ID: MRFR/E&P/5148-HCR | February 2021 | Region: Global | 111 pages
Gas insulated transformer market is expected to grow at 5.23% CAGR during the forecast period.
In gas insulated transformers, the gas used is non-explosive and non-flammable and eliminates regular checks of oil and increased awareness towards environmental concerns. These transformers are majorly utilized in medium voltage and high voltage applications such as underground shopping centers, hydroelectric power plant, thermal power plant, chemical plants, and public water facilities. They are used for transmission and distribution purposes to create a more reliable and safe power system. There are various initiatives from the government for the development of infrastructure. Hence, the growth in demand for reliable power leads to the growth of the market during the forecast period. The market is projected to grow at a higher rate during the forecast period, majorly due to the rise in demand for clean energy generation and renewable sources of energy. Governments around the world have developed attractive incentives, rewarding the use of renewable sources of energy, which further drives the growth of the gas insulated transformer market, globally.
Asia-Pacific holds the largest share of the gas insulated transformer market, especially due to the demand in nations such as China, Japan, India, where authorities are focused on expansion of the transmission and distribution grid. Asia-Pacific is considered to have the highest population, which lead to the rise in demand for electricity and availability of grid with higher efficiency. Most countries in the region are working on development and expansion of power grids. Such factors increase the growth of the regional market.
The key players of global gas insulated transformer market are ABB Ltd. (Switzerland), General Electric (US), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Toshiba Corporation (Japan), Arteche (Spain), Meidensha Corporation (Japan), Takaoka Toko Co.Ltd (Japan), Fuji Electric co., Ltd. (Japan), and Chint Group (China).
The market for indoor installation is increasing during the forecast period. Gas insulated transformers are non-flammable, non-explosive and an integration of substation equipment in locations where space constraints are observed, which makes installation of gas insulated transformers, a priority in indoor and underground settings. There is a trend for adopting gas insulated transformer with integration of power and increasing power generation from renewables. This adds to the growth of the market for gas insulated transformers.
Global gas insulated transformer market has been segmented on the basis of voltage level, type, installation, type of cooling, end-use, and region. Based on voltage level, the market is classified into medium voltage, high voltage and extra high voltage. Extra high voltage segments are leading the market and have high market shares, mainly due to the focus on renewable energy. On the basis of installation, the market is segmented as outdoor and indoor Installation. Indoor segment dominates the market due to the increase in urban population and eco- friendly in nature. Gas insulated transformers are segmented based on type as cooling, as gas directed air natural cooling, gas directed air forced cooling, gas directed water forced cooling and others. Gas insulated transformer are further segmented based on end-use, as utility, industrial, and commercial. Industrial and commercial segments of the global gas insulated transformer market are projected to grow at high pace due to the increase in infrastructure development and government initiatives.
Global Gas Insulated Transformer Market
Global gas insulated transformer market is projected to witness substantial growth during the forecast period, as the market is based on the infrastructure development and expansion of grids. Renewable energy resources and integrating power system also contribute to the global gas insulated transformer market, with Asia-Pacific having the largest market share. North America holds the second largest share in the gas insulated transformer market.
In gas insulated transformer, gas is used as the insulating and cooling medium for the transformer. Sulphur Hexafluoride, SF6 is the gas used in gas insulated transformer. These transformers are adopted due to its environment-friendliness, non-explosive and non-flammable in nature. Also, with their usage, there is no need for conservator, monitor the oil strength, and need for replacement. These transformers are designed with the most advanced technical features, favorable for hydro power, underground substation and offshore substation. Currently, in the transformer industry, gas insulated transformers are preferred over oil insulated transformers due to its numerous advantageous. Hence, it is estimated that there will be significant growth in gas insulated transformer market due to various advantages and the environment friendly applications.
|Market Size||2027: Significant Value|
|CAGR||5.23% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Voltage Rating, End-Use, Installation and Type of Cooling|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd. (Switzerland), General Electric (US), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Toshiba Corporation (Japan), Arteche (Spain), Meidensha Corporation (Japan), Takaoka Toko Co.Ltd (Japan), Fuji Electric co., Ltd. (Japan), and Chint Group (China)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global market for gas insulated transformer is projected to witness substantial growth, and record significant revenue generation at a moderate CAGR over the review period (2018 to 2023).
One of the leading market players, Mitsubishi Electric Corporation, entered an agreement with Hyosung Heavy Industries (HICO), to sell its power transformer factory in Tennessee, US. Another major market giant, Siemens AG, was appointed by German transmission grid operator, TransnetBW, to retrofit a substation which will increase and improve power supply.
The regional analysis of the global gas insulated transformer market has been carried out in five major regions, namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific is slated to dominate the market share over the review period.
The segmentation of the global gas insulated transformer market is done on the basis of product type, material type, storage type, and application.