Gas-Insulated Substation Market
Gas-Insulated Substation Market Segmented By applications (power transmission and distribution, manufacturing and processing) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now
Gas-Insulated Substation Market Segmented By applications (power transmission and distribution, manufacturing and processing) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
SF6 gas inside grounded metal is enclosed with high voltage conductors, circuit breakers, switches, voltage transformers and current transformers in gas insulated substation machines. Gas insulated was first developed in 1968-1972 at various countries and is increasing the orientation of GIS (gas insulated switch gear) in several countries till now. High voltage assembly structure that contain sealed environment with sulfur hexafluoride gas to create insulating medium is called gas-insulated substation. GIS technology is used in gas insulated substation and technology was originated in Japan, in order to improve the technology and make substation as compact as possible. Phase to phase and phase to ground clearance for all the equipment’s is quite lower than the required for air insulated substation. GIS takes only 10% of total area covered by conventional substation.
Gas insulated substation have more advantages other than low space requirement, while substation is enclosed with certain district area or buildings it produces less pollution. After quality of being sensitive to pollution, salt, sand or large amount of snow it is cost effective. Even if cost of GIS building is high but operational and maintenance cost is less. GIS (gas insulated substation) has primary applications that includes for environmental sensitive installation, urban installation and high voltage installation.
The global Gas-Insulated substation market is expected to account for a market value of around USD 35 billion in 2027 from USD 18 billion in 2018 at a CAGR of 10.1% till the period of 2018-2027.Rise in demand for renewable source of energy and provision of funds from government and private organizations for clean source of energy in various developed and developing countries is expected to demand for GIS system and support the gas installation substation market in future.On the basis of regional platform, global Gas-Insulated Substation Market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia pacific is expected to dominate the market in terms of revenue for global gas insulated substation till the expected forecast period of 2018-2027. Additionally, with rising demand of electricity over long distance in high and medium voltage variation is expected to showcase the modest growth in market.
Middle East and Africa region is also expected to show tremendous growth in global gas insulated substation market backed by ease optimization of GIS system at desert areas. Latin America is expected to show minimal growth in global insulated substation market till period of 2018-2027.
Get more information on this report: Download Sample PDF
Our-in depth analysis of the global battery recycling market includes the following segments:
By applications
By Region
On the basis of regional analysis, global wind and tidal energy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is accounted for the largest share of Gas-Insulated substation market on the heels of rising demand of energy by various sectors such as infrastructure, power and households to execute their operations. Additionally, with rising development in Asia Pacific demands for more energy in high and medium voltage is also expected to grow the market in significant manner. Middle East and Africa region is also expected to witness escalating growth in Gas-Insulated Substation Market backed by enforcement of low pollution norms by government and less space requirements of gas installation substation.
Global Gas-Insulated Substation Market is further classified on the basis of region as follows:
Demand for energy
Increasing demand of energy for operating various operations by industries such as commercial & residential is driving the growth of market. Additionally, the innovations in R&D department for avoiding pollution generated from various conventional techniques is driving the market growth. Moreover, rising competition amongst the stake holders of Gas-Insulated Substation Market is driving for positive growth in market.
Government initiatives for cost effective and less polluting methods
Government supports and initiatives for eco- friendly energy generation methods is tremendously supporting the gas insulated substation market. Additionally, low emission and less pollutant quality of gas insulated substation is also expected to drive the growth of market till forecast period of 2018-2027.
Low operational cost
Although cost of installation is high but despite the fact operational and maintenance cost of gas insulated substation is quite low than compared to conventional substation. Additionally, installation of gas-insulated substation requires relatively very less space in comparison with conventional energy stations and expected to drive the growth of market in future.
Restraints
High cost of installation
One of the key restraints, which is expected to hamper the growth of Gas-Insulated Substation Market is high cost of installing Gas-Insulated Substation Market panel.
Submit Your Request For Proposal (RFP)
Submit RFP Buy Now Download Research Report Sample
