Global gas insulated substation market to reach $34.2 B by 2027
Global gas insulated substation market is projected to reach a revised size of $34.2 B by 2027, growing at a CAGR of 8 % over the analysis period 2020-2027.
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Global gas insulated substation market, estimated at $20 B in 2020, is projected to reach a revised size of $34.2 B by 2027, growing at a CAGR of 8 % over the analysis period 2020-2027, according to the new report by Reportlinker.com.
High voltage, one of the segments analysed in the report, is projected to record a 7.5 % CAGR and reach $10.7 B by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the medium voltage segment is readjusted to a revised 8.7 % CAGR for the next 7 years.
The U.S. market is estimated at $5.4 B. China, the world`s second largest economy, is forecast to reach a projected market size of $7.7 B by the year 2027 trailing a CAGR of 11.9 % over the analysis period 2020 to 2027. Among other noteworthy geographic markets are Japan and Canada, forecast to grow at 4.3 % and 7.1 %, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.2 % CAGR.
The key players in this market include: Hitachi ABB, Crompton Greaves Ltd., Eaton Corporation PLC, Fuji Electric Co., Ltd., General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SA, Siemens AG, and Toshiba Corporation, amongst others.
The regions covered in the report are: North America, Europe, Asia-Pacific, Latn America, the Middle East and Africa.
Source: Globe Newswire