Gas-Insulated Substation Market Projected to reach $29.5 billion by 2023 | Key Players include ABB, Siemens, Toshiba Corporation, Siemens, Hitachi etc.

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.

Don’t miss out on business opportunities in Gas-Insulated Substation Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=222051400

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.

Browse and in-depth TOC on "Gas-Insulated Substation Market"
65 - Tables
33 - Figures
132 - Pages

View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/gas-insulated-substation-market-222051400.html

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.

Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=222051400

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.

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/gas-insulated-substation-market.asp
Visit Our Website: https://www.marketsandmarkets.com

This release was published on openPR.