The global Gas Insulated Substations Market is projected to reach a size of USD 29.5 billion by 2023, at a CAGR of 9.27%, from an estimated USD 18.9 billion in 2018. This can be attributed to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand and limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access. The power transmission utility, by end user, is expected to dominate the gas-insulated substation industry by 2023. Power transmission utility is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations.
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ReplyDeleteThe global Gas Insulated Substations Market is projected to reach a size of USD 29.5 billion by 2023, at a CAGR of 9.27%, from an estimated USD 18.9 billion in 2018. This can be attributed to the growth in renewable power generation, increasing investments in the transmission & distribution infrastructure, the rise in energy demand and limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access. The power transmission utility, by end user, is expected to dominate the gas-insulated substation industry by 2023. Power transmission utility is primarily driven by the addition of transmission lines which leads to the addition of high voltage substations.
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