The global gas-insulated substation market is projected to reach USD 29.5 billion by 2023 at a CAGR of 9.27%, from an estimated USD 18.9 billion in 2018. Rising investments in the transmission & distribution infrastructure along with the space being a major constraint in the energy demanding densely populated areas are factors that are driving the gas-insulated substation market.
The gas-insulated substation market is dominated by a few major players that have a wide global presence. The leading players in the gas-insulated substation market include ABB (Switzerland), GE (US), Mitsubishi Electric Corporation (Japan), Siemens (Germany), and L&T (India).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from March 2014 to November 2018. Industry players also adopted mergers & acquisitions, which was the second most critically followed strategy during the same period.
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ABB provides power equipment and automation solutions that serve the utilities, industries, and transport & infrastructure market. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. ABB provides innovative power equipment and products under its substation and electrification product category. The products offered include gas-insulated substations, hybrid substations, mobile substations, containerized and prefabricated substations, digital substations, energy storage solutions, and conventional air-insulated substations. It operates its business in more than 100 countries and has more than 300 manufacturing plants located in these countries. The company has undertaken various contracts and agreements as a part of its inorganic strategy to grow in the gas-insulated substation market. For instance, in May 2018, ABB supplied a compact gas-insulated substation to the German utility. As per the contract, ABB designed and supplied a 110-kV gas-insulated substation, replacing an aged one.
GE is an American company that has a wide business portfolio with industry coverage in power, aviation, renewable energy, oil & gas, healthcare, transportation, lighting, and capital. The company has a subsidiary, GE Grid Solutions, which offers a wide range of electrical equipment and solutions for power generation and transmission and distribution. The company provides gas-insulated substations under its HV/MV equipment product category. GE has its presence in over 180 countries. In November 2015, GE acquired Alstom’s power and grid business, which also included substations and gas-insulated substations. The company has done many projects with worldwide power utilities for installation of gas-insulated substations.
Gas-Insulated Substation Market by Voltage Type (Medium, High, and Extra High), Installation (Indoor and Outdoor), Output Power, End User (Power Transmission Utility, Distribution Utility, and Generation Utility), and Region - Global Forecast to 2023
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