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Global Gas Insulated Transformer Market Size, Share, Forecast: By Installation: Indoor, Outdoor; By Voltage: High Voltage (Above 220 KV), Medium Voltage (72.5 KV - 220 KV), Low Voltage (Up to 72.5 KV); By End Use: Industrial, Commercial, Utility; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Gas Insulated Transformer Market Outlook
The global gas insulated transformer market size reached approximately USD 2.62 billion in 2023. The market is estimated to grow at a CAGR of 4.5% in the forecast period of 2024-2032, reaching a value of around USD 3.84 billion by 2032.
Key Trends in the Market
A gas-insulated transformer, also known as gas-insulated switchgear, utilises a gas, typically sulphur hexachloride (SF6), as an insulation medium to protect the components of the transformer. Its components are sealed in a metal enclosure, which is filled with insulation gas to reduce any environmental hazard and risk.
- Growing demand for compact-sized transformers in densely populated areas in urban areas is one of the crucial gas insulated transformer market trends. Gas-insulated transformers or switch gears are also well-suited for installation in mountainous, underground areas, or areas prone to extreme climate disturbances due to their ability to withstand harsh weather conditions.
- Sustainability is becoming an important metric in utility operations, hence several market players are testing out sustainable alternatives to sulphur hexachloride (SF6) gases such as AirPlus, g3 compound, Nuventura, and clean air with natural constituents, among others, that have lower environmental impact. They are further establishing joint ventures to develop scalable and eco-efficient solutions for gas-insulated transformers.
- Increased incorporation of advanced technologies such as artificial intelligence, smart sensors, data analytics, and cloud connectivity for optimising and monitoring gas, minimising operational risk, and enhancing the efficiency of power transmission also contributes to the gas insulated transformer market growth.
Market Analysis
Based on installation, the market is bifurcated into indoor and outdoor. On the basis of voltage, the market is divided into high voltage (above 220 KV), medium voltage (72.5 KV to 220 KV), and low voltage (up to 72.5 KV). The gas insulated transformer market segmentation, based on end use, includes industrial, commercial, and utility. The major regional markets of insulated transformer are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the gas insulated transformer market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Toshiba Corp.
- Siemens AG
- Mitsubishi Electric Corporation
- NISSIN ELECTRIC Co., Ltd.
- Arteche Lantegi Elkartea SA
- Hyosung Heavy Industries
- Takaoka Toko Co., Ltd.
- Meidensha Corporation
- Shihlin Electric & Engineering Corporation
- Others
Market Share by End Use
As per the global gas insulated transformer market analysis, the utility sector occupies a significant share of the market due to the increased demand for electricity in residential and commercial areas of urban regions. These regions are densely populated, which bolsters the deployment of compact transformers that can be suitable for the limited space. Moreover, the utility sector is also employing gas-insulated transformers in disaster-prone areas and areas with extreme weather conditions due to their strong resilience and durability.
Market Share by Region
The Asia Pacific accounts for a substantial portion of the gas insulated transformer market share owing to the growth in industrialisation, coupled with the rise in urbanisation, in the region. The rapid surge in demand for electricity fuels the construction of smaller substations with compact-sized transformers that require low completion time.
Additionally, the high integration of renewable energy sources such as solar and wind into the transmission and distribution infrastructure of the region augments the upgradation and retrofitting of old grid infrastructure, creating opportunities for grids with gas-insulated transformers.
Competitive Landscape
Toshiba Corp., established in 1875, is a global electronics company that is headquartered in Tokyo, Japan. The company provides a wide range of solutions ranging from building, energy systems, digital, retail and printing to infrastructure systems, among others.
Siemens AG is a multinational technology company, founded in 1847 and based in Munich, Germany. It offers comprehensive solutions in the fields of financing, healthcare, mobility, energy, and software, among others.
Mitsubishi Electric Corporation, incorporated in 1921, is one of the leading electronics and electrical equipment manufacturers. The company, with its headquarters in Tokyo, Japan, focuses on technological innovations and sustainability in its products and services.
Other gas insulated transformer market players include NISSIN ELECTRIC Co., Ltd., Arteche Lantegi Elkartea SA, Hyosung Heavy Industries, Takaoka Toko Co., Ltd., Meidensha Corporation, and Shihlin Electric & Engineering Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Installation |
|
| Breakup by Voltage |
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| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Gas Insulated Transformer Market Analysis
8.1 Key Industry Highlights
8.2 Global Gas Insulated Transformer Historical Market (2018-2023)
8.3 Global Gas Insulated Transformer Market Forecast (2024-2032)
8.4 Global Gas Insulated Transformer Market by Installation
8.4.1 Indoor
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Outdoor
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Gas Insulated Transformer Market by Voltage
8.5.1 High Voltage (Above 220 KV)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Medium Voltage (72.5 KV - 220 KV)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Low Voltage (Up to 72.5 KV)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Gas Insulated Transformer Market by End Use
8.6.1 Industrial
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Utility
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Gas Insulated Transformer Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Gas Insulated Transformer Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Gas Insulated Transformer Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Gas Insulated Transformer Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Gas Insulated Transformer Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Gas Insulated Transformer Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Toshiba Corp.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Siemens AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Mitsubishi Electric Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 NISSIN ELECTRIC Co., Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Arteche Lantegi Elkartea SA
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hyosung Heavy Industries
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Takaoka Toko Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Meidensha Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Shihlin Electric & Engineering Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Gas Insulated Transformer Market: Key Industry Highlights, 2018 and 2032
2. Global Gas Insulated Transformer Historical Market: Breakup by Installation (USD Billion), 2018-2023
3. Global Gas Insulated Transformer Market Forecast: Breakup by Installation (USD Billion), 2024-2032
4. Global Gas Insulated Transformer Historical Market: Breakup by Voltage (USD Billion), 2018-2023
5. Global Gas Insulated Transformer Market Forecast: Breakup by Voltage (USD Billion), 2024-2032
6. Global Gas Insulated Transformer Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global Gas Insulated Transformer Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global Gas Insulated Transformer Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Gas Insulated Transformer Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Gas Insulated Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Gas Insulated Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Gas Insulated Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Gas Insulated Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Gas Insulated Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Gas Insulated Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Gas Insulated Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Gas Insulated Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Gas Insulated Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Gas Insulated Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Gas Insulated Transformer Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 2.62 billion.
The market is projected to grow at a CAGR of 4.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 3.84 billion by 2032.
The major market drivers are the rise in power consumption, growing investments in electrical infrastructure, and the increased focus on reliability and safety in utility operations.
The key trends of the market include growing demand for compact-sized transformers, the rising use of alternatives to sulphur hexachloride (SF6) gases, and increased incorporation of advanced technologies in gas insulated transformers.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various voltages are high voltage (above 220 KV), medium voltage (72.5 KV to 220 KV), and low voltage (up to 72.5 KV).
The key players in the market are Toshiba Corp., Siemens AG, Mitsubishi Electric Corporation, NISSIN ELECTRIC Co., Ltd., Arteche Lantegi Elkartea SA, Hyosung Heavy Industries, Takaoka Toko Co., Ltd., Meidensha Corporation, and Shihlin Electric & Engineering Corporation, among others.
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