DUBLIN--(BUSINESS WIRE)--The "Gas Insulated Substation (GIS) Market - Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global gas insulated substation market is driven by the environment-friendly nature of sulphur hexafluoride. The compact design of gas insulated substation (GIS) systems enables them to optimally utilize cramped spaces, offering the most efficient solutions to customers. The publisher predicts that global gas insulated substation market is anticipated to register a healthy CAGR of 9% to be worth $36,627 million in 2025 from $23,751 million in 2020.
- Siemens AG
- Toshiba Corporation
- Eaton Corporation
- ABB Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Hyundai Heavy Industries
- Nissin Electric Co., Ltd.
- LARSEN & TOUBRO LIMITED
- Hitachi, Ltd.
Key Insights into the Gas Insulated Substation Market:
- Growing penetration of renewable power and further integration with conventional power grid networks to fuel investments into gas insulated substations (GIS).
- In a GIS switchyard, GIS equipment constitutes more than 47% of the overall cost. The other costs include electricity, transport, civil, and erection & commissioning.
- The initial investment required for the installation of GIS is 25% to 30% higher compared to air insulated substation (AIS). However, the operational costs associated with GIS is lower when compared to AIS or hybrid substations. This may hamper investments in GIS for power companies reluctant to spend heavily on gas insulated substation facilities.
- The COVID-19 pandemic has significantly reduced demand for electricity in the commercial and industrial sectors. The International Energy Agency (IEA) estimated that global electricity demand decreased by 2.5% in Q1 2020. Post easing of restrictions, the market should rebound, which is likely to benefit overall investments into GIS facilities.
The growing demand for compact-sized power systems is expected to drive the demand for gas insulated substations. The demand comes as the land in urban areas witness reduction to accommodate issues of workforce migration. Furthermore, GIS takes up lesser space than air insulated substation, which is an economical advantage to metropolitan areas that inherently have a higher demand for power due to growing population. Analysts state that physical footprint of GIS is 35% lesser than AIS, which effectively cuts down transmission and distribution losses.
The capital-intensive nature of GIS is expected to act as a hindrance to the global market. Furthermore, as GIS uses sulfur hexafluoride (SF6) it demands a more deliberate cooling process. As these substations are installed in obscure part of a building, heat removal becomes difficult. Furthermore, environmental regulation pertaining use of SF6 and the need to recycle them regularly are expected to hinder market growth during the forecast period.
Asia Pacific region is the most lucrative for prominent stakeholders in the gas insulated substation market. The unabated economic development in China and India has accelerated the need for safe electricity generation, transmission, and distribution. The next largest regions are Europe, with North America following closely behind. North America is the headquarters of several manufacturers, suppliers, and distributors of components used in gas insulated substations. North American companies are investing heavily in emerging economies in the APAC and Latin American markets to bolster their presence in the gas insulated substation market.
Some of the key players operating in the global gas insulated substation market are Nissin Electric Co., ABB Ltd., GE, Siemens AG, Mitsubishi Heavy Industries, Ltd., Hyundai Heavy Industries, Toshiba Corporation, Nissin Electric Co., Ltd., Hitachi, Ltd., and LARSEN & TOUBRO LIMITED.
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.3. Market Opportunities
2.2.4. Economic Trends
2.3. Value Chain Analysis
2.4. SWOT Analysis
2.5. Porter's Five Forces Analysis
2.6. Covid-19 Impact
2.6.1. Supply Chain
2.6.2. End-user Customer Impact Analysis
3. Gas Insulated Substation- Cost Breakup Analysis
4. Global Gas Insulated Substation (GIS) Market Outlook, 2017 - 2025
4.1. Global Gas Insulated Substation (GIS) Market Outlook, by Source, Value (US$ Mn), 2017 - 2025
4.2. Global Gas Insulated Substation (GIS) Market Outlook, by Type, Value (US$ Mn), 2017 - 2025
4.3. Global Gas Insulated Substation (GIS) Market Outlook, by End-use, Value (US$ Mn), 2017 - 2025
4.4. Global Gas Insulated Substation (GIS) Market Outlook, by Region, Value (US$ Mn), 2017 - 2025
5. North America Gas Insulated Substation (GIS) Market Outlook, 2017 - 2025
6. Europe Gas Insulated Substation (GIS) Market Outlook, 2017 - 2025
7. Asia Pacific Gas Insulated Substation (GIS) Market Outlook, 2017 - 2025
8. Rest of the World (RoW) Gas Insulated Substation (GIS) Market Outlook, 2017 - 2025
9. Competitive Landscape
9.1. Company Market Share Analysis, 2019
9.2. Strategic Collaborations
9.3. Company Profiles
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