The growing scarcity of land in urban areas is expected to bolster the growth of the market of gas insulated substations. Due to the lack of space in urban areas, the cost of land has risen steadily over the last decade, leading to an increased requirement for compact power systems. Key producers of substations, such as Eaton Corporation Plc., Crompton Greaves Limited, Schneider Electric SE, Hitachi, Ltd., Fuji Electric Co., Ltd., General Electric Company, Mitsubishi Electric Corporation, ABB Group, Siemens AG, and Toshiba Corporation, are responding to this need by coming up with gas insulated substations that can be installed in condensed areas. The need for global gas insulated substation market is increasing because they require only 10% of the space required for conventional substations.
According to a report added to the repository of Market Research Reports Search Engine, the gas insulated substations market is expected to rise at an affirmative CAGR of 10.31% between 2016 and 2024. A substation is a system consisting of various devices installed for the controlled transmission and circulation of electric power. A gas insulated substation is an electrical substation that is kept in a sealed environment with the insulating medium being sulfur hexafluoride gas (SF6). As the need for substations that can be installed in compact urban areas is growing, the demand for gas insulators is also taking a leap due to the fact that they are reliable for high-voltage circumstances and require less maintenance than conventional substations.
Need for Gas Insulated Substations in Harsh Environments Advantageous for Manufacturers
With increasing environmental concerns and decreasing availability of land, the need for gas insulators that can efficiently work in severe environments is also witnessing a boost. Gas insulated substations can be easily installed and used in deserts or cold areas, as they provide consistent operating performance. They are also suitable for high-voltage installations, urban installations, indoor installations, and installation in environmentally sensitive locations.
CIS Countries to become Influential in Europe Gas Insulated Substations Market
The global market for gas insulated substations was dominated by Asia Pacific in 2015, which accounted for 54% of the market. China was the leader in Asia Pacific in terms of revenue, followed by India. Europe was reported to be the second largest regional segment in 2015, with CSI countries such as Russia witnessing an upsurge in the European gas insulated substations market. The reforms for extension of aged electricity groundwork in several CIS countries are expected to be beneficial for the market.
Browse Full Global Gas Insulated Substation Market Report with TOC:http://www.mrrse.com/gas-insulated-substation-market
Steady Industrialization to Provide Better Opportunities for Gulf Cooperation Council (GCC) Countries
The evolution of industrialization accompanied with progress in manufacturing and power generation is expected to drive the growth of the gas insulated substation market in the Gulf Cooperation Council countries. This regional market is reported to expand at the maximum CAGR during the period of 2016 and 2024. The growth of the processing sector and the rising demand for electricity are expected to lead to significant growth of the Rest of World market in the coming years.