The gas-insulated substation market will grow at a 5.7 percent CAGR between 2021 and 2031, outpacing the 3.8 percent CAGR registered between 2016 and 2020, owing to an increased focus on research and development and investment in the power generation sector.
The growing demand for small, low-maintenance power systems is expected to drive the market over the forecast period. Gas-insulated substations are more efficient and reliable than air-insulated substations.
Because gas-insulated substations require less space than their equivalents, rising per-hectare land values are expected to boost expansion prospects. These substations require 90 percent less space than other power plants due to their lower space use, which is a key factor enabling market growth.
Rising energy consumption in emerging economies as a result of changing lifestyles and rising per capita income is expected to drive market growth. It is expected to gain market traction because it can be planted in a small space and also protects the environment by using sulfur hexafluoride gas. Air-insulated substations are more likely to pollute the environment, whereas gas-insulated substations are more environmentally friendly.
Leading manufacturers are focusing on expanding their product offerings and utilizing Omni channel sales channels in various regional markets. Companies are directly making contracts and proposal bidding with end-users and governments to improve their revenue generation, which is assisting them in revenue generation.
Rising safety concerns, reliability, and substation security are projected to fuel demand in the market in the coming years. Longer life spans and one-time investment requirements for gas-insulated substations are expected to continue to drive the market.
The rapid industrialization witnessed worldwide has positively affected the gas-insulated substation market. The ongoing development of various manufacturing firms across the globe has increased the electricity demand. Several industries and government organizations across various regions have increased their expenditures on the power generation sector owing to the rising demand for electricity from the Industrial sector. This has increased the demand for gas-insulated substations across the globe.
- General Electric Company
- Hitachi, Ltd.
- ABB Ltd
- Larsen & Toubro Limited
- Siemens AG
- Mitsubishi Electric Corporation
- Eaton Corporation PLC
- Toshiba Corp
- CG Power and Industrial Solutions Ltd
- Schneider Electric SE
- Bharat Heavy Electricals Limited
- Elsewedy Electric Co S.A.E.
- Powell Industries, Inc.
- Hyosung Corp