Global Gas-Insulated Substation market overview 2024, Forecast To 2033

Furthermore, the gas-insulated substation market has undergone rapid expansion, growing from$22.12 billion in 2023 to$24.51 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to the development of high voltage transmission systems, space constraints and urbanization, demand for reliable power infrastructure, environmental considerations, and increased grid complexity. The gas-insulated substation market is expected to see rapid growth in the next few years, reaching$36.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to regulatory support and environmental concerns, demand for compact and high-efficiency substations, focus on grid resilience and reliability, increasing grid modernization initiatives, and the transition towards renewable energy. Major trends in the forecast period include product innovations, technological advancements, rising focus on grid reliability, integration of renewable energy, and advancements in GIS.