GIS Substations Market Size, Share, Growth, And Industry Analysis, By Type (High Voltage, Ultra High Voltage), By Application (Power Transmission and Distribution, Manufacturing and Processing, and Others), Regional Forecast By 2032

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GIS Substations Market Report Overview

The global GIS substations market size was USD 28.4 billion in 2023 & the market is expected to reach USD 41.84 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the GIS substations market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

GIS is also known as gas-insulated switchgear, which is composed of high voltage components such as circuit breakers and interrupters, as well as other components enclosed in a sealed environment using SF6, or sulphur hexafluoride gas. Compared to traditional air-insulated switchgear AIS, a GIS takes up significantly less room. GIS technology is an excellent alternative for Arctic or desert environments since it can be housed in an environmentally safe facility.

COVID-19 Impact: Pandemic Compel Companies to Put Off Operations Due to Market Restrictions

During the COVID-19 pandemic, prominent companies have put off their work in different regions owing to the lockdown and its restrictions. The coronavirus outbreak impacted adversely the demand for the product, and the supply chain significantly. Consequently, the growth of the market is stuck by the COVID-19 pandemic globally. However, it is expected that the market will get well steadily with growing necessities and demands in the coming years.

Latest Trend

"Use of GIS Substations for Electricity Distribution & Sustainability to Propel Market Growth"

The GIS substations Market is surging at a very fast pace. In addition, with the saturation of global electricity distribution and transmission networks and wires, GIS substations are being installed by different system operators to ensure reliability and sustainability. In March 2022, Gas-insulated substation (GIS) circuit-breaker prototypes were unveiled at an event by GE Renewable Energy's Grid Solutions division to a group of Europe's leading transmission utilities. In June 2022, an ABB switchgear system was installed in Durham, UK, by the Northern Power grid.

GIS Substations Market Segmentation

• By Type Analysis

According to type, the market can be split into High Voltage, Ultra High Voltage

• By Application Analysis

Based on application, the market can be divided into Power Transmission and Distribution

Manufacturing and Processing, and Others

Driving Factors

"Several Benefits of Gas-Insulated Switchgear Substations to Enhance Market Growth "

The gas-insulated switchgear has various advantages to drive market growth. One of the main driving factors is the compactness of the GIS substations. It is required less room as compared to regular substations. Thus, these GIS substations are the most suitable options for less space areas. Along with this, gas-insulated switchgear is more reliable than air-insulated substations. Consequently, compactness and reliability are the major driving factor of the GIS substations market growth.

"To Facilitate high-voltage Distribution & Adoption of Smart Grid to spur Market Growth"

Apart from the space availability and reliability of the substations, increasing implementation of the smart grid and smart metering technologies, and electricity-based equipment in residential & commercial industries are the other driving factors. As well as, government initiatives to enhance electricity access in remote areas surge the demand for GIS substations which is expected to propel the market growth.

Restraining Factors

"High Price & Greenhouse Gas Emission of Substations can Hamper Market Expansion"

Gas-insulated switchgear substations are preferable to other ordinary substations due to their advantages. However, the high cost of the GIS and its outage time is higher as compared with traditional substations. Also, it requires protection from dust particles to guard it against flashovers which need quality management and the substations take a long time to diagnose a fault and its amendment. As well as, GIS substations contain SF6 which is a greenhouse gas that has a negative impact on our environment. Therefore, these factors can halt the growth of the market.

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GIS Substations Market Regional Insights

"Rapid Industrialization Surge in the Demand for GIS substations in Asia Pacific Anticipated to Lift Market Expansion "

Regarding regional insights, the Asia Pacific is at the top of the list in terms of the leading markets region over the forecast period. Asian countries such as China and India and others are the fastest-growing economy in the Asia Pacific. In addition, the growing number of established industries, developing industrialization, urbanization, and adoption of clean energy policies aggressively anticipated the demand for Gas Insulated switchgear. This resulted in an increase in investment across their power grids in order to enable high-voltage distribution networks that would support increased penetration of renewable energy sources like solar or wind power plants. Along with this, North America is also one of the main market regions for GIS substations owing to manifold developed manufacturing & processing units in the continent.

Key Industry Players

"High Opportunities in GIS Substations Market Encourage Key Players to Upgrade Their Technology to Propel Market Development"

In respect of Key players of the industries, the top five companies such as ABB, GE Grid Solutions, Siemens, and others are the largest market share holders in the market in terms of revenue. The major two companies occupy nearly one-third of the gas-insulated switchgear substations market shares in the previous year. As well as, the key players’ strategies to advance new technologies, and capital investment in research & development to enhance product quality aid them to lead the market. Also, the key players stimulate the GIS substations market through the companies’ acquisitions, mergers, and collaboration with other companies to say ahead in the market competition and to retain their place and value in the market.

LIST OF TOP GIS SUBSTATIONS COMPANIES

• ABB
• GE Grid Solutions
• Siemens
• Mitsubishi Electric
• Toshiba
• Fuji Electric
• Hyundai
• Eaton
• Hyosung
• Schneider Electric
• Nissin Electric
• Crompton Greaves
• Xi’an XD High Voltage
• NHVS
• Shandong Taikai
• Pinggao Electric
• Sieyuan Electric
• CHINT Group

Report Coverage

This report covers the GIS substations market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market situations. This report also collects the market’s precise data and forecasts by market experts. As well, it describes the study of this industry’s monetary performance, investments, progress, modernization marks, and new product launches by the top companies and offers visions into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been studied in detail to provide clarification of the competitive landscape.

The report also unveils the research on the basis of methodologies that explain price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Additionally, all the significant factors that stimulate the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.