The gas insulated transformer market is expected to grow from USD 2.75 billion in 2018 to USD 3.45 billion by 2023, at a CAGR of 4.61%
NEW YORK, July 23, 2018 /PRNewswire/ -- The gas insulated transformer market is expected to grow at a CAGR of 4.61% from 2018 to 2023
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The gas insulated transformer market is expected to grow from USD 2.75 billion in 2018 to USD 3.45 billion by 2023, at a CAGR of 4.61%. Gas insulated transformers are oil-free, nonflammable, and nonexplosive. These transformers use SF6 gas as the cooling and insulating medium, and are preferred over oil transformers during installations next to water bodies. Factors such as low spatial requirements, no risk of oil leakage, and compact size are driving the gas insulated transformer market. Asia Pacific and Europe are expected to hold large markets for gas insulated transformers during the forecast period. Urbanization requires the development of infrastructure and reliable power transmission and distribution networks. North America and Europe are the most urbanized regions, while Asia Pacific is expected to continue to witness increasing urbanization during the forecast period. The ongoing urbanization and increasing emphasis on renewable energy sources all over the world drive the gas insulated transformer market. Environmental regulations regarding the use of SF6 and high cost of equipment restrain the growth of the market.
The gas insulated transformer market for the utility segment is expected to grow at the highest CAGR during the forecast period
The utility segment is expected to be the fastest-growing market for gas insulated transformers during the forecast period.The growth of the market for this segment is attributed to the rise in urbanization, which has led to the increase in investments in the power infrastructure, and the growing demand for reliable power supply.
The increase in demand for reliable power supply is expected to lead to the development in the transmission and distribution infrastructure, which, in turn, increases the demand for gas insulated substations and installation of gas insulated transformer.
The medium voltage transformers segment is expected to hold the largest share of the gas insulated transformer market during the forecast period
The medium voltage transformers segment would dominate the gas insulated transformer market, with the largest market size, during the forecast period.The gas insulated transformers with medium voltage are mostly installed at commercial, and industrial places due to their compact size and non-explosive nature.
The increasing development of commercial facilities accentuates the need for power quality equipment such as gas insulated transformers, thereby driving growth in medium voltage segment.
The gas insulated transformer market in Asia Pacific would grow at the highest CAGR during the forecast period
Asia Pacific is expected to hold the largest share of the global gas insulated transformer market by 2018, and this trend is projected to continue till 2023.The market in this region is expected to witness the highest CAGR with the countries such as China, Japan, and India actively investing in their grid expansion projects to increase the reliability of transmission and distribution grids.
Asia Pacific is the most populated region in the world and consequently witnesses high demand for electricity.Almost all the countries in the region are augmenting their power generation capacities.
India, China, and Indonesia are heavily investing in renewable energy projects, especially in hydroelectric power projects. This has subsequently led to the rise in investments in the transmission and distribution sector to connect the renewable energy generation projects to grids, which is expected to fuel the growth of the gas insulated transformer market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 60%, Tier 23%, Tier 17%
• By Designation: D-Level – 35%, Manager-Level – 25%, Others – 40%
• By Region: Asia Pacific – 35%, North America – 30%, The Middle East – 28%, and Rest of the world – 7%
Note: "Others" includes product specialist, consultant and engineers. The 3 tiers of the companies are defined on the basis of their total revenues as of 2017; Tier 1 = >USD 5 billion, Tier 2 = USD 1–5 billion, and Tier 3 =
Key players in the gas insulated transformer market are ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain), among others.
Research Coverage:
The report provides a detailed analysis of the gas insulated transformer market across various regions.It aims at estimating the market size and future growth potential of the market based on voltage, type, installation, end user, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of voltage, type, installation, end user, and region, with a focus on industry analysis (industry trends). The report also consists of the market ranking analysis of the top players and their company profiles, which together comprise and determine the competitive landscape, emerging and high-growth segments in the gas insulated transformer market.
The report provides insights on the following pointers:
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the gas insulated transformer market
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the gas insulated transformer market across the major regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global gas insulated transformer market
Why Buy this Report?
1. The report identifies and addresses key markets for the implementation of a gas insulated transformers by various end users, which would help manufacturers review the growth in demand.
2. The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges for the market growth.
3. The report would help key players to better understand the strategies of their competitors and make strategic decisions.
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