The gas-insulated transformer market acquired a CAGR of 5.23% and a significant market valuation in the forecast period by 2030.
Due to Infrastructure development and expansion of grids, global Gas Insulated Transformer industry is expected to grow at 5.23% CAGR. The gas-insulated transformers minimize the risk of oil leakages; hence, they are in higher demand among the industrial verticals. The requirement of space minimization by the transformers will drive the gas-insulated transformers market to reach its estimated valuation. The developments of industrial players for better product launch and improvement of existing ones are driving the market’s growth. Recently, the wide adoption of HDVC technology has led to significant opportunities for manufacturers of gas insulated transformers.
The gases used are non-explosive and non-flammable; therefore, their demand is higher across the globe. The concern for environmental issues is also enhancing the market’s growth. These transformers are used in medium and high-voltage applications in various business and industrial sectors such as hydroelectric power plants, chemical plants, underground shopping centres, thermal power plants, and public water facilities. It is used for transmission and distribution for a reliable and safe power system. The government’s initiatives for a secured power system also drive the market. The rise in demand for reliable power will massively drive the market. The need for clean energy and renewable energy sources is accelerating the market. The developments initiated by the governments for good incentives and rewards for renewable energy usage is propelling the market’s performance.
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 industry 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 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||2030: Significant Value|
|CAGR||5.23% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|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||
The global market for gas insulated transformer is projected to to grow at 5.23% CAGR during forecast period 2022-2030, with substantial market evaluation.
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.