Press release
Gas-Insulated Substation Market Business Trends, Emerging Growth To 2033
Gas-Insulated Substation
The Business Research Company presents an extensive market research report on the Gas-Insulated Substation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The gas-insulated substation market size has grown rapidly in recent years. It will grow from $22.12 billion in 2023 to $24.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to development of high voltage transmission systems, space constraints and urbanization, demand for reliable power infrastructure, environmental considerations, increased grid complexity..
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.
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Key Market Players:
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
Market Drivers:
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.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/gas-insulated-substation-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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