Gas Insulated Substation Market Size, Industry Analysis Report By Installation Type (Indoor, Outdoor), By End-User (Power Transmission Utility, Distribution Utility, Generation Utility, Infrastructure) & Region – Forecast By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 276
- CATEGORY
- Energy & Power
Gas Insulated Substation Market is valued at around USD 12.5 million in 2022 and is expected to reach USD 21.7 million by 2030, registering a CAGR of 5.70% over the forecast period.
Market Trends
• The market is anticipated to be driven by the rising demand for compact, low-maintenance power systems during the forecast period.
• Gas-insulated substations are more dependable and efficient than air-insulated ones. Rising per-hectare land values are expected to encourage prospects for expansion because gas-insulated substations require less space than their equivalents.
• These substations use 90% less space than other power plants, which is an important factor enabling market expansion.
• Rising energy consumption in emerging countries due to changing lifestyles and rising per capita income is anticipated to drive market growth.
Market Segmentation
The Gas Insulated Substation Market fragrance concentrates market has been sub-classified into product type, installation, end-user.
On The Basis Of Product Type, The Gas Insulated Substation Market Is Bifurcated Into:
• Medium (up to 72.5 kV)
• High (72.5 kV-220 kV)
• Extra high (220 kV-765 kV)
• Others
On The Basis Of Installation, The Market Is Segmented Into:
• Indoor
• Outdoor
• Others
On The Basis Of End-User, The Market Is Segmented Into:
• Power transmission utility
• Distribution utility
• Generation utility
• Infrastructure
• Others
Market Regional Analysis
Gas Insulated Substation Market, is the biggest market and is anticipated to grow at the fastest rate during the forecast period. Due to its rapid urbanisation, industrialization, and population growth, Asia-Pacific is one of the world's regions with the fastest rates of growth.
Key Market players
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Gas Insulated Substation Market is valued at around USD 12.5 million in 2022 and is expected to reach USD 21.7 million by 2030, registering a CAGR of 5.70% over the forecast period.
What are the drivers shaping various markets?
The market is anticipated to be driven by the rising demand for compact, low-maintenance power systems during the forecast period.
Who are the key competitors of market Players?
Some of the major players operating within the market are Mitsubishi Electric Corporation, Industrial Solutions Ltd, CG Power, Nissin Electric Co. Ltd., Hyosung Corporation, Toshiba Corporation, and others.
What are the top performing segments, and countries / regions of each of the markets?
Asia-Pacific dominated the global Gas Insulated Substation Market.
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