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$14.7 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$35.8 bn by the end of forecast
period.
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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.
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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.
The
information presented in this review is based on a TMR report, titled “Gas
Insulated Substation Market - Global Industry Analysis, Size, Share, Growth
Trends, and Forecast 2016 - 2024”
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