Gas Insulated Substation Market

Gas Insulated Substation Market Analysis and Review by Voltage Rating – Medium voltage (Up to 72.5 kV), High Voltage (72.5 kV – 220 kV), and Extra High Voltage (220 kV – 765 kV)

Gas Insulated Substation Market Analysis

[250+ Pages Report] According to the latest Future Market Insights (FMI) analysis, sales in the gas insulated substation market are expected to top US$ 12.5 Bn by 2021. Growth outlook remains positive as the market is assessed to register 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 demand registered through the forecast period.

Base Year Value (2020A)

US$  11.9 Bn

Estimated Year Value (2021E)

US$  12.5 Bn

Projected Year Value (2031F)

US$  21.7 Mn

Value CAGR (2021-2031)

5.70%

Collective Value Share: Top 3 Countries (2021E)

60%

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

Driven by increase focus on research and development and investment in power generation sector, the gas insulated substation market will rise at 5.7% CAGR between 2021 and 2031 in comparison above 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 is key factor enabling growth in the market.

Market growth is predicted to be driven by rising energy consumption in emerging nations as a result of changing lifestyle and increasing per capita income. It is predicted 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 environmental friendly.

Leading manufacturing companies are focusing on expanding their product offering and are employing omni channel 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 span and one-time investment requirement for gas insulated substations are expected to continue to driving 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.

What Is the Impact of Industrialization on Gas Insulated Substation Market?

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 demand for electricity. Several industries and government organizations across various regions have increased their expenditures on the power generation sector owing to the raising demand of electricity from Industrial sector. This has increased the demand of gas insulate substations across the globe.

What Is the Impact Of COVID-19 Crisis On Gas Insulated Substation Market?

The COVID-19 had a negative impact on the market since lockdown was imposed across various countries by local governments. Limited production and transportation-related delays owing to travel restriction created obstacles amid the pandemic.

Economies are steadily recovering from the effect. Company activities have begun to grow at a slow and steady pace as supply and distribution networks recovered. Against this backdrop, production activities have begun and restrictions related to transportations are now removed by governments.

Considering this, the pandemic is unlikely to have a long-term effect on the Gas Insulated Substation market.

Country-wise Insights

How big is the Opportunity for Gas Insulated Substation Market in the China?

East Asia is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. China is expected to be the largest market in East Asia and surpass US$ 2.9 Bn by 2031.

Industrialization in China has resulted in higher demand for the electricity. This coupled with the growing investment in the power generation & utility sector is the key factor fuelling the demand for gas insulated substation in China.

Electricity consumption in China is increasing in response to the rapid industrialization.  As a result, the country will emerge as a leading market for gas insulated substation in East Asia.

Why is Demand for Gas Insulated Substation Increasing in the India?

Demand in the India market is expected to rise at nearly 6.4% CAGR over the forecast period. The India’s industrial sector is one the fastest growing in South Asia. It also has resulted in the higher demand for the energy. This, coupled with the growing population in the nation has also exceeded the electricity consumption. Consequently, the demand for gas insulated substation is likely to accelerate in India over the coming years.

The report has identified India as a primary market, and it is expected to continue exhibiting high demand for gas insulated substation through the forecast period. With power generation and distribution by government picking up pace, in response to industrialization and urbanization in India, sales of gas insulated substation are likely to pick up pace.

Category-wise Insights

Why the Demand for Indoor Gas Insulated Substation Continuously Rising?

Based on installation base, indoor gas insulated substation is the leading category, accounting for nearly 75% of the market in 2021. Reasons behind such excessive demand are that indoor substations can be planted where area of is small. They also can be installed in residential areas and industrial complexes where uninterrupted power is vital. Besides this, indoor gas substation can be installed in mountainous regions and valleys, and in underground locations. Indoor substations are considers as most reliable power source which makes it highly sought-after in various applications.

Who is the Leading End User of Gas Insulated Substation?

Power transmission and distribution sector is expected to hold the highest market share in gas insulated substation market and is expected to reach at the market value of US$ 12.7 Bn by 2031.

The primary reason behind the demand from the power transmission and distribution sector is the rapidly growing demand for electricity across the globe due to growing population and development in industrial & residential sector.

Why the Demand for High Voltage (72.5 kV – 220 kV) Rising?

Based on voltage rating, high voltage (72.5 kV – 220 kV) makes the leading category, accounting for nearly 45% of the market in 2021, reason behind high demand is that this voltage range is attribute to maximum number of applications in various end use Industries.

High Voltage (72.5 kV – 220 kV) gas insulated substations are expected to remain top choice for many end users since they significantly reduce storage space and are considered cost-effective & reliable solution for electricity generation.

Competitive Landscape

Companies operating in gas insulated substation market are aiming at strategic collaborations and partnerships with other manufacturers to expand their production capacity. They also are continuously investing in R&D activities to introduce innovative solutions to the market.

Besides this, they are focusing on the expansion of manufacturing facilities globally to maintain their global presence. Manufacturers are targeting East Asia & South Asia Pacific region as these are the emerging markets.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Turkey, and South Africa

Key Segments Covered

By Voltage Rating, By Base of installation, End User and Region

Key Companies Profiled

  • 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

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Questions Answered

  • What is the gas insulated substation market size?

    The gas insulated substation market is expected to total US$ 12.5 Bn in 2021.

  • At what rate did the demand for gas insulated substation rise in 2021?

    The demand for gas insulated substation market is expected to grow by 5.1% between 2020 and 2021.

  • At what rate will the demand for gas insulated substation market grow through 2031?

    The market is expected to exhibit growth at 5.7% CAGR between 2021 and 2031.

  • Who are the top players in the gas insulated substation market?

    General Electric, ABB, SIEMENS AG, Mitsubishi Electric Corporation and Toshiba Corporation are the leading market players.

  • Who are the leading exporters of gas insulated substation?

    The U.S., Japan and Germany are the leading producers in the market.

  • What is the North America gas insulated substation market outlook?

    The gas insulated substation market in North America is expected to grow at 5.6% CAGR.

  • At what rate will the sales of gas insulated substation increase in Europe?

    The Europe market is expected to register growth at 5.2% CAGR between 2021 and 2031.

  • What is the market share of South Korea and Japan in gas insulated substation market?

    Japan and South Korea are expected to account for 12% of the global gas insulated substation market in 2021.

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
  • Middle East and Africa (MEA)

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