The gas insulated transformer market is projected to grow from an estimated USD 2.75 billion in 2018 to USD 3.45 billion by 2023, at a CAGR of 4.61%. Factors such as space constraints in densely populated urban areas, no risk of oil leakage, and government initiatives toward improving electrification rate are driving the gas insulated transformer market.
The gas insulated transformer market is dominated by major players having established brand names, with a wide regional presence, along with many local and regional players in emerging economies. The key players in the gas insulated transformer market include ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain).
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Further, the report segments the gas insulated transformer market on the basis of voltage into medium, high, and extra high voltage. The extra high voltage segment would be the fastest-growing market during the forecast period. The market is primarily driven by the investments in extra and ultra-high voltage projects.
The global gas insulated transformer market based on type has been segmented into instrument transformers and others. Other transformers include power and distribution transformers. The marker for instrument transformers is expected to grow at a higher CAGR during the forecast period. They are mainly used for measuring, protecting, and controlling circuits in substations and switchyards.
On the basis of installation, the gas insulated transformer market has been segmented into indoor and outdoor. The market for indoor segment would grow at a higher CAGR during the forecast period. The compact design and other benefits of gas insulated transformers over conventional transformers make them the ideal choice for underground and indoor substations in urban areas.
The report segments the gas insulated transformer market on the basis of end user into utility, commercial, and industrial. The growth of the market for the utility segment during the forecast period is attributed to growing demand for reliable power supply, along with the rise in urbanization, which has led to increased investments in the power infrastructure.
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In this report, the gas insulated transformer market has been analyzed with respect to 4 regions, namely, Asia Pacific, North America, Europe, and Rest of the World. Rest of the World includes South America, and the Middle East and Africa. Asia Pacific is estimated to be the fastest-growing market for gas insulated transformers, followed by Rest of the World and Europe, during the forecast period. The aging of infrastructure and equipment, and government initiatives for low emission of CO2 are some of the major drivers for the deployment of smart grid implementation, in the European region. The market in Rest of the World is dominated by the Middle East; the market in the Middle East is driven by the government policies to change the energy mix of the countries by increasing the share of renewables in their energy mix. The highest estimated CAGR of the market in Asia Pacific is attributed to the increase in demand for electricity due to rapid rate of industrialization along with the high rate of urbanization in the region.