According to the new
market research report "Gas Insulated Transformer Market by Type
(Instrument Transformer, Others), Voltage (Medium Voltage, High Voltage, Extra
High Voltage), Installation (Outdoor, Indoor), End-User (Utility, Industrial,
Commercial), and Region - Global Forecast to 2023", The gas insulated
transformer market is projected to grow from an estimated USD 2.75 billion in
2018 to USD 3.45 billion by 2023, at a CAGR of 4.61%. Factors such as space
constraints in densely populated urban areas, no risk of oil leakage, and
government initiatives toward improving electrification rate are driving the
gas insulated transformer market.
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The gas insulated transformer market is dominated by
major players having established brand names, with a wide regional presence,
along with many local and regional players in emerging economies. The key
players in the gas insulated transformer market include ABB (Switzerland), GE
(US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and
Arteche (Spain).
Browse and in-depth TOC on "Gas Insulated Transformer Market"
69 - Tables
43 - Figures
138 - Pages
View detailed Table
of Content here:
Further,
the report segments the gas insulated transformer market on the basis of
voltage into medium, high, and extra high voltage. The extra high voltage
segment would be the fastest-growing market during the forecast period. The
market is primarily driven by the investments in extra and ultra-high voltage
projects.
The
global gas insulated transformer market based on type has been segmented into
instrument transformers and others. Other transformers include power and
distribution transformers. The marker for instrument transformers is expected
to grow at a higher CAGR during the forecast period. They are mainly used for
measuring, protecting, and controlling circuits in substations and switchyards.
On
the basis of installation, the gas insulated transformer market has been
segmented into indoor and outdoor. The market for indoor segment would grow at
a higher CAGR during the forecast period. The compact design and other benefits
of gas insulated transformers over conventional transformers make them the
ideal choice for underground and indoor substations in urban areas.
The
report segments the gas insulated transformer market on the basis of end user
into utility, commercial, and industrial. The growth of the market for the
utility segment during the forecast period is attributed to growing demand for
reliable power supply, along with the rise in urbanization, which has led to
increased investments in the power infrastructure.
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In this report, the gas
insulated transformer market has been analyzed with respect to 4 regions,
namely, 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 estimated to be the
fastest-growing market for gas insulated transformers, followed by Rest of the
World and Europe, during the forecast period. The aging of infrastructure and
equipment, and government initiatives for low emission of CO2 are some of the
major drivers for the deployment of smart grid implementation, in the European
region. The market in Rest of the World is dominated by the Middle East; the market
in the Middle East is driven by the government policies to change the energy
mix of the countries by increasing the share of renewables in their energy mix.
The highest estimated CAGR of the market in Asia Pacific is attributed to the
increase in demand for electricity due to rapid rate of industrialization along
with the high rate of urbanization in the region.
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