Transparency Market Research has released a new market report titled “Gas insulated Substation Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016–2024”. According to this report, the gas insulated substation market revenue stood at US$14.78 bn in 2015 and is anticipated to reach US$35.83 bn by 2024 at a CAGR of 10.31% from 2016 to 2024.
A gas insulated substation (GIS) is an electrical substation in a sealed environment with sulfur hexafluoride (SF6) gas as the insulating medium. These substations were developed in Japan since the country is located in a high seismic zone and there was a need for substations, which could be installed in small confined spaces. Gas insulated substations are much more reliable and more efficient than their counterparts – air insulated substations. Increasing need for compact and low maintenance power systems led to the emergence of gas insulated substations. Basic components used in assembly of GIS substations are bus bars, circuit breakers, disconnectors, earthing switches, current transformers, voltage transformers, feeder disconnector and control panels.
Gas insulated substations are widely used in high voltage installations, indoor installations, urban installations, and other environmental-sensitive installations. In harsh environmental areas such as deserts and arctic regions, these substations provide reliable operating performance. Increasing cost of land and demand for compact power systems are the primary drivers boosting the market for gas insulated substations. In urban areas, where availability of land is a rising concern, gas insulated substations can be installed in small areas within a building.
The gas insulated substation market has been analyzed in terms of revenue (US$ Bn). Additionally, the market has been segmented on the basis of voltage (medium and high) and geography. Compact size, use of reliable, safe, and stable sulfur hexafluoride (SF6) gas, and modernization of transmission infrastructure to build a reliable, economical, and efficient energy system are some of the drivers for gas insulated substation market.
Asia Pacific was the largest market for gas insulated substations globally, accounting for 54% of the market in 2015. China was the leader in terms of revenue realization from gas insulated substations, followed by India, in 2015. Europe was the second-largest market for gas insulated substations in 2015. CIS countries, such as Russia, spearhead the gas insulated substation market in Europe with modification and expansion of aged electricity infrastructure. North America was the third-largest market for gas insulated substations, in terms of market share, in 2015. The U.S. and Canada were the leading countries with highest revenue realization from gas insulated substations in 2015. The market in Rest of World is expected to witness significant growth in the near future, with growth in the manufacturing and processing sectors and increasing demand for electricity.
The market in Gulf Cooperation Council (GCC) countries is expected to expand at the highest CAGR during the forecast period. Industrialization, and growth in manufacturing and power generation would drive the demand for gas insulated substations in GCC countries.
Some of the key manufacturers of gas insulated substations are ABB Group, Eaton Corporation Plc., Fuji Electric Co., Ltd., General Electric Company, Hitachi, Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Crompton Greaves Limited, and Toshiba Corporation.
The gas insulated substation market has been segmented as follows:
Gas Insulated Substation Market: By Region
- North America
- Asia Pacific
- Rest of World
Gas Insulated Substation Market: By Voltage
- Medium (≤ 72.5 KV)
- High (> 72.5 KV)
Research Press Release: http://www.transparencymarketresearch.com/pressrelease/gas-insulated-substation-market.htm
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Mr Sudip S
90 Sate Street Suite 700
Albany NY 12207
USA – Canada Toll Free: 866-552-3453