Dublin, Dec. 18, 2018 (GLOBE NEWSWIRE) -- The "Gas Insulated Transformer Market by Type (Instrument Transformer, Others), Voltage (Medium Voltage, High Voltage, Extra High Voltage), Installation (Outdoor, Indoor), End-User (Utility, Industrial, Commercial), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The gas insulated transformer market is expected to grow from USD 2.75 billion in 2018 to USD 3.45 billion by 2023, at a CAGR of 4.61%.
Gas insulated transformers are oil-free, nonflammable, and nonexplosive. These transformers use SF6 gas as the cooling and insulating medium, and are preferred over oil transformers during installations next to water bodies. Factors such as low spatial requirements, no risk of oil leakage, and compact size are driving the gas insulated transformer market.
Asia Pacific and Europe are expected to hold large markets for gas insulated transformers during the forecast period. Urbanization requires the development of infrastructure and reliable power transmission and distribution networks. North America and Europe are the most urbanized regions, while Asia Pacific is expected to continue to witness increasing urbanization during the forecast period.
The ongoing urbanization and increasing emphasis on renewable energy sources all over the world drive the gas insulated transformer market. Environmental regulations regarding the use of SF6 and high cost of equipment restrain the growth of the market.
The gas insulated transformer market for the utility segment is expected to grow at the highest CAGR during the forecast period
The utility segment is expected to be the fastest-growing market for gas insulated transformers during the forecast period. The growth of the market for this segment is attributed to the rise in urbanization, which has led to the increase in investments in the power infrastructure, and the growing demand for reliable power supply. The increase in demand for reliable power supply is expected to lead to the development in the transmission and distribution infrastructure, which, in turn, increases the demand for gas insulated substations and installation of gas insulated transformer.
The medium voltage transformers segment is expected to hold the largest share of the gas insulated transformer market during the forecast period
The medium voltage transformers segment would dominate the gas insulated transformer market, with the largest market size, during the forecast period. The gas insulated transformers with medium voltage are mostly installed at commercial, and industrial places due to their compact size and non-explosive nature. The increasing development of commercial facilities accentuates the need for power quality equipment such as gas insulated transformers, thereby driving growth in medium voltage segment.
The gas insulated transformer market in Asia Pacific would grow at the highest CAGR during the forecast period
Asia Pacific is expected to hold the largest share of the global gas insulated transformer market by 2018, and this trend is projected to continue till 2023. The market in this region is expected to witness the highest CAGR with the countries such as China, Japan, and India actively investing in their grid expansion projects to increase the reliability of transmission and distribution grids. Asia Pacific is the most populated region in the world and consequently witnesses high demand for electricity.
Almost all the countries in the region are augmenting their power generation capacities. India, China, and Indonesia are heavily investing in renewable energy projects, especially in hydroelectric power projects. This has subsequently led to the rise in investments in the transmission and distribution sector to connect the renewable energy generation projects to grids, which is expected to fuel the growth of the gas insulated transformer market in Asia Pacific.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Limitations
2.5 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Gas Insulated Transformer Market
4.2 Gas Insulated Transformer Market, By Type
4.3 Gas Insulated Transformer Market, By Voltage
4.4 Gas Insulated Transformer Market, By Installation
4.5 Gas Insulated Transformer Market, By End-User
4.6 Asia Pacific Gas Insulated Transformer Market, By Country and By End-User
4.7 Gas Insulated Transformer Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 No Risk of Oil Leakage
5.2.1.2 Space Constraints in Densely Populated Urban Areas
5.2.1.3 Government Initiatives Toward Improving Electrification Rate
5.2.1.4 Rising Electrical Network Expenditure and Increasing Investments in the T&D Sector
5.2.2 Restraints
5.2.2.1 Environmental Regulations Regarding the Use of Sf6
5.2.2.2 High Cost of Equipment
5.2.3 Opportunities
5.2.3.1 Increasing Transformer Oil Theft
5.2.3.2 Adoption of HVDC Technology
5.2.4 Challenges
5.2.4.1 Availability of Substitutes
5.2.4.2 Delay in Grid Expansion Projects
6 Gas Insulated Transformer Market, By Voltage
6.1 Introduction
6.2 Medium Voltage (Up to 72.5 Kv)
6.3 High Voltage (72.5 Kv to 220 Kv)
6.4 Extra High Voltage (Above 220 Kv)
7 Gas Insulated Transformer Market, By Type
7.1 Introduction
7.2 Instrument Transformer
7.3 Others
8 Gas Insulated Transformer Market, By Installation
8.1 Introduction
8.2 Indoor
8.3 Outdoor
9 Gas Insulated Transformer Market, By End-User
9.1 Introduction
9.2 Utility
9.3 Industrial
9.4 Commercial
10 Gas Insulated Transformer Market, By Region
11 Competitive Landscape
11.1 Overview
11.2 Key Players & Market Concentration
11.3 Competitive Scenario
11.3.1 Contracts & Agreements
11.3.2 Expansions
11.3.3 New Product Launches
11.3.4 Mergers & Acquisitions
12 Company Profiles
12.1 Benchmarking
12.2 Toshiba
12.3 Mitsubishi Electric
12.4 Siemens
12.5 ABB
12.6 GE
12.7 Arteche
12.8 Meidensha
12.9 Hyosung Corporation
12.10 Fuji Electric
12.11 Nissan Electric
12.12 Chint Group
12.13 Takaoka Toko Co., Ltd.
12.14 Yangzhou Power Electric Co., Ltd.
12.15 Kharkovenergopribor Ltd.
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