The Gas Insulated Transformer Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Insulated Transformer Global Market Report 2024, The gas insulated transformer market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to grid modernization, increased urbanization, aging infrastructure, renewable energy integration, electrical loss reduction.
The gas insulated transformer market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to compact substations, electrification of transportation, resilience and grid reliability, energy storage integration, decentralized energy generation. Major trends in the forecast period include eco-friendly insulating gases, smart grid technologies, integration of voltage source converters, high-voltage direct current (hvdc), biodegradable insulating materials, flexible and smart transformers.
An increase in government initiatives is expected to propel the growth of the gas-insulated transformer market going forward. In order to meet the high energy demand, governments across the globe are investing in different energy plant initiatives. For instance, according to the Power Transformer News Report, in January 2022, the government of India constructed a new gas-insulated substation in Maharashtra, India. The substation has 300MW of capacity, which may be further expanded to 700MW, and it is supported by three separate sources and pathways. Therefore, the increasing initiatives in the construction of gas and power plants are driving the gas-insulated transformer market.
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The gas insulated transformer market covered in this report is segmented –
1) By Type: Instrument Transformers, Power Transformers, Other Types
2) By Voltage: Medium Voltage (Up to 72.5 kV), High Voltage (72.5 kV to 220 kV), Extra High Voltage (Above 220 kV)
3) By Installation: Indoor, Outdoor
4) By End User: Industrial, Commercial, Other End Users
Technological advancements have emerged as the key trend gaining popularity in the gas-insulated transformer market. Organizations operating in the gas insulated transformer market are focused on technological innovations to strengthen their position in the market. For instance, China Southern Power Grid Co., Ltd. (CSG) and State Grid Corporation of China (SGCC), Chinese state-owned enterprises, announced the development of ultra-high voltage electrical grids in 2020 using High Voltage Alternating Current (HVAC) and High Voltage Direct Current (HVDC) technologies. China’s government gave USD 26.8 billion dollars for the development of these projects.
The gas insulated transformer market report table of contents includes:
1. Executive Summary
- Gas Insulated Transformer Market Characteristics
- Gas Insulated Transformer Market Trends And Strategies
- Gas Insulated Transformer Market – Macro Economic Scenario
- Global Gas Insulated Transformer Market Size and Growth
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31. Global Gas Insulated Transformer Market Competitive Benchmarking - Global Gas Insulated Transformer Market Competitive Dashboard
- Key Mergers And Acquisitions In The Gas Insulated Transformer Market
- Gas Insulated Transformer Market Future Outlook and Potential Analysis
- Appendix
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