Utilities will account for the largest share of the gas insulated transformer market by 2023. Electric utilities are the major suppliers of electricity to factories, businesses, and homes. The expected market growth in this segment is attributed to increased demand for reliable power supplies and accelerated urbanization, leading to increased investment in power infrastructure. This will lead to the development of transmission and distribution infrastructure, which will increase the demand for gas-insulated substations and gas-insulated transformer installations.
During the forecast period, the indoor installation market will grow at a higher cAGR. Gas-insulated transformers are non-flammable, non-explosive and compact in design, making them ideal for underground and indoor urban substations. The increase in renewable energy generation, coupled with the demand for reliable electricity and accelerated urbanization, is supporting the growth of the indoor installation market.
Instrument transformers will dominate the market during the forecast period with the largest scale and highest cAGR. An instrument transformer is a motor that utilizes alternating current and the electromagnetic properties of a ferromagnetic material to produce a different voltage and current than it receives. They are mainly used for circuit measurement, protection and control in substations and switch plants. The growth of the instrument transformer market is due to the refurbishment of aging power infrastructure and significant investment in smart grids and energy systems.
In the report, the gas insulated transformer market was analyzed in Asia-Pacific, North America, Europe and the rest of the world. Other parts of the world include South America, the Middle East and Africa. The Asia-Pacific region will account for the largest share of the global market in 2018, and this trend is expected to continue until 2023. Almost all the countries in the region are increasing their generating capacity. India, China and Indonesia are investing heavily in renewable energy power generation projects, driving the growth of the gas insulated transformer market in the Asia-Pacific region.
For an in-depth analysis of the competitive landscape, the report describes some of the major players in the gas insulated transformer market, including ABB(Switzerland), General Electric (USA), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan) and Arteche(Spain).
