Gas-Insulated Substation Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Gas-Insulated Substation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

Rising Urbanization is expected to boost the growth of the gas-insulated substation market. Urbanization is the process by which cities grow and more people move to cities. As cities become denser, there is a greater need for compact, low-maintenance power infrastructure, which has accelerated the use of gas-insulated substations. For instance, according to the data published in September 2021 by the United Nations Department of Economic and Social Affairs, globally, 4.46 billion people resided in urban areas in 2021. By 2050, this number will increase to 6.68 billion, with 2.22 billion more people living in urban areas.

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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Major Key Players of the Market:

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

Gas-Insulated Substation Market 2024 Key Insights:

• 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%.
• Clean Energy Demand Propels Growth In Gas-Insulated Substation Market
• Product Innovative In Gas-Insulated Substations Market
• Asia-Pacific was the largest region in the gas-insulated substation market share in 2023, and is expected to be the fastest-growing region in the forecast period

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