The Gas Insulated Transformer Market is projected to grow from USD 2.75 Billion in 2018 to USD 3.45 Billion by 2023, at a CAGR of 4.61%. Gas insulated transformers are compact in size and has no risk of oil leakage. These features has resulted in increasing demand of gas insulated transformers. The other factors such as rising electrical infrastructure investments and initiatives to improve electrification rate are further driving the gas insulated transformer market during the forecast period.
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The report further segments the gas insulated transformer market based on voltage into medium, high, and extra high voltage. The extra high voltage segment is expected to be the fastest growing market during the forecast period. The market for this segment is primarily driven by the rapidly ongoing improvements in the T&D sector through the implementation of smart grid and smart metering technology. The medium voltage segment is projected to the largest market for gas insulated transformers during the forecast period. The medium voltage transformers offer electrical protection against overload currents, insulation failure, and emergency switching for the residential, industrial and commercial infrastructure.
The Gas Insulated Transformer Market has been analyzed with respect to 4 major regions Asia Pacific, North America, Europe, and Rest of the World. Rest of the World includes South America, and the Middle East and Africa. Asia Pacific is expected to dominate the gas insulated transformer market during the forecast period owing to the rise in investments in smart grid technologies and smart cities, along with the increase in the number of data centers, with a surge in IT hubs and commercial institutions. The countries such as China, Malaysia, Thailand, and Indonesia are increasing their power generation capacities to meet the elevating power demand. Europe is expected to be the second-largest region in the gas insulated transformer market owing to various government initiatives; for instance, the European Union (EU) has proposed a 20:20:20 plan that aims at reducing the greenhouse gas emissions, which, in turn, attracts its focus on renewable energy, further driving investments in the grid infrastructure
To provide in-depth analysis of the competitive landscape, the report includes the profiles of some of the key players in the gas insulated transformer market, which include: ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain).
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The market for the indoor installation is expected to grow at the higher CAGR during the forecast period. Gas insulated transformers are non-flammable, non-explosive, and have compact design which makes them ideal preference for installations in underground and indoor substations in urban areas. The increase in renewable power generation combined with the demand for reliable power sources, and the rise in urbanization support the growth of the market for indoor installation of gas insulated transformers.