Gas Insulated Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Gas Insulated Transformer Market Growth and it is segmented by Voltage (Low Voltage (Up to 72.5 KV), Medium Voltage (72.5 KV - 220 KV), and High Voltage (Above 220 KV)), Installation (Indoor and Outdoor), End-User (Industrial, Commercial, and Utility), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The market size and forecasts are Provided in revenue (USD billion) for all the above segments.

Gas Insulated Transformer Market Size

Gas Insulated Transformer Market Summary
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Study Period 2021 - 2029
Market Size (2024) USD 2.64 Billion
Market Size (2029) USD 3.33 Billion
CAGR (2024 - 2029) 4.75 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Gas Insulated Transformer Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 Market Trends

This section covers the major market trends shaping the Gas Insulated Transformer Market according to our research experts:

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 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 for incombustible and nonexplosive, large-capacity gas insulated transformers (GIT) to prevent accidents and ensure the compactness of equipment.
  • With increasing demand and a lack of environmentally acceptable sites for additional extra-high-voltage/high-voltage outdoor substations in city centers, utilities consider indoor substations an alternative solution.
  • For instance, the Villaverde substation is part of the Madrid plan project developed by Spanish utility Iberdrola in agreement with the regional government and the city of Madrid. The plan replaces extra-high-voltage and high-voltage transmission lines crossing Madrid with an underground cable network. There may be 16 air-insulated substations dismantled and 18 new indoor substations built.
  • The market growth for the utility segment during the forecast period is expected to be attributed to the growing demand for reliable power supply and increasing investments in the power infrastructure.
  • Investments in smart grids and the up-gradation of older grids are also expected to significantly drive the power utility segment of the global gas-insulated transformer market. With many large Asia-Pacific countries, such as India, trying to modernize their grid systems, large investments are being made.
  • In November 2021, the Power minister of Goa (India) announced plans to build to state's first gas insulated substation. They costed around USD 4.3 million. The substation is expected to serve consumers residing in Davorilm, Navelim, and some parts of Margao and Curtorim. Plans have also been laid out to extend gas insulated substation (GIS) technology throughout the state.
  • Therefore, owing to the above points, the utility segment is expected to witness significant growth during the forecast period.
Gas Insulated Transformer Market: Market Share (%), by End-User, Global, 2021

Asia-Pacific Expected to Dominate the Market

  • The Asia-Pacific region is one of the most densely populated regions globally. Due to the rapid growth in industrialization and urbanization across the region, electricity demand has increased substantially over the past few years. Due to this, transmission and distribution (T&D) infrastructure investments have also grown significantly over the same period. Additionally, as long-distance T&D projects are becoming more eco-friendly by reducing environmental impact and improving safety by creating underground networks and smaller substations, gas insulated transformers are becoming increasingly attractive.
  • In China, in August 2022, the State Grid Corporation of China announced that the company would invest over USD 22 billion in the second half of 2022 to execute a new batch of ultra-high voltage (UHV) power transmission projects across China.
  • In India, significant investments are also being made in T&D infrastructure. In December 2021, the Indian Government approved 23 interstate transmission system (ISTS) projects to be built across India with an estimated USD 2.1 billion investment. Of the projects to be developed, 13 will be established under a tariff-based competitive bidding (TBCB) scheme, with an estimated cost of USD 1.78 billion. The remaining ten will be developed under a regulated tariff and require an USD 0.14 billion investment.
  • The Asia-Pacific region is also the fastest-growing region in renewable energy deployment. The growth is led by renewable energy giants such as China and India. Due to the rapid rise in renewable power generation, grid stability has become a significant issue in countries with a high level of renewable integration in their grids, which also requires the modernization of older T&D infrastructure. As renewable energy generated from sources such as solar and wind provides variable power output, traditional T&D systems are unsuitable for renewable energy transmission and distribution and require up-gradation or retrofitting with smart grid technologies.
  • Moreover, many large-scale electrical and T&D equipment manufacturing companies such as Hyosung, Meidensha, Mitsubishi, Toshiba, and Zheijhang have originated from the eastern Asia-Pacific region, and most of their manufacturing facilities are concentrated in the region. According to the Powergrid Corporation of India, equipment such as gas insulated substations for the Thrissur-Pugalur HVDC line was supplied by factories in India as a part of the Make In India Program. As the region has a robust electrical equipment manufacturing industry, proximity to demand centers is expected to boost the Asia-Pacific segment of the Global gas insulated transformer market during the forecast period.
  • Therefore, owing to the above points, the Asia-Pacific is expected to dominate the gas-insulated transformer market during the forecast period.
Gas Insulated Transformer Market: Growth Rate by Region, 2022-2027

