Gas Insulated Transformer Market in Asia-Pacific Expected to Grow Owing to Rise in Population and Industrialization Process
Countries such as China, Japan, and India are actively investing in their grid expansion projects to increase the reliability of transmission and distribution grids. Asia-Pacific is the most populated region in the world and consequently witness’s high demand for electricity. Almost all the countries in the region are augmenting their power generation capacities. India, China, and Indonesia are heavily investing in renewable energy projects, especially in hydroelectric power projects. This has subsequently led to the rise in investments in the transmission and distribution sector to connect the renewable energy generation projects to grids, which is expected to fuel the growth of the gas insulated transformer market in Asia-Pacific.
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Increased Investment in Infrastructure and Adopting Methods to Improve Reliability for Uninterrupted Electricity has Bolstered Market Growth
The rise in investment in electrical infrastructure and increase in initiatives to improve electrification rate are expected to drive the gas insulated transformer market in the near future. Growth in adoption of technologically advanced products and long-term investments in transmission and distribution of electricity are also anticipated to boost the demand for gas insulated transformer.
Increasing Awareness about Eco-friendly Practices and Lack of Installation Area for New Transformers Helps with Market Expansion
Lack of space for new substations and adverse environmental effects of oil-based transformers have encouraged manufacturers to shift toward the use of underground substations. This, in turn, augments the demand for non-explosive and large-capacity gas insulated transformers in order to ensure compactness and prevent accidents. The emphasis on adopting renewable sources of energy across the globe is on the rise. This further contributes to the increasing popularity of gas insulated transformers.
Top Impacting Factors
In gas insulated transformers, the gas used is non-explosive and non-flammable and eliminates regular checks of oil and increases the awareness towards environmental concerns. These transformers are majorly utilized in medium voltage and high voltage applications such as underground shopping centers, hydroelectric power plant, thermal power plant, chemical plants, and public water facilities. They are used for transmission and distribution purposes to create a more reliable and safe power system. There are various initiatives from governments for the development of infrastructure. Hence, the growth in demand for reliable power leads to the growth of the market during the forecast period. The market is projected to grow at a higher rate during the forecast period, majorly due to the rise in demand for clean energy generation and renewable sources of energy. Governments globally have developed attractive incentives, rewarding the use of renewable sources of energy, which further drives the growth of the gas insulated transformer market, globally.
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COVID-19 Impact Analysis
- The unfavorable global effects of COVID-19 are already evident and it had a big impact on the gas insulated transformer market in 2020.
- The World Health Organization (WHO) has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread in over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the gas insulated transformer market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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