The SF6 gas-insulated Transformers are appropriate for the following applications. As the safety over fire is important Buildings such as hotels, department stores, schools, and hospitals. Underground shopping areas, underground substations Sites nearby residential areas, factories, chemical plants where preclusion of environment pollution is particularly needed Water supply source zones, residential quarters, seaside areas Water treatment stations.
Market Statistics:
The global Gas Insulated Transformer Market is estimated to account for US$ 2421.53 Mn in terms of value by the end of 2022.
Global Gas Insulated Transformer Market: Drivers
Though global spending in the power sector decreased by over 10% in 2020 year-on-year (YoY) owing to the COVID-19 pandemic, global expenditure on electrical networks responsible for 36.5% of global power sector spending the similar year. This notable quantity of spending on electrical network can be attributed to more generators, combination of renewables, large-scale interconnection projects, and rising count of load centers which is anticipated to augment the growth of the global gas insulated transformer market.
Global Gas Insulated Transformer Market: Opportunities
Making important opportunities for the applications of gas- insulated transformers (GITs) in offshore wind substations. Furthermore, in July 2021, the Department of Energy (DOE) in the Philippines approved an Offshore Wind Roadmap project with the World Bank Group's (WBG) support. The project, subsidized from the WBG's Energy Sector Management Assistance Program (ESMAP), stated to detect the areas of opportunities in the Philippines with high strength for offshore wind growth.
Global Gas Insulated Transformer Market: Restraints
There have been various cases of SF6 gas leaks in the recent past. For example, in 2020, a Danish power transmission operator, Energinet, reported a leak of 763.84kg SF6, or 17,950,240 kg CO2. This is anticipated to hinder the growth of the global gas insulated transformer market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/gas-insulated-transformer-market-5232
Global Gas Insulated Transformer Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic had severely affected the gas insulated transformer market, due to the strict imposition of lockdown and shutdown across globally and the disruptions in the supply chain of the products and the interruptions in transportation and closure of the producer and the manufacturing units.
Key Takeaways:
The global Gas Insulated Transformer Market was valued at US$ 2,339.43 Mn in 2021 and is forecast to reach a value of US$ 3,710.17 Mn by 2030 at a CAGR of 5.5% between 2021 and 2030.
Medium Voltage segment held dominant position in the global Gas Insulated Transformer market in 2020, accounting for 59.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Gas Insulated Transformer Market Trends:
Japan has huge aims to grow the offshore wind power industry. The country aims to gain carbon neutrality by 2050, backed by the notable national offshore wind power focused to deploy 10 GW by 2030 and 30-45 GW by 2040. The vision of the regions offshore wind industry comprises an agreed government-sector cost deduction pathway to bring down offshore wind price to JPY 8-9/kWh (EUR 0.06-0.07/ kWh) by 2030-35 and offer local content of 60% by 2040.
The regulatory is looking at the central coordination of planning of offshore wind projects to guarantee effective, fair, and transparent auctions, master planning of the essential electricity network, and assist for skills growth required in the industry. In December 2021, Japan approved an auction to select a producer of up to 356 MW of offshore wind capacity in the Happo-Noshiro zone off Akita prefecture.
Global Gas Insulated Transformer Market: Competitive Landscape
Major players in the global gas insulated transformer market are Nissin Electric Co. Ltd., Arteche Group, Hyosung Heavy Industries Corp., Meidensha Corp., Mitsubishi Electric Corporation, Trench Group, Chint Group, Toshiba Corp., Takaoka Toko Co. Ltd and Shihlin Electric & Engineering Corp.
Global Gas Insulated Transformer Market: Recent Developments
In July 2020, Hitachi Ltd., a Japan-based conglomerate corporation, adopted ABB Power Grids for $7.8 billion. From this acquirement, Hitachi would make a new company to state the power industries renewable and distributed energy frontiers and become one of the globe’s top grid tools and service suppliers, rising its utility segment accessibility in all regions. ABB Power Grid is a Switzerland-based energy innovation and transition organization that offers gas insulated transformers.
