Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Gas Insulated Transformer Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
Global gas insulated transformer market size reached around US$3.2 Bn in 2022
Consistently rising energy demands from all over the globe, an increasing number of electrification programs, and greater emphasis of governments on micro and smart grid projects provide a collective impetus to the growth of market, says the report.
Poised to demonstrate over 1.3x revenue growth between the years of forecast, i.e., 2022 and 2029, the market will most likely reach US$4.4 Bn in 2029. The moderate growth forecast of 4.6% in the report is clearly attributable to rapid expansion of gas insulated substation infrastructure that mainly involves integration of the conventional grid integration with renewable energy.
The study also marks the various initiatives around making rural electrification affordable as another strong factor expected to drive the growth of market during the assessment period.
Single-phase Technology Sought-after, Utility Sector Records Maximum Demand
Based on the end use analysis, the utility segment will continue to lead the gas insulated transformer market through the end of 2029.
Accounting for over a lion's share of over 79% in the market, this segment is expected to surge ahead on the back of climbing investments in electrification infrastructure, and the growing need for power supply security. In terms of the type of transformer, step-up transformers are likely to lead their way in the market as they tend to overcome the space constraints.
On the other hand, based on the preferred technology, primacy of the single-phase category is projected to remain intact with more than 62% share in the overall market revenue. In addition, the report indicates the promising growth outlook for the other two technology-based categories of the market, i.e., two-phase, and poly-phase.
Rapid Growth of Renewable Energy Sector Upholds Asia Pacific as the Top Market
Spearheaded by China, and India, Asia Pacific's gas insulated transformer market represents the most profitable pocket.
The two key markets across Asia Pacific are expected to march ahead on account of their primacy in electricity production. The market here will also benefit largely from the phenomenal growth of the renewables sector over the past few decades. The report further marks how the growing rate of coal-fired power plant closures in the region has been setting the stage for gas insulated transformer market.
Apart from China, and India, Japan that focuses more on energy security will most likely develop a lucrative market for gas insulated transformer vendors.
Moreover, the country's growing emphasis on building a smart grid infrastructure and adopting energy-efficient technologies will support market expansion. On the other hand, Europe also represents an attractive market. Governments here will play an instrumental role, says the report.
Competition Analysis
Several companies are poised to eye the opportunities emerging with increasing demand for gas insulated transformers across the medium- and high-voltage application areas, which prominently include chemical, thermal, and hydroelectric power plants, public water utilities, underground shopping malls, as well as commercial trade centers sprouting across rapidly urbanizing markets.
- Siemens AG
- Toshiba Corporation
- Eaton Corporation
- ABB Ltd.
- GE
- Mitsubishi Heavy Industries, Ltd.
- Exelon Corporation
- Nissin Electric Co., Ltd.
- Schneider Electric SE
- MEIDENSHA CORPORATION
Global Gas Insulated Transformer (GIT) Market Outlook, 2018 - 2029
- Global Gas Insulated Transformer (GIT) Market Outlook, by Configuration, Value (US$ Mn), 2018 - 2029
- Single-phase
- Two-phase
- Poly-phase
Global Gas Insulated Transformer (GIT) Market Outlook, by Type, Value (US$ Mn), 2018 - 2029
- Step-up Transformer
- Step-down Transformer
Global Gas Insulated Transformer (GIT) Market Outlook, by End Use, Value (US$ Mn), 2018 - 2029
- Utility
- Non-utility
For more information about this report visit https://www.researchandmarkets.com/r/m2hb7a
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