Gas Insulated Transformer Market Estimates The To Expand At Around 5.4% CAGR from 2021 to 2031
Global sales of gas insulated transformers are set to be valued at US$ 3.54 Bn in 2021, with balanced long-term projections, according to latest insights by Persistence Market Research. The study estimates the market to expand at around 5.4% CAGR from 2021 to 2031.
Renewable energy sources such as wind, solar, and other forms are gaining significant momentum. As such, demand for gas insulated transformers is gaining traction with respect to the expansion prospects of renewable energy generation. Rising adoption of the smart grid concept in both, developed and developing countries is also projected to complement market growth over the coming years.
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Due to the COVID-19 pandemic, the market witnessed a drop in demand in new sales and installations, as well as supply disruptions in 2020. However, developing commercial sectors and growing demand from the power generation & distribution sector is expected to drive the market substantially over the coming years. The Middle East & Africa, South Asia & Pacific, and East Asia are major markets for gas insulated transformers.
Development of gas insulated transformers with alternative technologies of SF6 is found to be one of the key trends in the market.
For instance, in the recent past, ABB and General Electric collaborated with 3M to introduce g3 & AirPlus insulation gases, which were developed using 3M’s Novec 4710 and Novec 5110.
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Key Takeaways from Market Study
- Key market players are focusing on the introduction of SF6 gas alternative transformers owing to stringent environmental regulations.
- Gas insulated transformers are environmentally friendly and can be recycled easily, which is is a major advantage. They can be integrated directly with gas insulated switchgear to form a single, enclosed unit. This allows space saving and integrated control over the gas system.
- Owing to factors such as increase in investments in power infrastructure and growing demand for reliable power supply, commercial areas and industrial plants are expected to drive most demand over the coming years.
- Increasing number of players focusing on R&D related to gas insulated transformers is anticipated to have a significant contribution to market growth.
- Three-phase gas insulated transformers will continue accounting for more than half of the global share due to their outstanding characteristics and compatibility.
- The market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -1.9%.
- Lack of space for new substations and adverse environmental effects of oil-based transformers have encouraged manufacturers to shift toward the use of underground substations. This, in turn, has augmented demand for non-explosive and large-capacity gas insulated transformers in order to ensure compactness and prevent accidents.
“Rising emphasis on adopting renewable sources of energy and increasing inflow of investments in electrical infrastructure across the globe are projected to bode well for market players,” says a Persistence Market Research analyst.
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The market is observed to be largely dominated by tier 1 players with a market revenue share of around 40%. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Siemens Energy, ABB Ltd, General Electric, Mitsubishi Electric, and Hyosung Heavy Industries Corporation.
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