Gas Insulated Substation Market – Overview
The escalation in demand for high voltage energy is expected to boost the growth of the gas insulated substation market 2020. The understanding of the industry of energy and power are put forth by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. A 19.50% CAGR is expected to guide the market in maintaining its growth trajectory.
The increased government push towards sustainable and eco-friendly policies is estimated to have a positive impact on the gas insulated substation market. The gas insulated substation industry is expected to be bolstered by the benefits offered by gas insulated substations such as low maintenance costs particularly in the coming period.
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The segmentation of the gas insulated substation market has been segmented on the basis of installation, voltage, end-user, and region.
On the basis of voltage, the gas insulated substation market has been segmented into medium voltage, extra-high voltage, high voltage, and ultra-high voltage.
On the basis of installation, the gas insulated substation market is divided into indoors and outdoors.
On the basis of end-users, the gas insulated substation market has been segmented into infrastructure transmission, power distribution and generation.
On the basis of region, the market for gas insulated substation has been segmented into APAC, Europe, North America and rest of the global regions.
The regional study of the gas insulated substation market comprises of regions such as Europe, APAC, North America and rest of the global regions. In the duration of the forecast, the gas insulated substation market is anticipated to observe a soaring growth rate throughout the forecast period owing to growing investments in the T&D sector and the intensifying demand of energy and the limitation of space. It has also been projected that the Asia Pacific region would also be the fastest rising market throughout the forecast period. Furthermore, the factors such as augmented power use, government regulations on energy efficiency, augmented availability of renewable resources in the energy portfolio, and upgrades of older hydropower plants in the Asia Pacific region are motivating the market for gas insulated substation.
The upturn in the performance of domestic markets is expected to have a favorable impression on the growth of the market. The ability to successfully satisfy the demand forces will require the industry to excel in several areas. the variation of the workforce can enable the successful implementation of growth strategies in the market. It is also noted that the cooperation by the governments around the world in terms of relaxation of several barriers and the institution of constructive strategies is expected to put the market on a track for unparalleled development. The limitations in the market are constantly being studied so that breakthroughs to remove them can be undertaken. The need to keep the market practices in sync with the environmental concerns that are looming is expected to promote the overall sustainability of the market.
The strategic companies operating in the gas insulated substation market are Siemens AG (Germany), Schneider Electric (France), Fuji Electric Co. Ltd (Japan), Toshiba Corporation (Japan), Crompton Greaves (India), Hitachi Ltd. (Japan), Hyundai Heavy Industries (South Korea), ABB Ltd. (Switzerland), Larsen & Toubro (India), General Electric (US), Hyosung Corporation (South Korea), and Mitsubishi Electric Company (Japan).
Dec 2019 In India, four new power substations will be put into operation in the first quarter of 2020. The power substations once operational, will help improve the power situation, especially in the summer months. As a part of this program in October, a 400 kV gas-insulated substation (GIS) was built in Sector 148 which has been since been energized to meet the energy needs.
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