According to the new market research report "Gas-Insulated Substation Market by Voltage Type (Medium, High, and Extra High), Installation (Indoor and Outdoor), Output Power, End-User (Power Transmission Utility, Distribution Utility, and Generation Utility), and Region - Global Forecast to 2023", MarketsandMarkets: The gas-insulated substation market is projected to reach USD 29.5 billion by 2023 from USD 18.9 billion in 2018, at a CAGR of 9.2%.
Browse 65 market data Tables and 33 Figures spread through 132 Pages and in-depth TOC on "Gas-Insulated Substation Market - Global Forecast to 2023"
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The gas-insulated substation market is expected to register a CAGR of 9.3% from 2018 to 2023. The growth in this market is supported mainly by the growing renewable power generation, the increasing investments in the transmission & distribution infrastructure, the rising energy demand, and limitations of space availability in densely populated urban areas, and increasing government initiatives for improving the electricity access.
The high voltage segment will continue to dominate the gas-insulated substation market, by voltage type, during the forecast period
The gas-insulated substation market is segmented, by voltage type, into medium, high, and extra high. The high voltage segment held the largest market share in 2018. This can be attributed to its reliability and protection for the grid infrastructure. High voltage gas-insulated substations are used widely for critical switchyard of large power generation plants. A majority of the gas-insulated substations connected to the high voltage transmission grid are of indoor types. The high voltage segment is also driven by the refurbishment of old power transmission infrastructure in the developed countries of Europe and North America.
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