Gas Insulated Substation Market - Evolving Industry Trends 2024

Substations play a crucial role in electricity distribution infrastructures as a part of the transmission and distribution systems, performing several core functions such as the transformation of voltage from high to low, or vice versa. Electricity may flow through a number of substations between the power generation station to the consumer. Substations may house transformers to alter voltage levels between high and low transmission and distribution voltages or at the junction of two different levels of transmission voltages.

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In the recent years, gas insulated substations have witnessed a significant rise in demand owing to their high level of efficiency and compact nature, with size running down to around a tenth of conventional substations. The market for gas insulated substations is expected to benefit from the rising concerns of scarcity of land, especially in urban areas. The rising costs of usable land and the increasing demand for compact power transmission and distribution systems are the key factors boosting the market for gas insulated substations.

The report estimates that the market for gas insulated substations will more than double over the period between 2016 and 2024. The market is expected to exhibit a robust 10.31% CAGR over the said period, rising from a valuation of US$14.7 bn in 2015 to US$35.8 bn in 2024.

High Voltage Substations to See Increased Demand

The report segments the global gas insulated substations market on the basis of voltage into medium (≤ 72.5 KV) and high (>72.5 KV). Of these, the segment of high voltage gas insulated substations is expected to witness demand rise at a higher pace than the segment of medium voltage gas insulated substations. As the power transmission industry struggles to deal with the challenge of bringing high voltage levels into urban areas, with the added requirement of being able to be compatible with the inconsistent supply of power from renewable sources, the segment of high voltage gas insulation substations is expected to gain higher demand.

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Asia Pacific Market for Gas Insulated Substation to Remain at Forefront of Growth

From a geographical perspective, the global market for gas insulated substations is segmented in the report into North America, Asia Pacific, Europe, and Rest of the World. Of these, the Asia Pacific market presently dominates, accounting for a massive 54% of the global market in 2015. China and India are the leaders in the massive Asia Pacific market for gas insulated substations. In Asia Pacific, the market for gas insulated substations is expected to benefit from the immense scarcity of open spaces required to expand transmission and distribution infrastructure of the burgeoning power industry. Rising urbanization in countries such as Japan, China, and India are also expected to drive the increased demand for gas insulated substations.

In Europe, which held the second spot in terms of share in the global market in 2015, countries such as France, the U.K. and Germany dominate the gas insulated substation market space. In North America, the U.S. and Canada remain at the forefront of the market for gas insulated substations. The Europe and North America markets are expected to benefit from the increased need for replacement of aging power transmission and distribution infrastructure. GCC countries and Brazil represent the key markets for gas insulated substations in the rest of the world.

Some of the leading vendors operating in the global gas insulated substation market are Schneider Electric SE, Fuji Electric Co., Ltd., ABB Ltd., Hitachi, Ltd., General Electric (GE), Mitsubishi Electric Corporation, Toshiba Corporation, Siemens AG, Crompton Greaves Ltd., and Eaton Corporation plc.

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