Gas-Insulated Substation Global Market Report 2024

The global gas-insulated substation market has grown rapidly in recent years. It will grow from $22.12 billion in 2023 to $24.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed in the historical period can be attributed to the development of high voltage transmission systems, challenges related to space constraints and urbanization, a growing demand for reliable power infrastructure, increased environmental considerations, and the rising complexity of the grid.

The global gas-insulated substation market is expected to see rapid growth in the next few years. It will grow to $36.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to regulatory support and environmental concerns, a rising demand for compact and high-efficiency substations, a focused approach to grid resilience and reliability, increasing initiatives for grid modernization, and the ongoing transition towards renewable energy sources. Major trends expected in the forecast period include product innovations, technological advancements, a heightened focus on grid reliability, the integration of renewable energy sources, and notable advancements in Gas Insulated Switchgear (GIS) technology.

The gas-insulated substation market is poised for growth, fueled by the escalating demand for clean energy. As the global shift towards renewable and zero-emission energy gains momentum, the need for efficient high-voltage grid solutions becomes critical. The deployment of SF6-free gas-insulated substations at the widely recognized 245 kV voltage level is identified as instrumental in supporting the decarbonization of the high-voltage grid. In 2022, global electricity generation from renewable sources reached 29%, with wind energy witnessing a substantial increase of 17% in 2021, surpassing the levels recorded in 2020. This surge in clean energy demand substantiates the driving force behind the growth of the gas-insulated substation market.

The gas-insulated substation market is experiencing a boost attributed to the ongoing global trend of urbanization. The process of urbanization, characterized by population concentration in cities, demands compact and low-maintenance power infrastructure. Gas-insulated substations have emerged as a preferred solution in this scenario, addressing the need for efficient power delivery within dense urban areas. According to data from September 2021 by the United Nations Department of Economic and Social Affairs, the global urban population reached 4.46 billion in 2021, with projections indicating an increase to 6.68 billion by 2050. This trend underscores the heightened demand for gas-insulated substations as urban areas continue to expand.

The gas-insulated substation market is witnessing a key trend in product innovation, with major companies dedicated to developing advanced solutions. Toshiba, a Japan-based electronics company, exemplifies this trend with the launch of the 72kV GIS. This innovative product serves as a replacement for equipment at TEPCO PG's Fuchu Substation and integrates circuit breakers, transmission system switches, lightning arresters, and instrument transformers. The 72kV GIS utilizes a synthetic air blend of nitrogen and oxygen as its insulating medium, offering safety and environmental benefits in case of a leak.

Major companies in the gas-insulated substation market are strategically engaging in partnerships to fortify their positions and address market demands. Toshiba Energy Systems, a prominent player, entered into a strategic partnership with Meidensha Corporation, a motors and generators company. This collaboration focused on the development of gas-insulated switchgear (GIS) for 72kV/84kV using a natural origin gas without sulfur hexafluoride (SF6). The market demand for environmentally friendly products propelled the acceleration of GIS development and commercialization under this partnership agreement, highlighting the significance of strategic collaborations in shaping the gas-insulated substation market landscape.

In 2021, Hitachi Ltd., a diversified Japanese conglomerate corporation, successfully completed the acquisition of ABB Power Grids for a total consideration of $7.8 billion. This strategic move was undertaken to establish a new entity dedicated to addressing the evolving landscape of renewable and distributed energy within the power industry. The acquisition positioned Hitachi as one of the leading global providers of grid equipment and services. ABB Power Grids, headquartered in Switzerland, is recognized for its expertise in energy innovation and transition, particularly within the gas-insulated transformer market.

Major companies operating in the gas-insulated substation market report are Hitachi Ltd., Larsen & Toubro Limited, Eaton Corporation PLC, CG Power and Industrial Solutions Limited, Schneider Electric SE, Bharat Heavy Electricals Limited, Elsewedy Electric Co S.A.E., Powell Industries Inc., Hyosung Corporation, Fuji Electric Co. Ltd., Hyundai Heavy Industries Co. Ltd., ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Tbea Co. Ltd., Entec Electric & Electronic Co. Ltd., ILJIN Electric, Nissin Electric, Meidensha Corporation, LUCY ELECTRIC INDIA PRIVATE LIMITED, Chint Group, SEL S.P.A., Sinopec Corp., PetroChina Company Limited, ExxonMobil Corporation, British Petroleum Public Limited Company, Chevron Corporation, ERICO International Corporation

Asia-Pacific was the largest region in the gas-insulated substation market share in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the gas-insulated substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gas-insulated substation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main voltages in the gas-insulated substation market are categorized as medium voltage, high voltage, and extra high voltage. Medium voltage typically refers to voltages above 1 kV and commonly extends up to and including 52 kV. These substations are installed both indoors and outdoors and serve various applications, including power transmission, power distribution, and power generation. They are utilized by different end-users, including power utilities, the industrial sector, and the commercial and residential sectors.

This report provides gas-insulated substation market statistics, including global market size, regional shares, competitors with a gas-insulated substation market share, detailed gas-insulated substation market segments, market trends and opportunities, and any further data you may need to thrive in the gas-insulated substation industry. This gas-insulated substation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. 

The gas-insulated substation market consists of sales of regular HV components which include disconnections, CBs, bus bars, voltage, and cutting-edge transducers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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