Gas Insulated Transformer Industry Overview

The gas insulated transformer market is partially fragmented. Some of the major players in the market (in no particular order) include Hyosung Heavy Industries Corp, Toshiba Corp, Shihlin Electric & Engineering Corp., Nissin Electric Co. Ltd, and Trench Group., among others

Gas Insulated Transformer Market Leaders

  1. Hyosung Heavy Industries Corp

  2. Toshiba Corp

  3. Nissin Electric Co. Ltd

  4. Trench Group

  5. Shihlin Electric & Engineering Corp.

*Disclaimer: Major Players sorted in no particular order

Gas Insulated Transformer Market  Concentration
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Gas Insulated Transformer Market News

  • May 2022- Arteche and Hitachi Energy received regulatory approval completing all processes for the establishment of Arteche Hitachi Energy Instrument Transformers S.L., the successor to Arteche Gas Insulated Transformers (AGIT). As a result of this joint venture, Arteche and Hitachi Energy are accelerating the development of sustainable, environmentally friendly gas insulated transformers.
  • December 2021- Pfiffner and Trench released a joint statement as AIS Instrument Transformer manufacturers on SF6-free transformers. With its safety properties, SF6 is traditionally used in AIS High Voltage Instrument Transformers. SF6 is, however, considered to be a gas contributing to global warming when it is released into the atmosphere.

Gas Insulated Transformer Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion Till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Voltage

      1. 5.1.1 Low Voltage (Up to 72.5 KV)

      2. 5.1.2 Medium Voltage (72.5 KV - 220 KV)

      3. 5.1.3 High Voltage (Above 220 KV)

    2. 5.2 By Installation

      1. 5.2.1 Indoor

      2. 5.2.2 Outdoor

    3. 5.3 By End-User

      1. 5.3.1 Industrial

      2. 5.3.2 Commercial

      3. 5.3.3 Utility

    4. 5.4 By Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 South America

      5. 5.4.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Nissin Electric Co., Ltd

      2. 6.3.2 Arteche Group

      3. 6.3.3 Hyosung Heavy Industries Corp.

      4. 6.3.4 Meidensha Corp.

      5. 6.3.5 Mitsubishi Electric Corporation

      6. 6.3.6 Trench Group

      7. 6.3.7 Chint Group

      8. 6.3.8 Toshiba Corp

      9. 6.3.9 Takaoka Toko Co., Ltd

      10. 6.3.10 Shihlin Electric & Engineering Corp.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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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. 

By Voltage
Low Voltage (Up to 72.5 KV)
Medium Voltage (72.5 KV - 220 KV)
High Voltage (Above 220 KV)
By Installation
Indoor
Outdoor
By End-User
Industrial
Commercial
Utility
By Geography
North America
Europe
Asia-Pacific
South America
Middle East and Africa
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Gas Insulated Transformer Market Research FAQs

The Gas Insulated Transformer Market size is expected to reach USD 2.64 billion in 2024 and grow at a CAGR of 4.75% to reach USD 3.33 billion by 2029.

In 2024, the Gas Insulated Transformer Market size is expected to reach USD 2.64 billion.

Hyosung Heavy Industries Corp , Toshiba Corp , Nissin Electric Co. Ltd, Trench Group and Shihlin Electric & Engineering Corp. are the major companies operating in the Gas Insulated Transformer Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Gas Insulated Transformer Market.

In 2023, the Gas Insulated Transformer Market size was estimated at USD 2.52 billion. The report covers the Gas Insulated Transformer Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Gas Insulated Transformer Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Gas Insulated Transformer Industry Report

Statistics for the 2024 Gas Insulated Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gas Insulated Transformer analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Gas Insulated Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)