Global gas-insulated substation market to reach a CAGR of 10.7%
Global gas-insulated substation market accounted for $16.29 B in 2017 and is expected to reach $40.53 B by 2026 growing at a CAGR of 10.7% according to Stratistics Market Research Consulting Pvt Ltd.
Factors such as rising demand for safe power transmission systems with high efficiency and huge investments in T&D sector are fuelling the market growth. Moreover, increasing awareness in the adoption of HVDC technology is considered as the opportunity for market growth. However, the increasing cost of equipment, stringent regulations and environmental conditions act as a hindrance for the growth of the market. Asia Pacific region is anticipated to grow due to the immense scarcity of open spaces required to expand transmission and distribution infrastructure of the burgeoning power industry.
The regions covered in this report are: North America (US, Canada, Mexico), Europe (Germany, UK, Italy, France, Spain, Rest of Europe), Asia Pacific (Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific), South America (Argentina, Brazil, Chile, Rest of South America), Middle East & Africa (Saudi Arabia, UAE, Qatar, South Africa, Rest of Middle East & Africa).
Key players in the global gas-insulated substation market are: General Electric, ABB, Hitachi, Mitsubishi Electric, Larsen & Toubro, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions, Hyosung, Tbea Co. Ltd., Toshiba Corporation, Siemens AG, Elsewedy Electric.
Source: Yahoo Finance