Gas Insulated Transformer Market Size (2024 - 2029)

Gas Insulated Transformer Market Analysis

The Gas Insulated Transformer Market size is estimated at USD 2.64 billion in 2024, and is expected to reach USD 3.33 billion by 2029, growing at a CAGR of 4.75% during the forecast period (2024-2029).

COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.

• 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 over the medium term.
• On the other hand, strict environmental regulations, concerns regarding the use of SF6 gas, and the high cost of gas-insulated transformers are likely to restrain the growth of the gas-insulated transformer market in the coming years.
• Nevertheless, the focus has increased on investments in clean energy projects and the development of renewable energy globally. As a result, the extensive development of new renewable projects and rising electricity usage are likely to create an excellent opportunity for the gas insulated transformer market in the future.
• Asia-Pacific is dominating the gas insulated transformer market and is expected to witness significant market growth during the forecast period, with the majority of the demand coming from China and India.

Gas Insulated Transformer Industry Segmentation

Gas insulated transformers are electrical devices that reduce or increase voltage depending on the function assigned. The modern form of the transformer is designed to use SF6 gas as insulation. Gas insulated transformer(s) (GIT) are an environment-friendly alternative to traditional or conventional oil insulated transformers. Gas insulated transformers are used in applications requiring non-flammable, non-polluting transformers. GITs employ SF6 (sulfur hexafluoride) gas as an insulating and cooling agent.

The gas insulated transformer market is segmented by Voltage, installation, end-users, and geography. By voltage, the market is segmented as low voltage (up to 72.5 kV), medium voltage (72.5 kV - 220 kV), and high voltage (above 220 kV)). By installation, the market is segmented as indoor and outdoor. By end-user, the market is segmented as industrial, commercial, and utility. The report also covers the market size and forecasts for the gas insulated transformer market across the major regions. The report offers the market size and forecasts in revenue (USD billion) for all the above segments.