Get the detailed impact analysis of COVID-19 that has disrupted the entire world and affected many industries.
Request InsightsApril 04, 2022: Hitachi Energy Ltd. to launch OceaniQ, an innovative solution for the offshore environment in Europe. It will majorly focus on the deployment of wind energy generation in the region.
April 29, 2019: ABB Ltd. announced the launch of its first digital grids at the CIRED in Madrid, Spain. ABB also demonstrated its complete portfolio of safe, efficient, and digital product offerings.
The global gas-insulated substation (GIS) market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Gas insulated substation contains a sealed chamber of sulfur hexafluoride gas as the insulating medium for high voltage substation. It is safer and more convenient than air insulated substation in a metal-clad system, as sulfur hexafluoride is five times heavier than air. The growth of the market can be attributed to the growing demand for energy across various industries, along with rising investments in the transmission & distribution infrastructure. According to the data by the International Energy Agency (IEA), USD 18 billion were invested in the smart grid infrastructure, while USD 21 billion was spent for installation of smart meters, in 2019. Moreover, the growing demand for electricity across the globe, and rise in adoption of renewable forms of energy, are further estimated to boost the market growth. As per the IEA report, in 2019, total global electricity final consumption reached 22,848 TWh. In addition to this, various advantageous factors of GIS, such as, high voltage potential, and optimum extinguishing ability of the gas, are foreseen to propel the market growth.
Get more information on this report: Request Sample PDF
The market is segmented by voltage type into medium, high, and extra high, out of which, the high segment is anticipated to hold a substantial share in the global gas-insulated substation (GIS) market over the forecast period. This can be accounted to the growing application of high voltage GIS in large power generation plants, in order to meet the surging electricity consumption globally.
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global gas-insulated substation (GIS) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of evolving energy infrastructure, and increasing energy consumption, backed by the growing industrialization in developing countries. In 2019, China was the largest consumer of electricity, with the total final consumption of 6523 TWh, according to a report by the IEA. Other APAC countries, including India, Japan, and South Korea were amongst the top 10 highest electricity consuming countries.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing adoption of smart grids in the region and rising industrial development, along with increasing demand for electricity in the developing countries.
Get more information on this report: Request Sample PDF
The global gas-insulated substation (GIS) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global gas-insulated substation (GIS) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing electricity consumption and demand across the globe is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
Lack of awareness and slow adoption process of grid infrastructure is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the highest electricity consumption in the region.
The major players in the market are Toshiba Corporation, Hitachi, Ltd., Siemens AG, ABB Ltd., Johnson Controls International plc, Honeywell International Inc., Energate, Inc, Yokogawa Electric Corporation, and Schneider Electric.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by voltage type, installation, application, end-user, and by region.
The high segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions
Copyright © 2021 Research Nester. All Rights Reserved