Gas Insulated Substation Market Value Projected to Expand by 2024Posted by Priyanka Thakare on February 28th, 2020 The competitive landscape of the global gas insulated substation market is highly competitive and fragmented with the presence of plethora of players, says Transparency Market Research(TMR). Some of the prominent players operating in the gas insulated substation market are Toshiba Corporation, Hyosung Corporation, Nissin Electric Co. Ltd., CG Power and Industrial Solutions Ltd, and Mitsubishi Electric Corporation. These players are expected to focusing on several activates such as mergers and acquisitions, collaboration and business expansions to strengthen their market position. For instance, in November 2018, ABB signed contract with TransnetBW to a high-voltage substation in Obermooweiler. This will help reduce greenhouse emissions by 40% until 2020. The company is intended to achieve milestones in the field of eco-efficient transmission solutions. According to TMR, the gas insulated substation market is expected to attain a valuation of US.7 bn in 2015. The market is anticipated to rise impressive CAGR of 10.31% from 2015 to 2024. Rising at this pace, the gas insulated substation market is projected to attain a valuation of US.8 bn by the end of forecast period. On the basis of geography, Asia Pacific dominates the global gas insulated substation market with a massive 54% of the global market in 2015. This is mainly due to the presence of the countries such as China and India. On the basis of voltage, the high voltage segment is expected to dominate the overall market during the forecast period. Rise in Industrialization and Urbanization to Propel Market Growth The global gas insulated substation market is expected witness a stellar growth during the forecast period, thanks to the increasing population pressure. In addition to this, rapid expansion of industrialization and growing demand for efficient energy sources are some other factors expected to propel the gas insulated substation. Apart from this, growth in renewable power generation market is expected to rise owing to the increasing investments in transmission and distribution infrastructure. Along with this, rise in energy demand and government initiatives to improve electricity access. Further, rise in number of smart cities projects across the globe has propelled the gas insulated substation market in the fourth coming years. For instance, government of Gujrat launched GIFT, an upcoming smart city in Gujarat. The government has planned build underground cables for power distribution to maximize power efficiency. Moreover, increase in number of power plants in offshore regions and rise in utilization of renewable energy resources require a condensed and powerful power source. Furthermore, increasing demand for safe power transmission systems is expected to impact gas insulated substation market in the coming few years. Surge in Electronic Industry to Boost Market Prospects Use of electronic appliances, electronic gadgets as well as rise in electric vehicle are expected to increase at a significant pace in the coming few years. This is expected to propel the demand for more power generation and distribution in different regions of the globe. The demand for mobile gas insulated substations has gained significant traction in the global gas insulated substation market across different region in order to generate maximum power in areas with confined lands. The major advantage of gas insulated substations is the compact size of the system over air insulated substations. Additionally, increasing energy requirement from mining sector, construction industry and oil and gas industry are some of the other factor expected to drive the global gas insulated substation market. Like it? Share it! More by this author |