The Gas Insulated Transformer Market Will Grow to USD 3,054 Million by 2027, at a CAGR of 4.75% – ResearchAndMarkets.com – QNT Press Release

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The “Gas Insulated Transformer Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.

The global gas insulated transformer market is valued at USD 2279 million in 2020, and it is anticipated to reach USD 3054 million by 2027, at a CAGR of 4.75% during 2022-2027. During 2020, the demand for gas insulated transformers falls slightly due to the decrease in global electricity consumption. Factors such as increasing investments in transmission and distribution infrastructure, increase in power consumption, the rise of an influx of renewable sources in the energy mix, along with upgradation and modernization of aging infrastructure are expected to drive the market in the forecast period.

However, strict environmental regulations and concerns regarding the use of SF6 gas and the high cost of the gas-insulated transformers are likely to restrain the growth of the gas-insulated transformer market in the coming years.

Key Highlights

  • The utility sector is expected to be the fastest-growing market during the forecast period, owing to factors like growing demand for reliable power supply and an increase in investments in the power infrastructure.

  • Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is likely to create an excellent opportunity for the gas insulated transformer market in the future.

  • Asia-Pacific has dominated the gas insulated transformer market in recent years and is expected to witness significant market growth in the forecast period, with the majority of the demand coming from China and India.

Key Market Trends

Utility Sector to Dominate the Market

  • The rising demand for electricity in cities globally, the lack of space to construct new substations or upgrade the existing ones that are located near the load centers, and adverse environmental conditions have encouraged a trend in overpopulated urban areas to move large-scale substations underground. This has led to a growing demand…

Full story available on Benzinga.com

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