Global Gas Insulated Substance Market is Predicted to Grow at a CAGR of ~10.1% During 2022-2031; Rise in Demand for Renewable Source of Energy to Elevate Market Growth – Research Nester
Key Companies Covered in the Global Gas Insulated Substance Market Research Report by Research Nester are Schneider Electric SE, Fuji Electric Co.Ltd., ABB Ltd., Hitachi, Ltd., General Electric (GE), Mitsubishi Electric Corporation, Toshiba Corporation, Siemens AG, Crompton Greaves Ltd., Eaton Corporation plc., and other key market players
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘*Global Gas Insulated Substance Market*’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
· Market growth over the forecast period
· Detailed regional synopsis
· Market segmentation
· Growth drivers
· Challenges
· Key market players and their detailed profiling
*Global Gas Insulated Substances Market Size:*
The global gas insulated substances market is estimated to grow at a CAGR of ~10.1% over the forecast period. Rise in demand for renewable source of energy is predicted to fuel the market growth. It is anticipated that between 2021 and 2026, there will be a 50% increase in renewable capacity compared to the period between 2015 and 2020. Gas insulated substances are known for producing less pollution. They are environmental friendly and does not lead to an adverse effect on salt, sand, snow. Owing to the increasing pollution caused by other fossil fuel the demand for gas insulated substances is expected to boost. Most of the world's air pollution is caused by energy-related fossil fuel combustion, which produces over 80% of airborne respirable particulate pollution and almost all sulphur dioxide and nitrogen oxide emissions to the atmosphere. Low-income countries also produce a significant amount of air pollution through biomass burning.
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Further provision of funds from government and different private organization for clean source of energy in developed and developing nation is expected to boost the market growth. For instance, a developing nation might seek to transition away from fossil fuels and create a number of renewable energy projects. Between 2008-2017, several nations such as Germany, China, UK, US, Australia, and Japan among others have invested in improving their efforts towards judicious energy consumption. Germany has installed over 1kW of renewable capacity per person.
*Global Gas Insulated Substances Market: Key Takeaways*
· Asia Pacific region to garner the largest revenue.
· Middle East and Africa to shoe tremendous growth
· The power transmission and distribution segment to propel the largest revenue.
*Low Operational Cost to Boost Market Growth*
The operation and maintenance cost of gas insulated substances is relatively low even though the cost of installation is high. Hence companies are expected to adopt more of GIS since it could cut down the cost which would have required for maintenance of insulator. For instance, CtrlS has announce the development of Asia’s largest GIS in Mumbai, India. The operating life is estimated to be greater than 50 years with no maintenance required for next 25 years. GIS gives better performance than Air Insulated Substances (AIS). The sulphur hexafluoride in GIS which is much more than air situated in AIS offers excellent extinction behaviour and helps in functioning efficiently.
Also the space requires for installation of gas insulated substances is low as compared to AIS. It is estimated that the total amount of space needed for a GIS is about one-tenth that of a typical AIS installation. GIS is most suitable for indoor and underground substances owing to its gas enclosed design. Hence the outdoor area occupied for outdoor or hybrid substances is comparatively reduced. Owing to which the cost required in acquiring the land is also being reduced.*For more information in the analysis of this report, visit: **https://www.researchnester.com/reports/gas-insulated-substation-market/1359*
*Global Gas Insulated Substances Market: Regional Overview*
The global gas insulated substances market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Increasing Demand for Electricity to Drive Growth in Asia Pacific Region*
With the rise in population and urbanization the demand for electricity is increasing rapidly in the region. According to a recent report in the region of Asia-Pacific's demand for energy is predicted to have increased by almost 10% in 2021 from a low of 3% in 2020. China and India, which both experienced tremendous growth of 11% each, are the key drivers of this expansion. Hence owing to this the demand for Gas Insulated Substance (GIS) market of Asia Pacific is expected to boost in the forecast period. Asia Pacific region are easily prone to pollution including rising temperature, extreme weather events, and more caused by the emission of toxic gas owing to coal and other fossil fuel. Hence more clean energy source is being adopted which is giving a boost to the market of GIS in Asia Pacific region.*Get a Sample PDF of Gas-Insulated Substation Market Report@ **https://www.researchnester.com/sample-request-1359*
*Availability of Large Desert to Favour Growth in the Middle East and Africa Region*
Desert covers more than one-third of the African continent, stretching from the Mediterranean to South Africa and from the Indian to the Atlantic oceans. GIS requires deserted region has they cannot be constructed in densely populated region. Hence the market in Middle East and Africa region is expected to boost over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
· North America (U.S., Canada)
· Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
· Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
· Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
· Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Gas Insulated Substances Market, Segmentation by Application
· Power Transmission and Distribution
· Manufacturing and Processing
The power transmission and distribution segment is estimated to hold a largest share over a forecast period. Owing to the increasing demand for electricity and increasing investment in power infrastructure during the forecast period. The majority of the increase in power generation came from renewable sources, which also accounted for roughly half of the rise in electricity demand. GIS are known to be environment friendly insulator. The adoption of GIS in power system has enhanced the efficiency of energy sector to a greater extend.*For more insights on the market share of various regions: **https://www.researchnester.com/sample-request-1359*
Few of the well-known market leaders in the global gas insulated substances market that are profiled by Research Nester are Schneider Electric SE, Fuji Electric Co.Ltd., ABB Ltd., Hitachi, Ltd., General Electric (GE), Mitsubishi Electric Corporation, Toshiba Corporation, Siemens AG, Crompton Greaves Ltd., Eaton Corporation plc., and other key market players.
Recent Development in Global Gas Insulated Substances Market
*April 21, 2021: ABB Ltd.* and GE the two global leaders in power technologies entered into a non-exclusive agreement that will enable them to utilise a revolutionary gas alternative to sulphur hexafluoride (SF6) to broaden their selection of high-voltage equipment in order to reduce the environmental impact in the electrical transmission industry.
*January 16, 2019: **Mitsubishi Electric Corporation* stated that it has created two technologies for gas-insulated switchgears: a high-density dielectric coating technique that enhances insulation performance in high-voltage conductors by 30%, and an arc-cooling technology that provides a 25% reduction in the interruption of electrical current in sulfur-fluoride (SF6) gas-insulated switchgears used in high-voltage power systems. The two technologies will aid in the continued shrinking of switchgears and aid in reducing the consumption of SF6 gas, which has a potential for 22,800 times more global warming than CO2.
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