Market Size of Gas Insulated Substation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Insulated Substation Market Analysis
The gas-insulated substation market is expected to grow at a CAGR of more than 3% over the period of 2020-2025. Gas-insulated substations are more reliable, environment-friendly, and more flexible when compared to air-insulated substations (AIS). Fostered by the better space optimization, low maintenance cost, and enhanced protection against external elements, the demand for gas insulated switchgear is likely to increase during the forecast period. The high cost of gas insulated substations is likely to restrain the growth of the gas-insulated substation market in the coming years.
- The power utilities sector is expected to be the fastest-growing market during the forecast period, owing to factors like growing demand for reliable power supply and an increase in investments on the power infrastructure.
- Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is likely to create an excellent opportunity for the gas-insulated substation market in the future.
- Asia-Pacific has dominated the gas-insulated substation market in recent years and is expected to be the fastest-growing market in the forecast period, with the majority of the demand coming from China and India.
