PUBLISHER: The Business Research Company | PRODUCT CODE: 1270453
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270453
“Gas-Insulated Substation Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gas-insulated substation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gas-insulated substation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gas-insulated substation market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the gas-insulated substation market are Hitachi Ltd., Larsen & Toubro Limited, Eaton Corporation PLC., CG Power and Industrial Solutions Limited, Schneider Electric SE, Bharat Heavy Electricals Limited, Elsewedy Electric Co S.A.E., Powell Industries Inc., Hyosung Corporation, Fuji Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, and Mitsubishi Electric Corporation.
The global gas-insulated substation market is expected to grow from $19.99 billion in 2022 to $22.43 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gas-insulated substation market is expected to grow to $31.91 billion in 2027 at a CAGR of 9.2%.
The gas-insulated substation market consists of sales of regular HV components which include disconnections, CBs, bus bars, voltage, and cutting-edge transducers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A gas-insulated substation is a high-voltage substation that uses sulphur hexafluoride gas as the insulating medium at moderate pressure for phase-to-phase and phase-to-ground insulation. The main conducting structures are housed inside a sealed environment.
Asia-Pacific was the largest region in the gas-insulated substation market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in the gas-insulated substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main voltages in the gas-insulated substation market are medium voltage, high voltage, and extra high voltage. Medium voltage refers to it is usually used for distribution systems with voltages above 1 kV and commonly carried out up to and along with 52 kV. These are installed indoors and outdoors for various applications including power transmission, power distribution, and power generation by different end-users including power utilities, the industrial sector, and the commercial and residential sectors.
The increasing demand for clean energy is expected to boost the growth of the gas-insulated substation market. Clean energy refers to electricity that comes from renewable, zero-emission sources that do not pollute the atmosphere while used, in addition to energy saved by way of power efficiency measures. The clean energy consists of 245 kV voltage is a key well-known voltage level for the European high voltage grid answers high voltage merchandise, GE Renewable Energy. Having SF6-loose fuel-insulated substations at 245 kV might be vital to helping the decarbonization of the high-voltage grid. For instance, in 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, Global electricity generation from renewable sources increased to 29% in 2020 from 27% in 2019. In 2021, the wind was set for the largest increase in renewable generation, growing by 275 TWh (17%), which is greater than 2020 levels. Thus, the increasing demand for clean energy is driving the growth of the gas-insulated substation market.
Product innovation is a key trend in the gas-insulated substation market. Major companies operating in the gas-insulated substation market are focused on developing innovative solutions to strengthen their position in the market. For instance, in August 2020, Mitsubishi Electric Corporation, a Japanese corporation specialising in electrical and electronic equipment, launched the LV100-type T-series insulated gate bipolar transistor module for industrial applications. The LV100 package, which is widely used in railway and electric power applications and is currently being upgraded for industrial applications, has a high degree of adaptability and current density. Additionally, it can help reduce the size and power loss of power converters, especially inverters used in photovoltaic and wind power production applications as well as high-capacity motor drives.
In July 2020, Hitachi Ltd., a Japan-based conglomerate corporation, acquired ABB Power Grids for $7.8 billion. Through this acquisition, Hitachi would form a new company to address the power industry's renewable and distributed energy frontier and become one of the world's top grid equipment and service providers. ABB Power Grid is a Switzerland-based energy innovation and transition company operating in the gas-insulated transformer market.
The countries covered in the gas-insulated substation market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gas-insulated substation market research report is one of a series of new reports from The Business Research Company that provides gas-insulated substation market statistics, including global market size, regional shares, competitors with a gas-insulated substation market share, detailed gas-insulated substation market segments, market trends and opportunities, and any further data you may need to thrive in the gas-insulated substation industry. This gas-insulated substation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.