Gas-insulated transformer market to reach $3.5 B by 2026
Based on a new market study, Global Industry Analysts Inc. has released a report on gas-insulated transformer market analytics and trajectory.
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Based on a new market study, Global Industry Analysts Inc. has released a report stating gas-insulated transformer market analytics and trajectory.
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace. Amid the COVID-19 crisis, the global market for gas insulated transformers estimated at $2.9 B, is projected to reach a revised size of $3.5 B by 2026, growing at a CAGR of 3.1 % over the analysis period. Up to 72.5 kV, one of the segments analyzed in the report, is projected to record a 3 % CAGR and reach $2.1 B by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the 72.5 kV–220 kV segment is readjusted to a revised 3.8 % CAGR for the next 7-year period.
The gas-insulated market in the USA is estimated at $803.8 M in 2021. China, the world`s second largest economy, is forecast to reach a projected market size of $699.3 M by 2026, trailing a CAGR of 5.7 % over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8 % and 2.3 % respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.5 % CAGR.
In the global above 220 kV segment, USA, Canada, Japan, China and Europe will drive the 2.1 % CAGR estimated for this segment. These regional markets accounting for a combined market size of $367.7 M will reach a projected size of $425 M by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Source: PRNewswire
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