Press release
Key Trends Shaping the Future Gas-Insulated Substation Market From 2025-2034: Product Innovative In Gas-Insulated Substations Market
Gas-Insulated Substation Market Size
The growth of the gas-insulated substation market is being propelled by the escalating demand for clean energy. Clean energy is power derived from renewable, zero-emission sources that don't contaminate the atmosphere during usage, combined with that conserved through energy efficiency measures. A significant 245 kV voltage associated with clean energy characterizes the European high voltage grid and high voltage products such as GE Renewable Energy. The incorporation of SF6-free gas-insulated substations, at 245 kV, will prove pivotal in moving towards a decarbonized high-voltage grid. For instance, stats from a 2023 report by the U.S. Energy Information Administration (EIA), a US-based entity, highlight that the U.S. utility-scale electricity produced from hydropower reached 240 billion kWh, constituting 5.7% of overall energy share. Consequently, the mounting requirement for clean energy is catalyzing the expansion of the gas-insulated substation market.
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What is the future CAGR of the gas-insulated substation market, and how will it impact industry expansion?
In recent times, the market size of the gas-insulated substation has expanded swiftly. It is anticipated to increase from $24.45 billion in 2024 to $27.05 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.6%. The growth noted in the historic period is principally due to the development of high voltage transmission systems, increasing urbanization and space constraints, the necessity for dependable power infrastructure, environmental factors, and more complex grid systems.
Anticipated fast-paced growth is predicted for the gas-insulated substation market in the coming years, escalating to $40.84 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 10.9%. The expansion in the projected timeline can be attributed to regulatory backing, environmental sensitivities, demand for high-efficiency and compact substations along with an emphasis on grid tenacity and dependability. The increase in initiatives towards modernizing the grid and a shift towards renewable energy also contribute to this growth. Key trends expected during this forecast period revolve around product improvisations, technological progress, heightened focus on grid reliability, incorporating renewable energy, and innovative advancements in the field of GIS.
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What are the most significant trends transforming the gas-insulated substation market today?
The development of novel products forms a significant trend within the gas-insulated substation market. Multiple leading firms within this market are making concerted efforts to devise innovative solutions so as to consolidate their foothold. For instance, Toshiba, a prestigious electronics company based in Japan, introduced its 72kV GIS in March 2023, intended to be a substitute for equipment at TEPCO PG's Fuchu Substation. The 72kV GIS comprises a circuit breaker that can hinder fault current on a transmission line to stop it from damaging other electrical hardware, a transmission system switch, an instrument transformer, and a lightning arrester. The insulating medium used in the 72kV GIS is a synthetic air mixture of nitrogen and oxygen, offering safety and leading to no global warming implications in case of leakage.
Which key market segments comprise the gas-insulated substation market and drive its revenue growth?
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
Subsegments:
1) By Medium Voltage: Distribution Substations, Urban And Rural Applications
2) By High Voltage: Transmission Substations, Industrial Applications
3) By Extra High Voltage: HVDC (High Voltage Direct Current) Substations, Ultra High Voltage (UHV) Substations
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What regions are at the forefront of gas-insulated substation market expansion?
Asia-Pacific was the largest region in the gas-insulated substation market share in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the gas-insulated substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the gas-insulated substation market?
Major companies operating in the gas-insulated substation market 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., ERICO International Corporation
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What Is Covered In The Gas-Insulated Substation Global Market Report?
• Market Size Forecast: Examine the gas-insulated substation market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the gas-insulated substation market for a structured understanding.
• Key Players Overview: Analyze major players in the gas-insulated substation market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the gas-insulated substation market.
• Segment Contributions: Evaluate how different segments drive overall growth in the gas-insulated substation market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the gas-insulated substation market.
• Industry Challenges: Identify potential risks and obstacles affecting the gas-insulated substation market.
• Competitive Landscape: Review strategic developments in the gas-insulated substation market, including expansions, agreements, and new product launches.
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