Gas insulated substations are eco-friendly in comparison of air insulated substations, which are accountable for increasing environmental pollution levels. Moreover, they are supposed to be more efficient, highly safe, dependability and render longer life span compared to air insulated substations. Moreover, gas insulated substation, is a best example of small and low maintenance power systems, which is estimated to act as a key driving force for market growth during the forecast period. Periodically, demand for compact power systems is rising, which propels the popularity of gas insulated substation, as attributed by the compatibility to fit in a building is expected to drive the growth of the global gas insulated substation market over the forecast period. Its flexibility to function in extreme weather conditions is anticipated to increase its market size, in the regions having unpredictable and intense environment.
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- Asia-Pacific is observing a higher demand for gas insulated substations with the increase in investments toward wind and solar farm developments and the rising coal consumption, mainly across India and China.
- The rising industrialization and urbanization, accounted for rise in the demand for reliable power supply in the region, making the continent a hub for higher electricity consumption. The growing investment in transmission and distribution channels, considering the expanding generation connections in the Asia-Pacific will add positive impact to the regional gas insulated substation penetration.
- The suppliers of gas insulated substations are actively participating in strategic decisions, including acquisitions, contractual agreements, and mergers, and are zeroing in on novel product developments to encourage the increasing industrial requirements whilst gaining competitive advantages. For instance, in 2021, Mitsubishi Electric Power Products, Inc., brought forth the latest addition to its high-voltage product line, a 245kV gas insulated switchgear to provide widespread uses in utility, municipal, and industrial utilizations.
- Rising investment in power and infrastructural development in North America region is expected to drive the market growth over the coming years. Begen switching station in North America is the biggest in the country with a capacity of 80 kA short circuit breaking capacity.
- Middle East and Africa are expected to show a substantial growth rate owing to growing power demand and confined space in developed areas. The European market is anticipated to witness a considerable growth rate owing to the rising environmental regulations added with replacement of old substation with improved gas substations.
Key Market Players
- Schneider Electric SE
- Alstom SA (General Electric)
- ABB Ltd.
- Cevian Capital
- BlackRock, Capital Group Companies
- GE (US)
- Siemens (Germany)
- Hitachi, Ltd. (Japan)
- L&T (India)
- Toshiba Corporation (Japan)
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COVID-19 Impact analysis
The global economic havoc brought by the COVID-19 pandemic made way for supply chain disruptions, creating restrictions and laying an enormous impact on several businesses globally. Its effect was also felt by the energy, mining, oil, and gas sectors on account of the nationwide lockdown and containment guidelines set into motion by governments globally. The temporary shutdown of the businesses substantially interrupted the demand for gas insulated substations.
Even though, the constant effort put forth by several nations to reinforce their economic situation it is expected to show development for the industry forecast in the post-pandemic era.
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