PUBLISHER: The Business Research Company | PRODUCT CODE: 1391264
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391264
“Gas Insulated Transformer Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gas insulated transformer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gas insulated transformer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gas insulated transformer market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Gas-insulated transformers are electric devices designed for fire safety in critical buildings and underground substations near residential areas, factories, and chemical plants. A gas-insulated substation (GIS) is a high-voltage substation wherein the primary conducting structures are enclosed within a sealed environment, and the insulating medium is sulfur hexafluoride (SF6) or sulfur hexafluoride gas. GIS support frames are either bolted or welded to embedded steel plates or beams, and chemical drill anchors may be utilized to secure the system.
The primary types of gas-insulated transformers include instrument transformers, power transformers, and others. Instrument transformers are employed in AC systems to measure electrical quantities such as voltage, current, power, energy, power factor, and frequency. They are also used with protective relays to safeguard the power system. Gas-insulated transformers operate at various voltage levels, including medium voltage (up to 72.5 kV), high voltage (72.5 kV to 220 kV), and extra-high voltage (above 220 kV), with installation types ranging from indoor to outdoor. These transformers find application across various end-users, including industrial, commercial, and utility sectors.
The gas-insulated transformers market research report is one of a series of new reports from The Business Research Company 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.
The gas insulated transformer market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be attributed to several factors, including grid modernization initiatives, increased urbanization, the aging of existing infrastructure, the integration of renewable energy sources into the grid, and efforts to reduce electrical losses.
The gas insulated transformer market size is expected to see strong growth in the next few years. It will grow to $3.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to various factors, including the deployment of compact substations, the increasing electrification of transportation, a heightened focus on resilience and grid reliability, the integration of energy storage systems, and the rise of decentralized energy generation. Key trends expected in the forecast period include the adoption of eco-friendly insulating gases, the implementation of smart grid technologies, the integration of voltage source converters, the utilization of high-voltage direct current (HVDC) systems, the exploration of biodegradable insulating materials, and the development of flexible and smart transformers. These trends underscore the industry's commitment to environmentally sustainable and technologically advanced solutions in the evolving landscape of power distribution and management.
The gas-insulated transformer market is expected to experience growth driven by an increase in government initiatives aimed at meeting high energy demand. Governments worldwide are investing in diverse energy plant initiatives to address the rising need for energy. For instance, in January 2022, the Indian government constructed a new gas-insulated substation in Maharashtra, India, as reported by the Power Transformer News Report. With an initial capacity of 300MW, the substation has the potential for expansion to 700MW and is supported by three distinct sources and pathways. This highlights the increasing government efforts in the construction of gas and power plants, contributing to the growth of the gas-insulated transformer market.
The growing demand for electricity is a key driver for gas-insulated transformers, particularly in industries facing space constraints and requiring low maintenance. The surge in demand is attributed to economic growth, increasing populations, and a rising need for transportation, especially in developing countries like China, India, Brazil, and certain African nations. Global electricity demand is projected to reach 38,700 TWH by 2050, with electric vehicles accounting for 9% of the global demand. China and India are expected to play a significant role in this growth. For example, electricity consumption in India is forecasted to grow at a CAGR of 7.1% from 2017 to 2022. Moreover, with an expected global population increase of about two billion by 2040, it is estimated that electricity generation will rise by 49%, according to Canada's Upstream Oil & Natural Gas Industry. The increasing demand for electricity is a major factor driving the gas-insulated transformer market.
A notable trend in the gas-insulated transformer market is the emphasis on technological advancements. Companies in the market are actively pursuing technological innovations to strengthen their positions. For instance, China Southern Power Grid Co., Ltd. (CSG) and State Grid Corporation of China (SGCC), both 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. The Chinese government allocated USD 26.8 billion for the development of these projects, showcasing the significance of technological advancements in shaping the gas-insulated transformer market.
Strategic partnerships and collaborations have become a notable trend in the gas-insulated transformer market, showcasing the industry's emphasis on collaboration to drive innovation and strengthen market positions. In a significant example, Hitachi Energy and Arteche established a joint venture named 'Arteche Hitachi Energy Instrument Transformers S.L.' in May 2022. This collaboration, formalized with an agreement signed in December 2021, features Arteche as the majority shareholder with a 51% stake, while Hitachi Energy holds the remaining 49%. The joint venture, specializing in gas-insulated instrument transformers, leverages the technological innovation and manufacturing excellence of both experienced companies. Governance is overseen by an impartial management board with equal representation from both entities. The products developed will integrate into the parent companies' portfolios, while marketing and sales activities will be independently conducted by each partner. This collaboration demonstrates the industry's recognition of the value of combining expertise for mutual benefit. In another collaborative effort, Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) and Meidensha Corporation joined forces in June 2021 to develop eco-friendly gas-insulated switchgear (GIS) for 72kV/84kV. The project utilizes a sulfur hexafluoride (SF6)-free natural gas, responding to the increasing demand for environmentally conscious products. The collaborative initiative aims to complete performance type tests by March 2022 and establish a mass production system, with plans to bring the eco-friendly GIS product to market by the end of March 2023. This partnership exemplifies the industry's commitment to addressing environmental concerns and fostering sustainable technologies.
In a major acquisition in July 2020, Hitachi Ltd., a Japan-based conglomerate corporation, acquired ABB Power Grids for $7.8 billion. Through this strategic acquisition, Hitachi aimed to establish a new company focused on addressing renewable and distributed energy frontiers within the power industry. This move positioned Hitachi as one of the world's leading grid equipment and service providers while expanding its utility segment access globally. ABB Power Grids, based in Switzerland, is an energy innovation and transition company with expertise in providing gas-insulated transformers.
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., ABB Ltd., BTW Inc., Chem Group Inc., Chint Group Corp., Eaton Corporation plc, Elsewedy Electric Co. S.A.E., Fuji Electric Co. Ltd., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Hyosung Heavy Industries Corp., Larsen & Toubro Limited, Mistras Group Inc., Ormazabal Velatia S.L., Powell Industries Inc., Schneider Electric SE, Trench Group, UGL Pty Limited, Alstom SA, CG Power and Industrial Solutions Limited, Efacec Power Solutions, GE Grid Solutionsv
North America was the largest region in the gas-insulated transformer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gas insulated transformer market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 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 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.