Press release
Gas-Insulated Substation Global Market Report 2024 - By Size, Share, Drivers, Trends, Forecast To 2033
Gas-Insulated Substation Market
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.
Market Overview -
A gas-insulated substation is a high-voltage substation that uses sulphur hexafluoride gas as the insulating medium at moderate pressure for phase-to-phase and phase-to-ground insulation. The main conducting structures are housed inside a sealed environment.
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Clean Energy Demand Propels Growth In Gas-Insulated Substation Market
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.
Competitive Landscape -
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
Product Innovative In Gas-Insulated Substations Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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