Rockville , Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global gas insulated transformer market is anticipated at US$ 4,021.2 million in 2024, projected to grow steadily with a 5.5% CAGR through 2034. The market is projected to a valuation of US$6,868.8 million by 2034.
The gas insulated transformer (GIT) market is experiencing significant growth, driven by various factors contributing to its expanding applications and technological advancements. One key driver is the increasing demand for reliable and space-efficient power infrastructure. GITs, known for their compact design, offer a solution to the challenges posed by urbanization and limited space availability. This makes them particularly suitable for densely populated areas where optimizing space is essential.
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Technological innovation is a prominent trend shaping the GIT market. Continuous advancements in insulation materials, monitoring systems, and overall design contribute to improved performance, increased lifespan, and enhanced reliability of GITs. This aligns with the industry's commitment to providing efficient and resilient solutions for modern power distribution networks.
The emphasis on safety and reliability in power distribution systems is another crucial factor propelling the GIT market. The sealed design of GITs minimizes the risk of environmental contamination, ensuring stable and secure operation. This feature is especially vital in applications where safety and consistency are paramount, such as critical industrial processes.
Despite the positive trajectory, challenges include the complexity of GIT installations, regulatory considerations, and the need for skilled professionals. Overcoming these challenges, the GIT market remains resilient, supported by ongoing government initiatives, technological advancements, and a commitment to sustainable and eco-friendly power solutions. As the global demand for reliable and efficient power distribution continues to rise, the gas-insulated transformer market is positioned for sustained growth and evolution.
| Report Attribute | Details |
| Value Projection (2034) | US$ 6,898.8 Million |
| Growth Rate (2024-2034) | 5.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from Market Study
- The global gas insulated transformer market is projected to expand at a CAGR of 5.5% through 2034.
- The North America market is expected gas insulated transformer to grow at a CAGR of 5.7% through 2034.
- The gas insulated transformer industry in the United States holds a dominant share of 71.6% in 2024.
- The United States dominates the global gas insulated transformer market, valued at US$ 866.6 million in 2024.
- The gas insulated transformer system industry in China is expected to rise at a CAGR of 5.8% through 2034.
- Based on transformer type, instrument gas insulated transformers hold a 20.2% market share in 2024.
- The commercial gas insulated transformers segment dominates application with a 15.9% share in 2024.
“The upsurge in sustainable and environmentally friendly solutions acts as a major trend in gas insulated transformer market. The market players are investing in developing gas insulated transformers with enhanced eco-friendly features, aligning with global efforts towards greener technologies and reduced environmental impact,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- General Electric
- ABB Ltd
- Siemens AG - Trench Group
- Arteche
- Mitsubishi Electric Corporation
- Toshiba International Corporation
- NISSIN ELECTRIC Co. Ltd
- Takaoka Toko Co. Ltd.
- Tatung Co.
- Bharat Heavy Electricals Limited
- Hyosung Heavy Industries Corp.
Competitive Analysis
The gas insulated transformer market exhibits intense competition among major players like ABB, Siemens, and Toshiba. These industry leaders focus on innovation, technological advancements, and strategic collaborations to maintain market dominance.
The competitive landscape is characterized by ongoing research and development efforts, enhancing product efficiency and reliability. Additionally, companies are expanding their geographic presence to capitalize on emerging opportunities, especially in regions experiencing rapid urbanization and infrastructural development. This dynamic competition ensures a continuous drive for excellence and innovation in the market.
Some of the recent developments are:
- In May 2022, Arteche and Hitachi Energy received regulatory approval to establish Arteche Hitachi Energy Instrument Transformers S.L., succeeding Arteche Gas Insulated Transformers (AGIT). This joint venture focused on advancing sustainable and environmentally friendly gas-insulated transformers.
- In January 2022, Power Grid Corporation of India Ltd entered a joint development agreement with Africa50 to expand the Kenya Transmission Project through a public-private collaboration. The project encompassed the growth, financing, construction, and operation of the 400kV Lessos-Loosuk and 220kV Kisumu-Musaga transmission lines, leveraging PowerGrid India's technical expertise for project execution.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the gas insulated transformer market for 2019 to 2023 and forecast statistics for 2024–2034.
The study divulges essential insights into the market based on By Transformer Type (Current Gas Insulated Transformers, Instrument Gas Insulated Transformers, Power Gas Insulated Transformers), By Application (Commercial Gas Insulated Transformers, Civic Infrastructure Gas Insulated Transformers, Industrial Plant Gas Insulated Transformers, Residential Area Gas Insulated Transformers), By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)
Explore More Related Studies Published by Fact.MR Research:
Current Transformer Market: Worldwide demand for current transformers is expected to reach a market value of US$ 2.93 billion by 2033.
Instrument Transformers Market: The instrument transformation market is expected to surpass USD 5.69 billion by 2032.
Transformer Steel Market: The transformer steel market is likely to grow at a CAGR of 8.5% during the forecast period of 2021–2031.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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