Global Gas Insulated Transformer market size 2024, Forecast To 2033
1 Feb, 2024
The gas insulated transformer market has demonstrated strong growth, increasing from $2.58 billion in 2023 to $2.74 billion in 2024, indicating a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period is attributed to grid modernization, increased urbanization, aging infrastructure, renewable energy integration, and electrical loss reduction. Expected to see strong growth in the next few years, the market is projected to reach $3.54 billion in 2028, with a CAGR of 6.6%. The forecasted growth is linked to compact substations, the electrification of transportation, resilience and grid reliability, energy storage integration, and decentralized energy generation. Major trends in the forecast period include eco-friendly insulating gases, smart grid technologies, the integration of voltage source converters, high-voltage direct current (HVDC), biodegradable insulating materials, and flexible and smart transformers.
Global Gas Insulated Transformer Market Key Driver
The rise in government initiatives is set to drive the growth of the gas-insulated transformer market. Initiatives such as India's construction of a new gas-insulated substation in Maharashtra, as reported in January 2022, indicate increased government focus. These initiatives contribute to the growth of the gas-insulated transformer market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Gas Insulated Transformer Market ReportGlobal Gas Insulated Transformer Market Segments
The global 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
By Geography: The regions covered in the Gas Insulated Transformer market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Gas Insulated Transformer Industry Players
Takaoka Toko Co. Ltd., Arteche Group, Bharat Heavy Electricals Limited, Chint Group Co. Ltd., General Electric Company, Hyosung Corporation, KharkovEnergoPribor Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, Nissin Electric Co. Ltd., Shihlin Electric & Engineering Corp., Siemens AG, Tatung Company, Toshiba Corporation, Yangzhou Power Electric Co. Ltd., ABB Ltd., BTW Inc., Chem Group Inc., Chint Group Corp., Eaton Corporation plc, Elsewedy Electric Co. S.A.E., Fuji Electric Co. Ltd., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Hyosung Heavy Industries Corp., Larsen & Toubro Limited, Mistras Group Inc., Ormazabal Velatia S.L., Powell Industries Inc., Schneider Electric SE, Trench Group, UGL Pty Limited, Alstom SA, CG Power and Industrial Solutions Limited, Efacec Power Solutions, GE Grid Solutionsv
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Gas Insulated Transformer Market Overview
The gas-insulated transformer are the electric devices that are used for safety against fire in essential buildings and in underground substations close to residential areas, factories, and chemical plants. A gas-insulated substation (GIS) is a high-voltage substation in which the principal conducting structures are enclosed in a sealed environment and the insulating medium is sulfur hexafluoride (SF6) or sulfur hexafluoride gas. The GIS support frames are bolted or welded to embedded steel plates or beams, or chemical drill anchors are used to secure the system.
Gas Insulated Transformer Global Market Report 2023 provides data on the global gas insulated transformer market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gas insulated transformer market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.