NEW YORK, Sept. 22, 2021 /PRNewswire/ -- As per Persistence Market Research's latest analysis, the global gas insulated transmission line market is projected to be valued at around US$ 469.5 Mn in 2021, and expand at a healthy CAGR of 4.5% over the forecast period of 2021-2031. Rapid urbanization, increasing spending on the power generation sector, and infrastructure development are expected to drive sales of gas insulated transmission line over the coming years.
Collaborations, acquisitions, and mergers are highly prevalent in this competitive landscape.
In 2017, ABB Power Grids partnered with State Grid Corporation of China (SGCC) to build the first of its kind 1,000-kilovolt (kV) gas-insulated lines (gas insulated transmission line) laid in the Sutong tunnel to transmit clean energy from West to East China.
In 2015, GE completed the acquisition of Alstom Power and Grid Business, targeted to increase its market presence for gas insulated transmission lines across Europe.
Construction project implementation rates, related manufacturing output production rates, and supply chain networks have been disrupted as a result of the ongoing COVID-19 outbreak. Though sales of gas insulated transmission lines dropped in the early phase of the pandemic, the market is likely to rebound dramatically in the years ahead.
Above ground installation of gas insulated transmission line will dominate the landscape. The segment will account for around 50% share at a growth rate of 4.4% CAGR through 2031.
Tier-I manufacturers are focusing on R&D in the field of insulation gas and DC gas insulated transmission lines.
By end use, power transmission & distribution accounted for a prominent share of 48% share in 2020, and is expected to rise at 4.7% CAGR through 2031.
By application, AC-based transmission lines will lead the market experiencing a growth rate of 4.5%. Extensive use of AC current in the power transmission sector and various end industries will drive segment expansion.
ASEAN, Japan, and the U.K are picking up pace in the gas insulated transmission line industry, owing to robust outlook of various end-use industries in these regions.
"Europe and South East Asia are expected to maintain their dominance. Prices of gas insulated transmission line are anticipated to decrease over the next 7-8 years," says a Persistence market Research analyst.
The gas insulated transmission line market is identified to be significantly consolidated. Some of the key players in the market are Siemens AG, GE Grid Solutions, AZZ Incorporate, ABB, Hitachi ABB, LS Cable & System Ltd., and Beta Engineering.
These players have higher shares in the global market and have longstanding relationships with a number of end users for the supply of gas insulated transmission lines.
The research report analyzes demand for gas insulated transmission lines. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Persistence market Research's scope, the market has been analyzed on the basis of rated voltage, application, installation method, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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