London, Oct. 31, 2022 (GLOBE NEWSWIRE) -- A vital element of the power system infrastructure, gas insulated substation (GIS) represented an approximately US$23.7 Bn global market in 2020. Fairfield Market Research in its new study offers detailed growth forecast of global gas insulated substation market between 2021 and 2025. The report suggests that the market will continue thrive on the back of compact design, and lower operational costs. Toward the end of 2025, the report anticipated market value to cross US$36.6 Bn. The eco-friendly, easily recyclable nature of SF6 that is used in the transformer is expected to remain the key driving force for gas insulated substation market. Moreover, as gas insulated substations take up lesser space than that accommodated by the air insulated substations (AIS), the former will continue to witness greater preference over the latter. Nearly 35% lower physical footprint of GIS than that of AIS will also remain among the important push factors for gas insulated substation market according to the report.
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Key Research Insights
- Gas insulated substation market revenue is poised for around 9% expansion through 2025 end
- Indoor GIS accounts for more than 73% market share and will retain dominance over its outdoor counterpart
- Utility will continue to be the leading end-use segment that in 2017 accounted for revenue worth over US$18.4 Bn
Insights into Segmental Analysis
Based on the type of gas insulated substation, the analysis presented in the report reveals continued dominance of indoor GIS installations majorly attributing to the lower capital expenditure associated with it. While gas insulated substations are suitable for both the indoor and outdoor application, the installations continue to be witnessed for new, as well as existing substation expansions. Indoor GIS is an ideal solution for crowded urban areas with space constraints. The cost efficiency of an indoor GIS set-up can largely influence the overall investment game, marks the report. Moreover, the analysis breaks down gas insulated substation market further based on the voltage, and end use. The voltage-wise segments include high (> 72.5 KV), and medium (≤ 72.5 KV), whereas the end use-wise categories include utility, and non-utility.
Key Report Highlights
- Advantages like suitability for rural electrification, convenience, and cost-efficient power generation will largely favour the growth of gas insulated substation market
- Despite growing preference over AIS, the market for GIS will remain challenged by higher capital costs, especially across the developing nations
- The transformer, and colling systems used for GIS also continue to be among the limiting factors for market growth
Insights into Regional Analysis
In terms of GIS installations, Asia Pacific will remain the most lucrative regional market throughout the period of assessment. The fast-developing key economies across the Asian subcontinent, especially China, and India continue to generate increasing need for safe and secure electricity generation, transmission, and distribution. This is expected to fuel the growth of gas insulated substation market in the region, suggests the report. Europe is likely to be the next significant market, closely trailed by North America. Strong presence of some of the leading GIS solution providers, and an established network of manufacturers-suppliers-distributors further solidify the important market positioning of Europe, and North America in global gas insulated substation market. While a number of leading companies are headquartered in the US, the report indicates that most of these players are eyeing high-potential markets across Asia Pacific, Latin America, and Middle East & Africa.
Key Competitors in Gas Insulated Substation Market
ABB Ltd., GE, Hitachi, Ltd., Siemens AG, Nissin Electric Co., Toshiba Corporation, Mitsubishi Heavy Industries, Ltd., Nissin Electric Co., Ltd., Hyundai Heavy Industries, Larsen & Toubro Limited
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 - 2025 | |
| Market Size in 2020 | US$23.7 Bn | |
| Estimated Market Size in 2025 | US$36.6 Bn | |
| CAGR | 9.0 % | |
| Key Players | ABB Ltd., GE, Hitachi, Ltd., Siemens AG, Nissin Electric Co., Toshiba Corporation, Mitsubishi Heavy Industries, Ltd., Nissin Electric Co., Ltd., Hyundai Heavy Industries, Larsen & Toubro Limited | |
Market Segmentation
Voltage Coverage
- Medium (≤ 72.5 KV)
- High (> 72.5 KV)
Type Coverage
- Indoor
- Outdoor
End-use Coverage
- Utility
- Non-utility
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Siemens AG
- Toshiba Corporation
- Eaton Corporation
- ABB Ltd.
- GE
- Mitsubishi Heavy Industries, Ltd.
- Hyundai Heavy Industries
- Nissin Electric Co., Ltd.
- LARSEN & TOUBRO LIMITED
- Hitachi, Ltd.
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-wise Analysis
- Voltage-wise Analysis
- End Use-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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