The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Gas Insulated Transformer Global Market Report 2024, the gas insulated transformer market is expected to show significant growth in the forecast period.

The gas insulated transformer market has experienced robust growth, with the market size reaching $2.58 billion in 2023. This upward trend is set to continue, projecting an increase to $2.74 billion in 2024, at an impressive compound annual growth rate (CAGR) of 6.4%. The historical growth in this sector can be attributed to grid modernization, increased urbanization, aging infrastructure, renewable energy integration, and a focus on reducing electrical losses.

Anticipating Future Expansion
Looking ahead, the gas insulated transformer market is poised for strong growth, with a projected market size of $3.54 billion in 2028, at a CAGR of 6.6%. The drivers for this growth include the adoption of compact substations, electrification of transportation, emphasis on resilience and grid reliability, integration of energy storage systems, and the rise of decentralized energy generation. Key trends in this forecast period include the use of eco-friendly insulating gases, smart grid technologies, integration of voltage source converters, high-voltage direct current (HVDC), adoption of biodegradable insulating materials, and the development of flexible and smart transformers.

Increase In Government Initiatives For Gas And Power Plants

Government Impetus
The gas-insulated transformer market is expected to see further growth due to increased government initiatives in gas and power plants. Governments worldwide are investing in energy plant initiatives to meet rising energy demands. For instance, the construction of a new gas-insulated substation in Maharashtra, India, by the government of India in January 2022 is a testament to this trend. The substation, with a capacity of 300MW (expandable to 700MW), is supported by three separate sources and pathways, reflecting the global trend of governments investing in robust energy infrastructure.

Major Players in the Market
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.

View More On The Gas Insulated Transformer Market Report 2024 – https://www.thebusinessresearchcompany.com/report/gas-insulated-transformer-global-market-report

Strategic Partnerships And Collaborations Among Market Players

Collaborative Innovations
A key trend in the gas-insulated transformer market is the increasing prevalence of strategic partnerships and collaborations among market players. Notable examples include the joint venture ‘Arteche Hitachi Energy Instrument Transformers S.L.,’ formed by Hitachi Energy and Arteche in May 2022. This collaboration leverages the technological innovation and manufacturing excellence of both companies in gas-insulated instruments. Another noteworthy collaboration is between Toshiba Energy Systems & Solutions Corporation and Meidensha Corporation, who joined forces to develop eco-friendly gas-insulated switchgear (GIS) for 72kV/84kV, utilizing sulfur hexafluoride (SF6)-free natural gas.

Hitachi Acquires ABB Power Grids

Strategic Acquisition
In July 2020, Hitachi Ltd. made a significant move by acquiring ABB Power Grids for $7.8 billion. This acquisition positioned Hitachi as a major player in the renewable and distributed energy sector, making it one of the world’s top grid equipment and service providers. ABB Power Grids, a Switzerland-based energy innovation and transition company, specializes in gas-insulated transformers.

Segmentation Insights: Understanding Gas Insulated Transformer Market Dynamics

Key Segments

The gas insulated transformer market is segmented based on:

1. Type: Instrument Transformers, Power Transformers, Other Types
2. Voltage: Medium Voltage (Up to 72.5 kV), High Voltage (72.5 kV to 220 kV), Extra High Voltage (Above 220 kV)
3. Installation: Indoor, Outdoor
4. End User: Industrial, Commercial, Other End Users

Regional Dynamics: North America Leads, Asia-Pacific Emerges Fastest-Growing

Geographical Influence
In 2023, North America held the position of the largest region in the gas-insulated transformer market. This regional dominance is attributed to a focus on technological advancements and the adoption of energy-efficient solutions. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period, reflecting the region’s increasing demand for energy and ongoing infrastructure development.

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The Gas Insulated Transformer Global Market Report 2024  provides an in-depth analysis on the gas insulated transformer market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the gas insulated transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
High Power Transformers Global Market Report 2024
Low Power Transformers Global Market Report 2024
Transformer Winding Machines Global Market Report 2024

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