Market Overview
The global Gas insulated substation Market has predicted to meet the market value at a CAGR of 19.50% for the forecast period.
The increasing implementation of smart metering and smart grid technologies is leading to rapid improvement in the power distribution sector, where the medium voltage gas demand is increasing.
These voltage segments are widely used in the distribution sector, where a big issue can be space. Therefore, the end-users are requiring the most efficient and economical solutions and the best utilization of space, which can be fulfilled with the compact design of gas insulated substation.
In the urban areas, the 70% minimization of the substation’s space requirement through the low maintenance of gas insulated substation is enabling the gas insulated substation to be installed indoors only. Further, the indoor gas insulated substation segment can enhance the Gas insulated substation Market Growth for the forecast period.
The gas insulated substation is consists of various components such as earthing switch, busbar, circuit breaker, current transformer, cable termination, feeder disconnector, and control panel.
The global market is increasing its demand all across the world due to the advantages of high flexibility and reliability, maintenance-free, compact size, and fewer outages. The Gas insulated substation Industry’s market is driving the market growth due to the non-availability of sufficient space.
Moreover, the global market has broader opportunities because of the increasing demand for the power distribution segment. Along with that, the global market might experiences challenges due to the substation's compact size. Further, the global market might face restraints due to the substation's compact size.
Key Players:
· Siemens AG (Germany)
· Crompton Greaves (India)
· ABB Ltd. (Switzerland)
· Fuji Electric Co. Ltd (Japan)
· Hyosung Corporation (South Korea)
· Toshiba Corporation (Japan)
· Larsen & Toubro (India)
· Schneider Electric (France)
· Hitachi Ltd. (Japan)
· Hyundai Heavy Industries (South Korea)
· General Electric (US)
· Mitsubishi Electric Company (Japan)
Segmental Overview
The Gas insulated substation market is classified based on the end-user, voltage, and installation. According to the voltage segment, the global market has been segmented into four segments: extra-high-voltage, ultra-high voltage, medium voltage, and high voltage. The increasing implementation of smart metering and smart grid technologies is leading to rapid improvement in the power distribution sector, where the medium voltage gas demand is increasing. According to the installation segment, the global market is classified into outdoor and indoor.
Among these two segments, the indoor segment is expected to increase the largest Gas insulated substation Market Share during the reviewed period. According to the end-user segment, the global market is classified based on the power transmission utility, power generation utility, power distribution utility, and other (railways and heavy industries).
Regional Analysis
Based on the regional classification, the global Gas insulated substation Market Trends have various regions that cover the areas like North America, Asia Pacific, South America, Europe, and the Rest of the World.
According to the global market report, the Asia Pacific region is playing a very important role in enhancing the largest Gas insulated substation Market Share. In this region, one-half of the total energy consumption is done by the countries like China, EIA, and India. Moreover, this region is generating more market revenue due to the extending generation connections in the Asia Pacific. Along with that, North America and the Middle East & Africa regions are predicted to take the second-largest position in generating the highest Gas insulated substation Market Size.
Industry News
The global pandemic has impacted many industrial sectors, and Gas insulated substation Industry is one among them. Due to the lockdown, the demand for the gas insulated substation has decreased all across the regions. Moreover, the global market has experienced many losses over its product and services.
In the first half of the year 2020, this pandemic has affected its transportations, supply chains, workforce, productivity, and many others. The global market has further lost its investors, which has slowed down the Gas Insulated Switchgear Market Growth. But slow and steadily, the global market has stood up to meet up its customer's demand for the forecast period. The global market has launched its advanced products to increase its Gas insulated substation Market Size in the present context.
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