Gas insulated substation market to grow at a CAGR of 10.31 % reaching $35.8 B
The global gas insulated substation market, estimated at $14.7 B in 2015, is expected to reach value $35.8 B, rising at a CAGR of 10.31 % from 2015 to 2024.
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According to Transparency Market Research, the global gas insulated substation market, estimated at $14.7 B in 2015, is expected to reach value $35.8 B, rising at a CAGR of 10.31 % from 2015 to 2024.
The global gas insulated substation market is expected witness a stellar growth during the forecast period, thanks to the increasing population pressure. In addition to this, rapid expansion of industrialisation and growing demand for efficient energy sources are some other factors expected to propel the gas insulated substation.
Apart from this, growth in renewable power generation market is expected to rise owing to the increasing investments in transmission and distribution infrastructure. Along with this, rise in energy demand and government initiatives to improve electricity access. Further, rise in number of smart cities projects across the globe has propelled the gas insulated substation market in the coming years. Moreover, increase in number of power plants in offshore regions and rise in utilisation of renewable energy resources require a condensed and powerful power source.
The key players in this market include: Toshiba Corporation, Hyosung Corporation, Nissin Electric Co. Ltd., CG Power and Industrial Solutions Ltd, and Mitsubishi Electric Corporation.
Source: Scientect