Northbrook, IL -- (SBWIRE) -- 06/19/2019 -- The global gas-insulated substation market is expected to grow from an estimated USD 18.9 billion in 2018 to USD 29.5 billion by 2023, at a CAGR of 9.27% from 2018 to 2023. This can be attributed to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand and limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.

The power transmission utility segment holds the largest market share during the forecast period
The power transmission utility, by end user, is expected to dominate the gas-insulated substation industry by 2023. Power transmission utility is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations. Gas insulated switchgear plays a vital role in grid protection and efficient flow of power, as well as protection and relaying of the transmission circuit. High voltage transmission and extra high voltage transmission lies under the jurisdiction of the power transmission utilities. These utilities are responsible for the transmission grid expansion, refurbishment, as well as procurement of high voltage equipment.

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The outdoor segment is expected to grow at the fastest rate during the forecast period. Outdoor gas insulated substations provide reliable operations in high-voltage transmission and medium voltage, and are preferred for transmission and distribution of electricity over a long distance. Moreover, Asia Pacific holds the largest market share for gas insulated substations. Factors such as increased power consumption,government mandates on energy efficiency,rising influx of renewable sources in the energy mix, renovation, modernization, and upgradation of ageing hydropower plants are to drive the gas-insulated substation industry in the region.

Asia Pacific is expected to account for the largest market size during the forecast period
In this report, the gas-insulated substations market has been analyzed with respect to 6 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The market in Asia Pacific is estimated to be the largest market from 2018 to 2023. According to EIA, China and India together will account for consumption of one-half of the total energy consumption, by 2035. Southeast Asia is another promising and dynamic energy market with energy demand grown by 60% in the last 15 years. The extending generation connections in Asia Pacific is another major driver for expanding investments in the transmission and distribution network.

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some of the top players in the gas-insulated substation market include ABB (Switzerland), Siemens (Germany), Toshiba Corporation (Japan), Siemens (Germany), and Hitachi (Japan). The leading players are adopting various strategies to increase their shares in the gas-insulated substation market.

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