According to the new research report published by The Insight Partners, titled “Gas Insulated Substation Market size is expected to reach US$ 41,059.8 million by 2025,registering at a CAGR of 19.4% during the forecast period from 2017 to 2025, according to a new research study conducted by The Insight Partners.
The gas insulated substations market is segmented on basis of voltage transmission by the GIS such as high voltage, and ultra-high voltage. The gas insulated substations which transmit high voltage installs high voltage switchgear which consists of high voltage components such as circuit-breakers, and disconnectors that can be used in a confined area. The ultra-high voltage transmitting gas insulated substation transmit highest voltage level for bulk alternating current usage. These ultra-high voltage gas insulated substations are used to connect the power generation plants with areas at a long distance, and also to improve network stability. The need for power transmission and distribution in developed countries and developing countries are increasing rapidly, and the demand for transmission of generated power to a long distance is rising at a similar pace. Coupling the two factors, the need for high voltage and ultra-high voltage gas insulated substation is surging significantly, which in turn is helping the market for GIS to propel over the period from 2017 to 2025.
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Key findings of the study:
From a growth perspective the Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 20.3% during the forecast period
Based on voltage type, the high voltage gas insulated substation segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 19.7%
Based on application, the manufacturing and processing segment is projected to grow with a CAGR of 19.1%
As the global population is increasing exponentially, the usage of electronic appliances, electronic gadgets as well as electric vehicle among others are also increasing simultaneously. This in turn is demanding for more power generation and distribution in different regions of the globe, leading to rise in installation of power transmission and distribution centers, especially gas insulated substations. Attributing to this fact, the power transmission and distribution segment dominated the market for gas insulated substations in 2017, with a market share of 66.2% of the overall revenue. In addition, the segment is also projected to grow at a significant rate over the period from 2017 to 2025, capturing the maximum share of the market in the coming years. The growth rate of power transmission and distribution segment in the gas insulated substation market is anticipated to be 19.5% during the forecast period from 2017 to 2025.
Middle East & Africa is expected to be the fastest growing region in the gas insulated substation market during the forecast period from 2017 to 2025. The major factors driving the GIS market in the region is anticipated to be the growing urbanization and industrialization in the region, which is leading to huge demand of electricity generation and distribution across the region. In addition, the growing urbanization and commercialization is leading to space constraints in the region, which is also a positive factor driving the market for gas insulated substations since, the GIS requires very less space as compared to air insulated substations.
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