Global gas insulated substation market is estimated to be US$ 12.5 Bn in 2021, with a healthy long-term growth projection, according to latest research insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
The report estimates global gas insulated substation market to grow at nearly 8-9% during 2021-2031. Due to their lower space use, gas insulated substations require 90% less area than other power plants which is key factor behind the growth of the market. Growth of renewable energy market coupled with preference of bio based fuel sources are expected to favor of installation of gas insulated substation in upcoming years.
Expansion of power grids across commercial and industrial utilities is expected to propel the growth of gas insulated substation market owing to planned investment projects by government and private stakeholders in various regions. Though sales of SF6 gas insulated power distribution equipment has plummeted to an extent recent times, due to strong positioning amongst end users in developing markets, growth forecast for the market remains highly positive.
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Global gas insulated substation market is likely to grow at a healthy pace during 2021-2031. The market is in its advanced stages of growth, where manufacturers are engaged in new product development and customization in order cater standard and niche applications for end clientele. Strategic supply chain contracts with vendor registration directly with end clientele and tender bids are being pursued by OEMs to gain competitive advantage.
Key Takeaways of Global Gas Insulated Substation Market Study
- Indoor based installed units are estimated to acquire close to two-thirds of overall market in the forecast period. Increasing necessity for small and low maintenance power systems will favor adoption of the system type
- While high rated voltage units are deemed to be the leading segment, medium rated voltage unit is expected to be register higher growth surpassing growth exhibited by other prototypes owing to demand from manufacturing sector
- North America, Europe and East Asia have been identified as leading regional markets owing to robust investments and growth in civic infrastructure and industrialization
- The gas insulated substation demand in India will grow by 6.4% CAGR over the assessment period, from 2021 to 2031
- The gas insulated substation market in China is expected to total US$ 2.9 Bn by 2031
“Automation based operating substation is expected to be a key trend adopted by system providers which is likely to be embraced in full capacity by various end users. New installations as well as upgrading ageing infrastructure will drive the market growth” says FMI analyst.
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The market is highly competitive. As per FMI, tier-1 companies are estimated to occupy half of the demand in the market. The leading players are likely to pursue robust channel partner based supply chain as well as create supply chain contract directly with end users to customize solutions as per their requirements.
Aftersales repair and maintenance programs offered by OEMs or tie-up with channel vendors are other trends witnessed in market. Some of the key players in the market are 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., amongst others, etc.