London, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Gas insulated transformers are gaining ground with the shooting investments by governments in electrification programs that efficiently cater to escalating energy demands. Clean energy initiatives will primarily drive the revenue to global gas insulated transformer market, says a recently published report of Fairfield Market Research. The US$3.2 Bn market for gas insulated transformer market will continue to sustain modest growth in revenue through 2029. The report says global gas insulated transformer market will expand more than 1.3x between 2022 and 2029, reaching nearly US$4.4 Bn toward the end of forecast year. Gas insulated transformers represent an indispensable component of gas insulated substations (GIS). This clearly indicates newly arising business opportunities with expansion of GIS infrastructure in form of conventional grid integration with renewable energy, new smart as well as microgrid projects, and existing grid upgrades. Growing effort toward ensuring affordable rural electrification will also significantly favor market growth, says the report.
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Insights into Segmental Analysis
Type-wise analysis of the gas insulated transformer market shows continued dominance of step-up transformers. The primacy of this segment will most likely prevail as it presents end users a viable solution for space-constrained spaces, and at multiple voltage levels. The analysis of market by end user reveals the utility segment accounts for more than 79% of the global market value. The trend will prevail throughout the period of projection as demand for a reliable power supply grows, and investments in the infrastructure soar. Growing employment of gas insulated transformers across medium- and high-voltage application areas like chemical plants, thermal and hydroelectric power plants, underground shopping malls, and public water utilities will heavily contribute toward the growth of market. A growing number of commercial trade centers across urban areas will play an important role in strengthening this segment in gas insulated transformer market. Based on the configuration, the single-phase transformer segment surges ahead of the two-phase, and poly-phase counterparts, with over 62% revenue share. The latter two are however expected to experience healthy growth in demand, by over 5% and 6% respectively, through 2029.
Insights into Regional Analysis
Regional analysis of the global gas insulated transformer market shows the most lucrative market space developing in Asia Pacific, led by China, and India. The market in these two nations will benefit significantly from their top electricity producer profiles, as well as the exceptionally rapid expansion of the renewable energy sector. The closure of coal-fired power plants across the region is further likely to complement the growth of gas insulated transformer market here, especially in China, and India. Besides, Japan is developing an attractive market on the back of greater emphasis on energy security, energy-efficient technologies, and smart grid infrastructure. Europe follows, with a lucrative regional market for robust renewable energy penetration. The region is expected to favor the growth of gas insulated transformer market as the governments continue to focus on realignment of traditional grid infrastructure for integration with renewable energy generation.
Leading Competitors in Gas Insulated Transformer Market
General Electric, ABB Ltd., Schnieder Electric SE, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens AG, Hyosung Corporation, Fuji Electric, Arteche, X.D. Group
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2022 | US$3.2 Bn | |
| Estimated Market Size in 2029 | US$4.4 Bn | |
| CAGR | 4.6% | |
| Key Players | ABB Ltd., Arteche, Fuji Electric, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, Schnieder Electric SE, Siemens AG, Toshiba Corporation, and X.D. Group | |
The Global Gas Insulated Transformer Market is Segmented as Below:
By Type Coverage
- Step-up Transformer
- Step-down Transformer
By Technology Coverage
- Single-phase
- Two-phase
- Poly-phase
By End-user Coverage
- Utility
- Non-utility
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
Leading Companies
- Siemens AG
- Toshiba Corporation
- Eaton Corporation
- ABB Ltd.
- GE
- Mitsubishi Heavy Industries, Ltd.
- Exelon Corporation
- Nissin Electric Co., Ltd.
- Schneider Electric SE
- MEIDENSHA CORPORATION
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-wise Analysis
- Technology-wise Analysis
- End User-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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