Global Gas-Insulated Substation Market to 2023 - Medium Voltage Segment is Expected to Grow at the Highest Rate
DUBLIN, Jan. 11, 2019 /PRNewswire/ --
The "Gas-Insulated Substation Market by Voltage Type (Medium, High, Extra High), Installation (Indoor, Outdoor), Output Power, End User (Power Transmission Utility, Distribution Utility, Generation Utility), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The gas-insulated substation market is projected to reach USD 29.5 billion by 2023, from an estimated USD 18.9 billion in 2018, at a CAGR of 9.27%.
This growth is primarily due to the rise in renewable power generation, increasing investments in the transmission & distribution infrastructure, escalating energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access. The high installation cost can act as a restraint for gas-insulated substations.
The medium voltage segment is expected to grow at the highest CAGR from 2018 to 2023.
Medium voltage gas insulated substation is expected to grow at the highest CAGR from 2018 to 2023. The market is primarily driven due to the rapid improvement in the power distribution sector through the implementation of smart grid and smart metering technology. This equipment is mainly used by the core sector, power generation, infrastructure, transportation, and distribution system industries. They are also used for the protection of industrial equipment such as generators, motors and compressors, HVAC and air-conditioning, heating and lighting equipment, step-up transformer bushing, and overload current.
Asia Pacific: The largest market for gas-insulated substations.
Asia Pacific is expected to account for the largest market share of the global gas-insulated substation market in 2018. This trend is projected to continue until 2023. It is the most populated region in the world and consequently witnesses a high demand for electricity. Countries such as China, Japan, and India are investing in their grid expansion projects to increase distribution grid reliability.
China accounted for the largest share of the gas-insulated substation market in Asia Pacific in 2017 and is estimated to have the highest installed generation and distribution capacity during the forecast period. China, which is an export-oriented economy, has witnessed exponential growth in demand for electricity in the past couple of decades, fuelled by industrialization and infrastructural developments. Almost all the countries in the region are augmenting their generation capacities.
India, China, and Indonesia are investing heavily in their hydroelectric power projects. Japan, China, and India are also emphasizing on nuclear and solar power generation to meet their increasing energy demand. This has led to a rise in investments in the transmission & distribution sector by connecting renewable energy generation to the grid and are expected to drive the growth of the gas-insulated substation market in Asia Pacific.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.4 Currency
1.5 Stakeholders
2 Research Methodology
2.1 Research Methodology Scope
2.2 Market Size Estimation
2.3 Statistics
2.4 Some of the Insights of Industry Experts
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Gas-Insulated Substation Market
4.2 Asia Pacific Gas-Insulated Substation Market Size, By End-User & Country
4.3 Gas-Insulated Substation Market, By Country
4.4 Gas-Insulated Substation Market, By Voltage Rating
4.5 Gas-Insulated Substation Market, By Voltage Rating
4.6 Gas-Insulated Substation Market, By Installation
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Energy Demand and Space Constraint in Densely Populated Urban Areas
5.2.1.2 Increasing Investments in T&D Sector
5.2.2 Restraints
5.2.2.1 High Cost of Equipment as Compared to Air-Insulated Substation
5.2.2.2 Stringent Environmental & Safety Regulations
5.2.3 Opportunities
5.2.3.1 Development of an Environment-Friendly Alternative to Sf6 Gas
5.2.3.2 Adoption of the HVDC Technology
5.2.4 Challenges
5.2.4.1 Delays in Grid Expansion Projects
6 Gas-Insulated Substation Market, By Voltage
6.1 Introduction
6.2 Medium Voltage
6.2.1 Rapid Development of Residential and Commercial Infrastructure
6.3 High Voltage
6.3.1 Increasing Investments for Power Generation Plants
6.4 Extra-High Voltage
6.4.1 Rising Focus on Development of Power Transmission for Long Distance
7 Gas-Insulated Substation Market, By Installation
7.1 Introduction
7.2 Indoor
7.2.1 Increasing Investments in the Energy Sector Across the Nation
7.3 Outdoor
7.3.1 Rising Focus on Development of Power Transmission and Distribution for Long Distance
8 Gas-Insulated Substation Market, By End-User
8.1 Introduction
8.2 Power Transmission Utility
8.2.1 Increasing Investment for Development of Transmission Grid Expansion and Refurbishment
8.3 Power Distribution Utility
8.3.1 Space Constraint Meanwhile Rising Demand for Electricity
8.4 Power Generation Utility
8.4.1 Rising Demand for Efficient and Long- Lasting Power Infrastructure
8.5 Others
9 Gas-Insulated Substation, By Region
10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players
10.3 Competitive Scenario
10.3.1 New Product Development
10.3.2 Expansions & Investments
10.3.3 Contracts & Agreements
10.3.4 Mergers & Acquisitions
10.4 Micro Quadrant Overview
10.4.1 Visionary Leaders:
10.4.2 Innovators:
10.4.3 Dynamic Differentiators:
11 Company Profile
11.1 Company Benchmarking
11.2 Hitachi
11.3 General Electric
11.4 ABB
11.5 Mitsubishi Electric
11.6 Toshiba Corporation
11.7 Larsen & Toubro
11.8 Siemens AG
11.9 CG Power and Industrial Solutions
11.10 Hyosung
11.11 Bharat Heavy Electricals Limited
11.12 Tbea Co. Ltd.
11.13 Elsewedy Electric
For more information about this report visit https://www.researchandmarkets.com/research/vkm6s7/global?w=5
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