Throughout the forecast period, the worldwide gas insulated substation market is expected to grow at a rapid 5.4% CAGR. The market for gas-insulated substations is currently valued at US$ 14.6 billion in 2023. The market for gas-insulated substations is expected to reach a high valuation of US$ 24.6 billion by 2033.
The demand for gas insulated substations is primarily driven by advances in switchgear technology and a rising trend of grid improvements in both established and emerging nations. Substations that are gas-insulated are less likely to pollute the environment than substations that are air-insulated.
Throughout the projected period, this aspect is anticipated to fuel the expansion of the global market. Furthermore, market growth is anticipated to be boosted throughout the forecast period by the rising demand for small, low-maintenance power systems. They are more effective and reliable than air-insulated substations.
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The market is expected to expand as a result of increased per-hectare land values because gas insulated substations require less space than their equivalents. Owing to their smaller footprint, these substations require 90% less room to install than traditional power plants.
Investments in clean energy initiatives and the development of renewable energy sources are now more important than ever. The market for gas-insulated substations is expected to have promising future prospects as a result of the significant development of new renewable projects and rising energy usage.
Over the next seven years, the market for gas-insulated substations is anticipated to expand due to increased demand for features including adaptability to fit in a structure. Demand for compact power systems is expected to increase, propelling market growth globally. Its capacity to operate in challenging environments like the arctic and desert is anticipated to increase market size.
The market is benefiting from a considerable rise in power consumption in emerging nations as a result of various electrification initiatives. GIS is being used by several nations involved in cross-border power transmission to create lengthy transmission lines, distribution stations, and substations. The advent of digital monitoring systems that enable smart supervision of the operation of encapsulated switchgear components has benefited OEMs and distributors in the power transmission business. In recent years, manufacturers in the gas-insulated substations market have focused on commercializing products with sophisticated sealing systems and using low-weight gases, including non-SF6 gas. They are suited for arctic or desert environments due to their characteristics.
However, sulfur hexafluoride is a greenhouse gas, and its usage in substations is projected to slow market development. Moreover, the high cost of traditional power substations is projected to stymie market expansion and provide hurdles to industry participants.
Key Takeaways:
- During the forecast period, the U.S. is estimated to account for the largest share of the global gas insulated substation market. This is attributed to regional key enterprises modifying their designs to meet the operating demands of their end users at a low price without sacrificing stability or employee safety, as world leaders in both medium and high-voltage SF6 Gas Insulated Substation (GIS) spanning from 24kV to 800kV.
- During the forecast period, the Asia Pacific gas insulated substation market is expected to have the highest share, led by China and Japan. This is owing to market players who have successfully produced a standard series of phase-separated type or three-phase enclosed type GIS that achieves a very compact and exceptionally dependable construction, with years of experience.
- Owing to its ability to be planted in small areas and also deployed in residential areas and industrial complexes where continuous electricity is required, along with its portability, the “indoor” installation type is expected to hold the greatest revenue, through the forecast period.
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Competitive Landscape:
To promote the brand and income, industry participants engage in a flood of focused product releases and worldwide growth. They are also spreading their reach across many continents and entering new markets, particularly in emerging countries, in order to build their consumer base and enhance their position. As a result of the rising frequency of contaminations and the development of illnesses throughout the world, industry participants are also introducing new innovative products to the market. These reasons are expected to boost the growth of the global gas insulated substation market.
Key Players:
- 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
Recent Developments:
- In November 2018, ABB has been granted a contract by German grid operator Transnet BW for an electrical substation upgrade. ABB is responsible for installing the world’s first 380kV gas-insulated switchgear under the US$ 40 million contract.
- In 2020, The Hitachi ABB Power Grids joint venture was formed by Hitachi Ltd. The new business is anticipated to offer financial power to support ambitious projects and new commercial potential as the sector embraces decentralization and digitization.
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Key Segments Profiled in the Gas Insulated Substation Market Survey
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 & Distribution
- Manufacturing & Processing
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
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