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Gas Insulated Transformer Global Market Report 2023
Major players in the gas insulated transformer market are Takaoka Toko Co. Ltd., General Electric, Mitsubishi Electric Corporation, Siemens AG, Toshiba Corporation, Arteche Group, Nissin Electric Co. Ltd.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gas Insulated Transformer Global Market Report 2023" - https://www.reportlinker.com/p06316256/?utm_source=GNW
, Hyosung Corporation, Meidensha Corporation, Chint Group Co. Ltd., Tatung Company, Bharat Heavy Electricals Limited, Shihlin Electric & Engineering Corp., Yangzhou Power Electric, and KharkovEnergoPribor Ltd.
The global gas insulated transformer market grew from $2.15 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of -2.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The gas insulated transformer market is expected to grow from $1.87 billion in 2027 at a CAGR of -2.9%.
The gas-insulated transformer market consists of sales of isolated-phase GIS, integrated 3-phase GIS, hybrid GIS system, compact GIS and highly integrated system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The gas-insulated transformer are the electric devices that are used for safety against fire in essential buildings and in underground substations close to residential areas, factories, and chemical plants.A gas-insulated substation (GIS) is a high-voltage substation in which the principal conducting structures are enclosed in a sealed environment and the insulating medium is sulfur hexafluoride (SF6) or sulfur hexafluoride gas.
The GIS support frames are bolted or welded to embedded steel plates or beams, or chemical drill anchors are used to secure the system.
North America was the largest region in the gas-insulated transformer market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the gas insulated transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
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, in May 2020, 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.
In July 2020, Hitachi Ltd., a Japan-based conglomerate corporation, acquired ABB Power Grids for $7.8 billion. Through this acquisition, Hitachi would form a new company to address the power industry’s renewable and distributed energy frontiers and become one of the world’s top grid equipment and service providers, increasing its utility segment access in all countries. ABB Power Grid is a Switzerland-based energy innovation and transition company that provides gas insulated transformers.
The countries covered in the gas insulated transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gas-insulated transformers market research report is one of a series of new reports that provides gas-insulated transformers market statistics, including gas-insulated transformers industry global market size, regional shares, competitors with a gas-insulated transformers market share, detailed gas-insulated transformers market segments, market trends and opportunities, and any further data you may need to thrive in the gas-insulated transformers industry. This gas-insulated transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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