Press release
Gas Insulated Substation Market Driven by Need for High Efficiency in Power Distribution, to Reach US$35.8 bn by 2024
Transparency Market Research (TMR) has announced the release of a new market report. The report deals with the global gas-insulated substation market and presents comprehensive analysis and accurate forecasts for the market’s development in the forecast period from 2016 to 2024. The report is titled ‘Gas Insulated Substation Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024’ and is available for sale on TMR’s official website.Substations are a crucial part of electricity distribution infrastructure, as they control distribution as well as transmission of electricity. Substations perform many important tasks in an electricity distribution system, such as converting a high-voltage current to one with a lower voltage value, and vice versa. The higher efficiency of a gas-insulated substations has driven their demand in the global scenario in recent years. According to TMR analysts, the global gas-insulated substations market is expected to more than double in valuation from 2015 to 2024. The market was valued at US$14.7 bn in 2015; exhibiting a robust 10.31% CAGR from 2016 to 2024, the market is expected to rise to a valuation of US$35.8 bn.
Gas-insulated substations utilize sulfur hexafluoride (SF6) for insulation, which enables them to be much smaller than air-insulated substations, since less gas is needed for insulation. Gas-insulated substations can be up to a tenth of the size of normal substations. Sulfur hexafluoride is not only highly dielectric, which makes it an excellent insulating material, but it is also quite stable and doesn’t degrade or deplete over time. This brings down the costs of gas-insulated substations significantly.
The compact nature of gas insulated substations is particularly important in regions where there is a significant risk of natural disasters – Japan, where these substations were developed, is a prime example. The rising urbanization in Japan and other Asia Pacific countries has also been a major driver for the global gas insulated substations market, since they can be installed in urban areas, causing little inconvenience to citizens living near it. Gas insulated substations can also easily be installed in harsh terrain, where their compact size and increased efficiency over air-insulated substations are a major benefit.
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According to geography, TMR analysts have segmented the global gas insulated substations market into Asia Pacific, North America, Europe, and Rest of the World. The report looks into the performance of the market for gas-insulated substations in each of these regions. Within North America, the U.S. and Canada are the major regional markets for gas-insulated substations. In Europe, Germany, the U.K., and France lead the demand along with the CIS countries. The Asia Pacific market for gas-insulated substations is led by India and China, whereas Brazil and the GCC countries are the major regional markets in the rest of the world.
With an aim of explaining the competitive dynamics of the market, the report profiles major players in the global gas insulated substations market such as ABB Ltd., Hitachi, Ltd., Schneider Electric SE, GE, Fuji Electric Co., Ltd., Siemens AG, Mitsubishi Electric Corporation, Toshiba Corporation, Eaton Corporation plc, and Crompton Greaves Ltd. A financial overview and SWOT analysis is provided for each of these key players, along with an analysis of their business strategies and recent developments.
The global gas-insulated substations market is segmented as follows:
Gas Insulated Substation Market: By Region
North America
Europe
Asia Pacific
Rest of World
Gas Insulated Substation Market: By Voltage
Medium (≤ 72.5 KV)
High (> 72.5 KV)
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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