Gas insulated transformer market to reach $3.45B by 2023
According to a new research report on gas insulated transformer market published by MarketsandMarkets, the market is expected to grow from $2.75 billion in 2018 to $3.45 billion by 2023, at a CAGR of 4.61 % between 2018 and 2023.
The market will be driven by factors such as no risk of oil leakage and space constraints in densely populated urban areas. Also, government initiatives towards improving electrification rate and rising transmission and distribution investments are further expected to drive the market.
The utility segment is expected to hold the largest share of the gas insulated transformer market during the forecast period. The growth of this segment is due to the growing demand for reliable power supply and rise in urbanization that has led to increasing investments in the power infrastructure.
The instrument transformers are expected to dominate the gas insulated transformer market, with the largest size and the highest CAGR during the forecast period.
By region, Asia Pacific is expected to account for the largest share of the global gas insulated transformer market in 2018, and this trend is projected to continue till 2023. Almost all the countries in the region are augmenting their power generation capacities.
The report includes profiles of some of the key players in the gas insulated transformer market, which include ABB (Switzerland), GE (US), Mitsubishi Electric (Japan), Siemens (Germany), Toshiba (Japan), and Arteche (Spain).