Transparency Market Research has published a new report "Gas Insulated Substation Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024" to its report store.
Albany, NY -- (SBWIRE) -- 08/16/2016 -- A substation is a collection of equipment installed for controlling the distribution and transmission of electric power. A global gas insulation substation market is a type of electrical substation and has sulfur hexafluoride (SF6) gas as its insulating medium. GIS are much more efficient as well as reliable as compared to their counterparts, including air insulated substations.
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The key components utilized in the assembly of GIS include circuit breakers, bus bars, earthing switches, disconnectors, feeder disconnectors, control panels, and voltage transformers. The increasing energy demand in developing economies owing to the shift in lifestyles, increasing environmental concerns, and the rising per capita disposable incomes globally are amongst the chief factors fuelling the market for gas insulation substations. In addition, the increasing popularity of GIS due to their ease of use in big buildings is also predicted to augment the growth of the market. GIS is broadly utilized in urban installations, indoor installations, high-voltage installations, and environmentally sensitive installations, among others.
Rising Demand for Compact Power Systems to Boost Gas Insulation Substation Market
GIS has a number of benefits over conventionally used substations. GIS take up minimal space in comparison to traditionally utilized air insulation substations. In urban areas where there is a shortage of land, gas insulated substations can be installed within small areas. Hence, the rising demand for compact power systems and the soaring cost of land will also stimulate the gas insulation substation market. In addition, the sulfur hexafluoride gas utilized in GIS has great dielectric properties and thus acts as an insulating medium in extra-high-voltage and high-voltage substation equipment. Furthermore, the operational as well as maintenance cost involved in the use of sulfur hexafluoride gas is low, thus boosting the growth of the market for gas insulation substations.
Asia Pacific GIS Market Held Largest Share of 54% in 2015
In terms of geography, the gas insulation substations market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, in 2015, the region of Asia Pacific held the largest share of 54% in the market. Within this region, China led the market on the basis of revenue and was trailed by India. On the other hand, the Europe gas insulation substation market emerged as the second largest market and was trailed by North America, which emerged as the third largest market.
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Within North America, Canada and the U.S. emerged as key countries on the basis of revenue in 2015. The regional segment of RoW is predicted to experience exponential growth in the coming years due to the development of the processing and manufacturing sectors as well as the rising demand for electricity within this region. On the other hand, the gas insulation substation market within Gulf Cooperation Council (GCC) countries is anticipated to rise at the greatest CAGR from 2016 to 2024.
The chief players operating in the gas insulation substation market are Eaton Corporation Plc, Fuji Electric Co., Ltd., ABB Group, General Electric Company, Mitsubishi Electric Corporation, Hitachi, Ltd., Schneider Electric SE, Crompton Greaves Limited, Toshiba Corporation, and Siemens AG, among others.
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