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).
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in-depth TOC on "Gas Insulated Transformer Market"
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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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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
