South Korea Gas Insulated Transformer Market Development, Regulatory Framework, and Industry Outlook (2022-2029)

1. South Korea Gas Insulated Transformer South Korea Gas Insulated Transformer Market: Development, Regulatory Market: Development, Regulatory Framework, and Industry Outlook (2022 Framework, and Industry Outlook (2022- - 2029) 2029) South Korea presents a significant opportunity in the gas insulated transformer market. The country has emerged as a global leader in technology and innovation, particularly in the energy sector. South Korea's commitment to renewable energy and energy-efficient technologies has led to a growing demand for gas insulated transformers. The government's focus on transitioning from fossil fuels to cleaner energy sources, coupled with substantial investments in transmission and distribution infrastructure, is driving the adoption of gas insulated transformers in the country. As South Korea strives for energy security and sustainability, gas insulated transformers play a crucial role in enhancing the reliability and efficiency of the power grid. Leading South Korean companies in the sector are actively involved in developing advanced gas insulated transformer solutions, contributing to the growth and competitiveness of the global market. Read More: https://www.fairfieldmarketresearch.com/report/gas-insulated- transformer-market The global gas insulated transformer (GIT) market has witnessed remarkable growth, with estimated revenue exceeding $3.2 billion in 2022. It is projected to achieve a steady compound annual growth rate (CAGR) of 4.6% and exceed $4.4 billion by the end of 2029, according to recent research. The market's expansion is attributed to the increasing adoption of clean energy initiatives and the focus on reducing power losses in transmission and distribution networks. Governments worldwide have embraced environmentally friendly gas and materials in transformer construction, leading to lower transmission costs and enhanced equipment reliability. The growing electricity consumption in developing nations and extensive electrification programs have fueled the demand for gas insulated transformers (GITs), particularly in substations that provide gas insulation. GITs can be directly connected to gas insulated switchgear, eliminating the need for a separate transformer room. This configuration results in the creation of gas insulated substations (GIS), which are ideal for inner-city applications and structures. Factors such as increasing investments in transmission and distribution infrastructure and government initiatives are expected to further drive market growth.

2. Major corporations are focusing on introducing SF6 gas alternative transformers to comply with stringent environmental regulations. Furthermore, the non-explosive and non-flammable nature of the gas used in gas insulated transformers eliminates the need for routine oil checks, placing environmental concerns at the forefront. These transformers find primary application in medium- and high-voltage settings, such as underground shopping malls, hydroelectric and thermal power plants, chemical plants, and public water utilities. They are essential for enhancing the dependability and security of power systems during transmission and distribution. Governments' infrastructure development programs further support the growth of the market by promoting a reliable power supply. The global gas insulated transformer market experienced significant growth in 2020, despite the negative impacts of the global COVID-19 pandemic. The outbreak and subsequent global health emergency declared by the World Health Organization (WHO) led to fatalities, financial losses, disruptions in international manufacturing, tourism, and trade. While the global economy initially displayed signs of growth, it now faces severe negative pressure, with risks to its already sluggish expansion escalated due to the viral pandemic. However, the market is poised to recover as governments continue to focus on energy plant initiatives and investments in power supply infrastructure. Increasing power consumption, supported by growing economies and regulatory measures, has propelled the use of gas insulated transformers in recent years. Companies have made adjustments to transmission and distribution infrastructure to reduce power losses and have employed effective, eco-friendly methods in network development and related equipment. Gas insulated transformers are extensively utilized, especially in gas insulated substations, contributing to the revenue growth of the market. Government efforts to meet the rising energy needs have resulted in various energy plant initiatives. For instance, the Indian government recently constructed a gas-insulated substation in Maharashtra, India, with a capacity of 300MW, expandable up to 700MW. These efforts to build gas and power plants are expected to drive market growth. In terms of transformer types, step-up transformers currently dominate the market, particularly in areas with high land or earthwork costs. Step-up transformers offer an attractive solution in contaminated and space-constrained environments at all voltage levels. Additionally, the poly-phase transformer segment is emerging as a lucrative market segment, exhibiting strong growth potential from 2022 to 2029. The utility segment holds the largest share of the gas insulated transformer market, driven by the rising demand for dependable power supply and increased investments in supporting infrastructure. The commercial sector is also expanding rapidly, driven by urbanization and the establishment of commercial trade centers seeking operational cost reduction. Asia Pacific remains the most lucrative market for gas insulated transformers, with India and China leading electricity production and consumption. The penetration of renewable power sources and the closure of coal-fired power plants in these countries contribute to the demand for gas insulated transformers. Additionally, the governments of India, China, and Japan are prioritizing energy security, smart grid implementation, and energy-efficient technologies. The development of China's power grid, relying heavily on ultra-high voltage transmission projects, creates opportunities for suppliers and manufacturers in the gas insulated transformer market.

3. The growing popularity of renewable energy in Europe has opened up significant prospects for gas insulated transformer manufacturers. The region's power sector reforms, aimed at integrating smart grids with renewable generation, drive demand for GITs to align with sustainable practices. The Asia Pacific region, with its rapid development, urbanization, and increased power demand, has witnessed substantial investments in transmission and distribution infrastructure. Gas insulated transformers are becoming prevalent as long- distance projects aim for ecological friendliness, reduced environmental impact, and enhanced safety through underground networks and smaller substations. Leading players in the global gas insulated transformer market include ABB Ltd., Arteche, Fuji Electric, General Electric, Hyosung Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Siemens AG, Toshiba Corporation, and X.D. Group. As the gas insulated transformer market continues to thrive, driven by clean energy initiatives and rising power consumption, industry leaders are committed to meeting the growing demand and developing innovative solutions that comply with environmental regulations. With favorable market conditions and government support, the gas insulated transformer industry is poised for a promising future. For further details, please visit www.fairfieldmarketresearch.com. Contact Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746 Email: sales@fairfieldmarketresearch.com