Gas Insulated Transformer Market Research Report Information by Type (Instrument Transformer), Voltage Rating (Medium, High, Extra High), End-Use (Utility, Industrial, Commercial), Installation, Type of Cooling, and Regions–Global Forecast till 2023.
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In gas insulated transformers, the gas used is non-explosive and non-flammable and eliminates regular checks of oil and increased 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 the government 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 around the world have developed attractive incentives, rewarding the use of renewable sources of energy, which further drives the growth of the gas insulated transformer market, globally.
The global gas insulated transformer market is expected to grow at 5.23% CAGR during the forecast period.
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