Gas Insulated Substation Market Forecast and CAGR
According to a research study, gas insulated substation market is set to witness steady growth during 2021-2031 with a CAGR of 8% to 9%. Demand from renewable power generation and rise in energy demand in urban increase will create higher opportunities for the market.
Although the market was not entirely affected highly amidst the pandemic, due to ever increasing energy demand as well as the importance of maintaining, disruptions in supply chain processes could have slightly impacted the same.
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What is Driving Demand for Gas Insulated Substation?
The space required to install a gas insulated substation is almost a tenth of that needed for an air insulated substation. Space limitations and clustering of population in urban areas are some of the major factors driving the demand for gas insulated substations. Lower maintenance of these substations coupled with the lower environmental concern associated with adopting this over air insulated substations is expected to create several opportunities for the market.
These substations are filled with Sulphur hexafluoride, which not only reduces the distance between active and inactive parts, thereby reducing space, but also does not deplete or age hence saving up on costs. Compared to the existing technology, i.e. air insulated switchgears, GIS are immune to external contaminants, humidity or altitude.
Higher population in urban areas coupled with the substantial increase in electricity consumption is expected to account for a substantial growth of the market. Increase in installation of gas insulated substations in densely populated urban areas with scarcity of space along with higher energy consumption from urban residential areas is increasing sales opportunities of the same.
Digital Technologies, Renewable Energy and Smart Grids to boost the growth of the market
Solar and wind energy present a greater control challenge for maintaining a dependable, reliable and robust electrical transmission system. Interfacing renewable energy sources with a larger smart grid requires a critical selection of substations. Since gas insulated substations can be installed almost anywhere irrespective of weather conditions, utilities can easily and seamlessly integrate the renewable energy to an intelligent and a smarter grid.
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How is Europe an Attractive Region for The Growth of the Market?
There has been a significant rise in the investments towards a robust smart grid infrastructure in Europe. Europe also remains as one of the regions with a higher adoption of smart grid technology, due to strict environmental regulations.
Share for generation of electricity by renewable sources outpaced the shares obtained from conventional sources. Growth of renewable energy sources as well as strong projections for clean and smart infrastructure are huge opportunities for the market.
Asia Pacific anticipated to aggrandize the demand of Insulated Substation
The developed and economic economies of Asia Pacific consisting China, South Korea, ASEAN countries, Australia and India are anticipated to call for a significant chunk of new installations of the target system in the upcoming years. This is due to the backdrop on planned and ongoing power infrastructure projects for urban and semi-urban areas by PPP (Public-Private-partnership) and regional government authorities.
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Who are the Key Manufacturers and Suppliers?
Some of the leading manufacturers and suppliers of gas insulated substation include
- Schneider Electric
- ABB Ltd
- Siemens AG
- Mitsubishi Electric Corporation and Alstom SA
- Hitachi Limited
- Hitachi Heavy Industries Co Limited
- Toshiba Corporation
- Nissin Electric Co. Ltd
- Fuji Electric Co. Ltd
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