Press release
Gas Insulated Transformer Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Gas Insulated Transformer Market
The Business Research Company offers in-depth market insights through Gas Insulated Transformer Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The gas insulated transformer market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to grid modernization, increased urbanization, aging infrastructure, renewable energy integration, electrical loss reduction.
The gas insulated transformer market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to compact substations, electrification of transportation, resilience and grid reliability, energy storage integration, decentralized energy generation. Major trends in the forecast period include eco-friendly insulating gases, smart grid technologies, integration of voltage source converters, high-voltage direct current (hvdc), biodegradable insulating materials, flexible and smart transformers.
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Market Segmentation:
The main types of gas-insulated transformers are instrument transformers, power transformers, and others. Instrument transformers are used in AC systems to measure electrical quantities such as voltage, current, power, energy, power factor, and frequency. Instrument transformers are also used with protective relays to protect the power system. The different levels of voltage include medium voltage (up to 72.5 kV), high voltage (72.5 kV to 220 kV), and extra-high voltage (above 220 kV) and involve various installation types, such as indoor and outdoor. It is employed by several end-users, such as industrial, commercial, and utilities.
Major Driver - Increase In Government Initiatives For Gas And Power Plants
An increase in government initiatives is expected to propel the growth of the gas-insulated transformer market going forward. In order to meet the high energy demand, governments across the globe are investing in different energy plant initiatives. For instance, according to the Power Transformer News Report, in January 2022, the government of India constructed a new gas-insulated substation in Maharashtra, India. The substation has 300MW of capacity, which may be further expanded to 700MW, and it is supported by three separate sources and pathways. Therefore, the increasing initiatives in the construction of gas and power plants are driving the gas-insulated transformer market.
Competitive Landscape:
Major companies operating in the gas insulated transformer market include Takaoka Toko Co. Ltd., Arteche Group, Bharat Heavy Electricals Limited, Chint Group Co. Ltd., General Electric Company, Hyosung Corporation, KharkovEnergoPribor Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, Nissin Electric Co. Ltd., Shihlin Electric & Engineering Corp., Siemens AG, Tatung Company, Toshiba Corporation, Yangzhou Power Electric Co. Ltd., ABB Ltd., Chem Group Inc., Chint Group Corp., Eaton Corporation plc, Elsewedy Electric Co. S.A.E., Fuji Electric Co. Ltd., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Hyosung Heavy Industries Corp., Larsen & Toubro Limited, Mistras Group Inc., Ormazabal Velatia S.L., Powell Industries Inc., Schneider Electric SE, Trench Group, UGL Pty Limited, Alstom SA, CG Power and Industrial Solutions Limited, Efacec Power Solutions, GE Grid Solutionsv
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Top Trend - Technological Advancements In The Gas-Insulated Transformer Market
Technological advancements have emerged as the key trend gaining popularity in the gas-insulated transformer market. Organizations operating in the gas insulated transformer market are focused on technological innovations to strengthen their position in the market. For instance, China Southern Power Grid Co., Ltd. (CSG) and State Grid Corporation of China (SGCC), Chinese state-owned enterprises, announced the development of ultra-high voltage electrical grids in 2020 using High Voltage Alternating Current (HVAC) and High Voltage Direct Current (HVDC) technologies. China's government gave USD 26.8 billion dollars for the development of these projects.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gas Insulated Transformer Market Characteristics
3. Gas Insulated Transformer Market Trends And Strategies
4. Gas Insulated Transformer Market - Macro Economic Scenario
5. Gas Insulated Transformer Market Size And Growth
…..
27. Gas Insulated Transformer Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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