DUBLIN--(BUSINESS WIRE)--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 market for gas-insulated substations was valued at USD 17.48 billion in 2017 and is projected to reach USD 29.51 billion by 2023
The market is expected to witness significant growth at a CAGR of 9.27% during the forecast period mainly owing to increased demand for transmission network from the developing regions. The factors that are driving the gas-insulated substation market include the ever-rising demand for electricity with space being a major constraint in densely populated areas along with the increasing investments in the transmission & distribution sector.
The rising demand for electricity from the densely populated areas has been due to industries demanding more power, and the supply-demand gap is widening due to which the regions face the continuous issue of power outages. Thus, governments are concerned about encouraging efficient power infrastructure to compensate the power to the industries, the main source of income.
Moreover, most of the countries are confronting the problem of aged transmission and grid infrastructure, which is no longer efficient and needs investment for renovation and refurbishment. This is another reason that is likely to drive the demand for gas-insulated substations.
However, the demand for gas-insulated substations is expected to get hampered due to stringent environmental and regulatory norms as SF6 is listed as a toxic gas by governments. Hence, any leakage of SF6 is subject to audits and reports to the authorities, which creates hurdles in the market growth.
The major players that dominate the majority of the market share are ABB (Switzerland), GE (US), Siemens AG (Germany), Larsen & Toubro (India), Hitachi, Ltd. (Japan), and Hyosung (South Korea).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Gas-Insulated Substation Market, By Voltage
7 Gas-Insulated Substation Market, By Installation
8 Gas-Insulated Substation Market, By End-User
9 Gas-Insulated Substation, By Region
10 Competitive Landscape
11 Company Profiles
- ABB
- Bharat Heavy Electricals Limited
- CG Power and Industrial Solutions
- Elsewedy Electric
- General Electric
- Hitachi
- Hyosung
- Larsen & Toubro
- Mitsubishi Electric
- Siemens AG
- Tbea Co. Ltd.
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/research/mxxr4h/29_51_bn?w=4
