- The high voltage segment will continue to dominate the gas-insulated substation market, by voltage type, during the forecast period.
- The outdoor segment is growing at the fastest rate in the gas-insulated substation market.
- Asia Pacific will continue to dominate the gas-insulated substations market through 2023.
The gas-insulated substation market is projected to reach $29.5 billion by 2023 from $18.9 billion in 2018, at a CAGR of 9.2%. The growth in this market is supported mainly by the growing renewable power generation, the increasing investments in the transmission & distribution infrastructure, the rising energy demand, and limitations of space availability in densely populated urban areas, and increasing government initiatives for improving the electricity access.
The gas-insulated substation market consists of a few leading players such as ABB (Switzerland), L&T (India), Siemens (Germany), Hitachi (Japan), Toshiba Corporation (Japan), and General Electric (US) because of their broader product portfolio along with crucial developments in the market. These top players have a wide distribution and sales networks across the globe. The other players in the market include Hyosung (South Korea), BHEL (India), TBEA, Co. Ltd. (China), El Sewedy Electric, Crompton Greaves (India), and Mitsubishi Electric Corporation (Japan).
The high voltage segment held the largest market share in 2018. This can be attributed to its reliability and protection for the grid infrastructure. High voltage gas-insulated substations are used widely for critical switchyard of large power generation plants. A majority of the gas-insulated substations connected to the high voltage transmission grid are of indoor types. The high voltage segment is also driven by the refurbishment of old power transmission infrastructure in the developed countries of Europe and North America.
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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 & distribution of electricity over a long distance. These gas-insulated substations are designed to be used in outdoor environments.
The enclosure is constructed so that the apparatus can be protected from harsh environmental conditions, including possible contamination. Outdoor substations operate above 5 kV voltage range. Thus, with the increase in demand for electricity, that is, the increase in high load transmission is expected to drive the outdoor installation of gas-insulated substations.
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.