June 22, 2022 09:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES
NEWARK, Del, June 22, 2022 (GLOBE NEWSWIRE) -- The global gas insulated substation market will reach US$ 21.7 Bn by the end of 2031, estimates FMI. The market is anticipated to surge at 5.7% CAGR during the forecast period 2021-2031, in comparison to the 3.8% CAGR registered from 2016 to 2020.
Increasing investment in development of power transmission and distribution infrastructure is the major factor driving the demand for gas insulated substation market. Gas insulated substations are increasingly gaining traction among several commercial and industrial utilities owing to their reliable power supply, higher efficiency, lower operational and maintenance cost, and compact size.
Request a report sample to gain comprehensive insights @ https://www.futuremarketinsights.com/reports/sample/rep-gb-13293
In addition to this, surging demand for renewable energy and rising inclination towards bio-based fuel sources is expected to create lucrative revenue generation opportunities for the market.
Rising number of massive industrialization projects across the U.S. China, India, and others are consistently increasing power demand. Industries require an enormous amount of power supply for carrying out various energy-intensive operations such as manufacturing, processing, and others.
Hence, they are extensively investing in up-gradation of their power grids which will create growth opportunities for gas insulated substations. Driven by this, the sales of gas insulated substations are projected to top US$ 12.5 Bn, rising at a CAGR of 5.1% in 2021.
On the basis of end user, the power transmission and distribution sector is estimated to emerge as the fastest-growing segment, totaling US$ 12.7 Bn by 2031 end. Increasing demand for electricity across the world owing to rising population and development in residential and industrial sectors are primary factors facilitating the segment growth.
“Growing trend of adopting automated machineries across industries and introduction of advanced artificial intelligence (AI) based operated substations is expected to accelerate the market growth,” says the FMI analyst.
Key Takeaways from Gas Insulated Substation Market Study
Buy Now@ https://www.futuremarketinsights.com/checkout/13293
Leading players in the global market are General Electric, Hitachi Ltd., ABB, Infosys, SIEMENS AG, and Mitsubishi Electric Corporation. As per FMI, top ten companies are estimated to account for nearly 50% of the demand share through the assessment period.
Key manufacturers are aiming to expand their production capacity through agreements, contracts, strategic collaborations, partnerships, and acquisition with other players. For instance,
Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-13293
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Gas Insulated Substation Market
In its latest report, FMI provides a detailed analysis of the global gas insulated substation market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, and scope, the market is segmented on the basis of:
Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-13293
Key Questions Covered in the Report
Have a Look at Related Research Reports of Industrial Automation Market:
Electric Fireplace Market Size : Electric Fireplace Market by Type, Size, Application & Region - Forecast 2022 – 2032
Commercial Refrigeration Compressor Market Share : Commercial Refrigeration Compressor Market by Product Type, Cooling Capacity, Refrigerant Type, End Use & Region - Forecast 2022 – 2032
Pipes Market Trends : Pipes Market by Material Type, Flavor, Diameter, Sales Channel & Region - Forecast 2022 – 2032
Blind Spot Detection Market Analysis : Blind Spot Detection Market by Technology, Sales Channel, Vehicle Type & Region - Forecast 2022 – 2032
Cryogenic Systems Market Outlook : Cryogenic Systems Market by Cryogen, End-Use & Region - Forecast 2022 – 2032
Cold Forging Machines Market Forecast : Cold Forging Machines Market by Product Type, Process, End Use & Region - Forecast 2022 – 2032
Biocomposites Market Sales : Biocomposites Market by Fiber, Polymer, Product, End-Use Industry & Region - Forecast 2022 – 2032
Solar Inverter Market Value : Solar Inverter Market by Type, System Type & Region - Forecast 2022 – 2032
Card Printer Ribbons Market Demand : Card Printer Ribbons Market By Product (Colour, Monochrome), Printing (Single-sided, Dual-sided) & Region - Forecast 2022 - 2028
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact: Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, USA T: +1-845-579-5705 Report: https://www.futuremarketinsights.com/reports/gas-insulated-substation-market For Sales Enquiries: sales@futuremarketinsights.com Browse all Reports: https://www.futuremarketinsights.com/reports LinkedIn| Twitter| Blogs