Gas Insulated Substation Industry Is Assessed to Register 5.7% CAGR Between 2021 And 2031: FMI

According to the latest Future Market Insights (FMI) analysis, sales in the gas protected substation market are expected to top US$12.5 Bn by 2021. The growth outlook remains positive as the market is assessed to register a 5.7% CAGR between 2021 and 2031.

FMI has identified General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation as leading players in the gas insulated substation market. The top ten market players are expected to account for nearly half of the demand registered through the forecast period.

Request a sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-13293

Key Takeaways of Global Gas Insulated Substation Market Study

  • Indoor based installed units are estimated to gain close to two-thirds of the overall market in the forecast period. Increasing necessity for small and low maintenance power systems will favour the adoption of the system type.
  • While high rated voltage units are deemed to be the leading segment, medium rated voltage unit is expected to register higher growth surpassing growth exhibited by other prototypes owing to demand from the 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 industrialisation
  • 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.

Competitive Landscape

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 chains as well as create supply chain contracts directly with end-users to customise solutions as per their requirements.

After-sales repair and maintenance programs offered by OEMs or tie-up with channel vendors are other trends witnessed in the 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, and Toshiba Corp, CG Power and Industrial Solutions Ltd, Schneider Electric SE., amongst others, etc.

For critical insights on this market, request to ask an expert here @ https://www.futuremarketinsights.com/ask-question/rep-gb-13293

2016-2020 Gas Insulated Substation Market Outlook Compared to 2021-2031 Forecast

Driven by an increased focus on research and development and investment in the power generation sector, the gas insulated substation market will rise at 5.7% CAGR between 2021 and 2031 in comparison to 3.8% CAGR registered during 2016-2020.

Over the forecast period, the growing demand for small, low-maintenance power systems is expected to drive the market. In comparison to air-insulated substations, gas-insulated ones have higher efficiency and dependability.

Because gas-insulated substations require less area than their equivalents, rising per hectare land values are predicted to stimulate prospects for expansion. Due to their lower space use, these substations require 90% less area than other power plants, which enables growth in the market.

Market growth is predicted to be driven by rising energy consumption in emerging nations as a result of changing lifestyles and increasing per capita income. It is expected to gain traction in the market since it can be planted in a small space also it protects the environment using sulphur hexafluoride gas whereas Air-insulated substations are more likely to pollute the environment, whereas gas-insulated substations are more environmentally friendly.

Leading manufacturing companies are focusing on expanding their product offering and are employing omnichannel sales channels across various regional markets. To improve their revenue generation, companies are directly making contracts and proposal bidding with end-users and governments, which is helping 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.

Since the sulphur hexafluoride is a greenhouse gas, its use in substations can impact the market growth. However, its market is expected to grow at a higher rate owing to its advantages over other options.

Customization Before Buying, Visit @ https://www.futuremarketinsights.com/customization-available/rep-gb-13293

Gas Insulated Substation Market by Category

By Basis of Installation:

  • Indoor
  • Outdoor

By Voltage Rating:

  • Medium voltage (Up to 72.5 kV)
  • High Voltage (72.5 kV – 220 kV)
  • Ultra-High Voltage (220 kV – 765 kV)

By End-user:

  • Power Transmission and Distribution
  • Manufacturing and Processing

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • The Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

Contact Us:

Future Market Insights, Inc
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedInTwitterBlogs