Gas Insulated Transformer Market is All Set for a CAGR of 4.6%, Exceeding US$4.4 Bn Toward the End of 2029
Having surpassed the revenue worth US$3.2 Bn in the year 2022, gas insulated transformer market is all set to exceed US$4.4 Bn by the end of 2029. The report projects nearly 4.6% growth in market revenue between 2022 and 2029.
There has been a notable rise in demand for gas insulated transformers within some highand medium-voltage application areas over the recent past. A new report released by Fairfield Market Research identifies this demand to be prominent across thermal, chemical, and hydroelectric power plants. Demand will also remain on an uptrend in modern urban infrastructural elements like underground malls, public water utilities, and commercial trade centers. This according to the global gas insulated transformer market report will remain the major competition driver in the worldwide gas insulated transformer market space. The report offers detailed competitive insights into some of the most significant industry players, including General Electric, ABB Ltd., Schnieder Electric SE, Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation, Hyosung Corporation, Arteche, X.D. Group, and Fuji Electric.
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Market Benefits from Growing Grid Integration with Renewable Energy
With climbing demand for energy worldwide, governments from all over the globe are emphasizing investments in smart and microgrid projects. In addition, a growing number of electrification programs is expected to drive the growth of gas insulated transformer market. Given the notable rate of expansion of the gas insulated substation infrastructure, increased integration of conventional grid is expected with renewable energy. This will complement the value growth of market, says the report. A growing collective effort toward rising affordability of rural electrification projects is also projected to largely benefit the performance of market, states the report.
Utility Sector Registers Remarkable Demand Generation, Single-phase Technology Remains Preferred
Leading its way in the global gas insulated transformer market, the utility sector accounts for more than 79% value share. The trend will prevail through the end of forecast year, says the report, as investments toward electrification infrastructure continue to soar to meet the rising power supply security needs. Based on the transformer type, the report identifies lead of step-up transformer segment in the market as these transformers enable operation in constrained spaces. Technology-wise analysis of the market presented in the report reveals that the single-phase segment will continue to spearhead with over 62% revenue share,
whereas the other two technology segments, i.e., two-phase, and poly-phase are likely to demonstrate promising growth in demand during the period of forecast.
Asia Pacific to Reflect the Maximum Profitability
While Europe remains an important market for vendors in the gas insulated transformer landscape, the report anticipates a vital role of European governments in driving the market expansion here. Asia Pacific however remains the top revenue contributing region, suggests the report. China, and India are likely to maintain their lead in the region as both the economies remain at the forefront of electricity production. The renewables sector of the region has been displaying excellent growth promise recently, which will favor the growth of gas insulated transformer market as well. An increasing rate of coal-fired power plant shutdowns is also foreseen to benefit the market growth in this region.
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