Rising global population coupled with growing demand for power to drive global gas insulated substation market growth through 2024

According to a recent report published by TechSci research on Global Gas Insulated Substation Market By Voltage Type, By Installation, By End-User, By Region, Competition, Forecast & Opportunities, 2024, the global gas insulated substation market is projected to grow at a decent pace during the forecast period on account of growing population, rapid industrialization and growing demand for efficient energy sources. In terms of installation, global gas insulated substation market is categorized into indoor and outdoor. Among these types, outdoor installation is expected to grow at the fastest rate during the forecast period. Outdoor gas insulated substations provide reliable operations in high-voltage transmission and medium voltage and are preferred for transmission and distribution of electricity over a long distance.

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In terms of region, gas insulated substation market is categorized into Asia-Pacific, Europe, North America, South America and Middle East & Africa. Asia-Pacific is expected to account for majority of the global gas insulated substation market by 2024. Large manufacturing industry base for automotive, semiconductors and electronics along with low availability of land has triggered the growth in the installation of gas insulated substations in the region. Moreover, factors such as government mandates on energy efficiency, increasing consumption of power, rising influx of renewable sources in the energy mix, modernization, renovation and upgradation of ageing hydropower plants are further bolstering the growth of Asia-Pacific gas insulated substation market.

“Global gas insulated substation market is anticipated to witness significant growth over the course of next five years. Over the past few years, gas insulated substations witnessed a significant rise in demand owing to their high level of efficiency and compact nature. Moreover, the processing centers and manufacturers are investing substantial amounts in order to procure technologically advanced gas insulated substations to enhance power supply in their workstations. This is further bolstering the growth of global gas insulated substations market.” said, Mr. Karan Chechi Research Director with TechSci Research, a research-based India management consulting firm.

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“Global Gas Insulated Substation Market By Voltage Type, By Installation, By End-User, By Region, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the global gas insulated substation market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global gas insulated substation market.

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