The global gas insulated transformer (GIT) market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 4.6% expected to drive the markets estimated revenue from over US$3.2 billion in 2022 to exceed US$4.4 billion by the end of 2029, according to recent research.
Clean Energy Initiatives Drive Growth
Governments around the world have been prioritizing environmentally friendly gas and materials for transformer construction, along with strategies to reduce power losses during transmission and distribution. This commitment to cleaner energy sources is set to reduce transmission costs, encouraging manufacturers to invest further in the development of such equipment. Additionally, the surge in electricity consumption in developing nations and widespread electrification initiatives are propelling the gas insulated transformer markets growth, particularly for gas-insulated substations. These transformers can be seamlessly connected to gas-insulated switchgear, eliminating the need for a separate transformer room and paving the way for gas-insulated substations (GIS), a common configuration for inner-city applications and structures.
Government Support and Rising Energy Demand
Increased investments in transmission and distribution infrastructure, government initiatives, and other factors are set to amplify the markets growth trajectory. Governments worldwide are backing various energy plant projects to meet the surging demand for energy. For instance, the Indian government recently inaugurated a new gas-insulated substation in Maharashtra, India, in January 2022, with a capacity of 300MW and the potential for expansion up to 700MW. These efforts are anticipated to boost the gas insulated transformer market.
COVID-19 Impact
The gas insulated transformer market faced significant growth challenges in 2020 due to the global COVID-19 pandemic. The pandemics widespread impact on various industries, including finance, manufacturing, tourism, and trade, caused a severe economic downturn, posing additional hurdles to the markets growth.
Key Trends and Segmentation
- Transformer Types: The global gas insulated transformer market is categorized into step-up and step-down transformers, with step-up transformers dominating in 2021 and expected to maintain their lead until 2029. Step-up transformers are especially beneficial in areas with high land or earthwork costs.
- Transformer Configurations: The market is segmented into single-phase, two-phase, and poly-phase transformers. In 2021, single-phase transformers held more than 60% of the market share, but strong growth is anticipated in two-phase and poly-phase transformers.
- End-Users: The market is divided into utility and non-utility sectors. The utility segment accounted for 79.2% of the market share in 2021 and is projected to maintain the highest revenue share due to the increasing need for reliable power supply and infrastructure investments.
Asia Pacific as a Hub for Opportunities
Asia Pacific, led by India and China, stands as the most lucrative market for gas insulated transformers. The regions focus on energy security, smart grid implementation, and energy-efficient technologies is driving demand. Additionally, Chinas ambitious ultra-high voltage transmission projects are expected to cost approximately US$26.8 billion, providing substantial opportunities for manufacturers in the region.
Leading Market Players
Key players in the global gas insulated transformer market include 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 on an upward trajectory, driven by clean energy initiatives, government support, and the rising demand for reliable power supply. As economies continue to evolve, the market is expected to play a crucial role in shaping the future of energy transmission and distribution.
Global Gas Insulated Transformer Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Type Coverage, By Technology Coverage, By End-user Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/gas-insulated-transformer-market
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This press release first seen on Brilad
COMTEX_440935691/2840/2023-09-25T22:42:08
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