:
- Indoor
- Outdoor
Based on end-use, the market is divided into:
- Power Transmission and Distribution
- Power Generation and Processing
Based on region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growth in the gas insulated substations market is supported by the rapidly growing integration of gas-insulated substations in production facilities and processing centers and the massive investment in R&D activities to minimize the cost of production. Mobile gas insulated substations demand has gained considerable momentum in the industry globally across various regions to produce full power in confined areas. The key advantage of GIS is the small size of the facility over the AIS. As a result, the construction, mining, and oil & gas industries are gradually implementing mobile gas insulated substations.
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The high voltage segment is expected to witness substantial growth owing to the advantages of gas-insulated substations running on high voltage, like grid system security and increased reliability. Asia-Pacific is anticipated to dominate the market due to factors such as rising power usage, increased investment towards improvements of aging hydropower plants, and surging energy demand in countries like India, China, Vietnam, and Japan.
Key Market Players
The major players in the market are General Electric Company, Hitachi Ltd., Mitsubishi Electric Power Products Inc., Larsen & Toubro Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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