Gas Insulated Transformer Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3582
Gas Insulated Transformer Market will witness growth on account of increasing demand for electricity coupled with growing need for efficient T&D systems. For instance, in 2018, as per International Energy Agency (IEA), global electricity consumption increased by 4% when compared with 2010. In addition, introduction of stringent regulations to eliminate the risk of blackouts will complement the industry landscape.
Growing demand to refurbish & renovate existing power grid infrastructure in line with shifting inclination toward the development of sustainable supply networks will propel the gas insulated transformer market. Cost effectiveness, compact size and safer operations are some of the indispensable factors propelling the product demand.
Increasing investments across research & development activities pertaining to electrical infrastructure along with surging electrification index will drive the gas insulated transformer market. Growing implementation of smart grid technology along with rapid urbanization and establishment of commercial trade hubs will further augment the product adoption.
Gas insulated transformer market from 72.5 kV to 220 kV is anticipated to witness growth on account of increasing demand for reliable power supply along with rapid infrastructural expansion and industrialization. The product finds wide suitability across high energy consuming industries due to extensive electrical protection property against insulation failure, and overload currents resisting features.
Surging demand for long distance power transmission along with growing regulatory efforts toward reduction in electricity losses will propel the outdoor gas insulated transformers market share. Less maintenance requirement along with ability to withstand across harsh environmental conditions will further compliment the product demand. Furthermore, rising need for reliable power supply along with rapid infrastructural & commercial expansion will augment the business outlook.
Technological advancements coupled with ongoing investments toward revamping of power grid infrastructure will propel the U.S. gas insulated transformer market over the forecast period. In 2018, the federal government introduced plans to invest an USD 10 billion to support its inter-regional electrical networks.
Asia Pacific gas insulated transformer market is expected to witness growth on the account of growing spending toward development of smart cities and smart grid technologies. For instance, in 2019, China’s National Energy Agency stated that the country’s total investments in smart grid technologies will anticipated to expand over USD 570 billion by 2020.
Lack of electrical infrastructure across war affected nations coupled with the rising power demand will stimulate the Middle East and Africa gas insulated transformer market size. Introduction of several electrification programs to cater the surging energy requirement will further complement the business scenario. For instance, in 2018, Kenya’s Ministry of Energy launched a road map to achieve universal access to electricity by 2022.
Major industry participants across the gas insulated transformer market comprise GE, ABB, Siemens, Mitsubishi Electric, Arteche, Toshiba, Meidensha, Fuji Electric, Hyosung Corporation, Nissan Electric and Chint Group.
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