The global Gas Insulated Substation (GIS) market is poised for significant growth, with a projected CAGR of 9% from 2020 to 2025. According to recent data from Fairfield Market Research, the GIS market is expected to reach a total value of US$ 36.63 billion by 2025, up from US$ 23.75 billion in 2020.
Environment-Friendly SF6 Gas and Compact Design Drive Market Growth
The global GIS market benefits from the environmentally friendly nature of sulfur hexafluoride (SF6) gas, which is used as an insulating medium in transformers and can be easily recycled. GIS systems have a compact design that takes up less space compared to air insulated substations (AIS), making them suitable for densely populated urban areas with limited land availability. The compact design not only optimizes space utilization but also reduces transmission and distribution losses.
Challenges and Opportunities in the GIS Market
While GIS offers numerous advantages, including its eco-friendly properties and compact design, high capital costs have hindered its adoption in developing countries. Additionally, cooling systems for GIS, similar to those used for oil insulated substations, require more elaborate arrangements due to SF6s lower thermal mass. Despite these challenges, GIS remains a promising solution for efficient and space-saving substations.
Impact of COVID-19 on the GIS Market
The COVID-19 pandemic led to a reduction in power demand in various sectors globally. Power consumption decreased by 2.5% in Q1 2020, according to the International Energy Agency (IEA). Many companies across industries, including the power sector, reduced or suspended capital expenditures in response to the pandemic. This had a dampening effect on GIS facilities demand.
Regional Market Dominance and Key Players
The Asia Pacific region is expected to remain the most attractive for GIS installations, driven by the need for secure electricity generation, transmission, and distribution in countries like India and China. Other regions, including Europe and North America, are also experiencing growth in the GIS market. Key players in the market include GE, ABB Ltd., Siemens AG, Toshiba Corporation, Mitsubishi Heavy Industries, Ltd., Hyundai Heavy Industries, LARSEN & TOUBRO LIMITED, and Hitachi, Ltd.
Browse Global Gas Insulated Substation (GIS) Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [ 2023 UPDATE Available – Forecast 2023-2030*] (By Voltage Coverage, By Type Coverage, By End-use Coverage, By Geography, Leading Companies): https://www.fairfieldmarketresearch.com/report/gas-insulated-substation-market
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COMTEX_440946125/2840/2023-09-26T01:54:37
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