Gas insulated transformer market valued at $2.3 B
The global gas insulated transformer market is valued at $2.3 B in 2020, and it is anticipated to reach $3.1 B by 2027, at a CAGR of 4.75 % during 2022-2027.
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The global gas insulated transformer market is valued at $2.3 B in 2020, and it is anticipated to reach $3.1 B by 2027, at a CAGR of 4.75 % during 2022-2027.
During 2020, the demand for gas insulated transformers slightly falls due to the decrease in global electricity consumption. Factors such as increasing investments in transmission and distribution infrastructure, increase in power consumption, the rise of an influx of renewable sources in the energy mix, along with upgradation and modernization of aging infrastructure are expected to drive the market in the forecast period. However, strict environmental regulations and concerns regarding the use of SF6 gas and the high cost of the gas-insulated transformers are likely to restrain the growth of the gas-insulated transformer market in the coming years.
The utility sector is expected to be the fastest-growing market during the forecast period, owing to factors like growing demand for reliable power supply and an increase in investments in the power infrastructure.
Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is likely to create an excellent opportunity for the gas insulated transformer market in the future.
Asia-Pacific has dominated the gas insulated transformer market in recent years and is expected to witness significant market growth in the forecast period, with the majority of the demand coming from China and India.
Key players: Hyosung Heavy Industries Corp, Toshiba Corp.
Source: Research and Markets
#clean energy#gas-insulated transformer#global market#Growth#transmission and distribution infrastructure