Global Oil Filled Transformer Market Poised to Surpass US$ 73.98 Billion by 2033, Driven by a Noteworthy 6.5% CAGR

The global oil filled transformer market stands at a substantial value of US$ 39.41 billion in 2023, indicating a promising trajectory for the future. Projections suggest a significant surge by 2033, reaching an estimated valuation of US$ 73.98 billion, showcasing an impressive Compound Annual Growth Rate (CAGR) of 6.5% over this period.

Nevertheless, amidst this remarkable growth, the oil-filled transformer market faces challenges. Shifting consumer preferences towards alternative transformer technologies, particularly gas and dry-filled transformers, present obstacles. The evolving energy landscape highlights a growing awareness of the necessity for cleaner and more sustainable power sources. Consequently, the oil-filled transformer market must adeptly navigate and address these changing preferences to ensure sustained growth.

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Rise in Electricity Trade on International Level Uplift Market Opportunities:

The growing population all around the globe is increasing the electricity demand and thereby increasing the consumption of oil filled transformers. High electricity consumption in various populated nations such as China, India, and the United States propels market opportunities. The innovation of smart grid to provide strength and reduce the load are expected to increase the adoption of oil filled transformer.

India is among the nations that produce electric power in vast quantities. The country supplies electricity to neighboring international border countries, including Sri Lanka, Bhutan, Myanmar, and Bangladesh. Similarly, several other developing & developed countries are expanding their business to acquire maximum output. Therefore, innovations in transmission, electric equipment, and switching gears drive global market growth.

Key Takeaways:

  • The oil filled transformer market is expected to have a valuation of US$ 73.98 billion by 2033.
  • With a CAGR of 6.5%, the global market is expected to increase from 2023 to 2033.
  • The United States oil filled transformer market is anticipated to secure a maximum share through 2033.
  • In the historical period, the market secured a CAGR of 6.1% between 2017 and 2022.
  • In the historical period, the market captured US$ 37.14 billion between 2017 and 2022.

Who is Winning?

The key players are playing a crucial role in the global market. These players are trying to launch advanced innovative products to satisfy consumers’ requirements. In addition, the prominent players are concerned about the environment and develop non-toxic products.

The leading players invest in the latest technologies to build advanced products and upsurge the market by acquiring maximum output. In addition, these players adopt marketing tactics, including mergers, collaborations, product launches, partnerships, and acquisitions.

Other Prominent Players in the Market are:

  • General Electric
  • Schneider Electric
  • CG Power & Industrial Solutions Ltd
  • Fuji Electric Co. Ltd
  • Toshiba International Corporation
  • Kitashibe Electric Co. Ltd.
  • Elsewedy Electric
  • LS Electric Co. Ltd.
  • Lemi Trafo Transformers
  • Mettz Group
  • Ormazable San
  • Mettz Group
  • Celme s.r.l.
  • Eaton
  • Kirloskar Electric
  • Kotsons Pvt. Ltd.
  • ABB Ltd
  • Bharti Heavy Electricals Ltd.
  • Schneider Electric SE
  • Jinan International USA Ltd.
  • Siemens AG

Recent Developments in the Market:

  • In Jan 2019, Hammond Power Solutions launched a three-phase transformer for industrial use to prevent harsh environments and ingress of moisture.
  • In July 2018, ABB Ltd., an automation and electrification company, acquired GE Industries for US$ 2.6 billion. This acquisition expands ABB’s position worldwide.

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Oil Filled Transformer Market by Category:

By Core:

  • Berry
  • Closed
  • Shell

By Winding:

  • w Auto-transformer
  • T o Winding

By Product Type:

  • Instrument Transformer
  • Distribution Transformer
  • Power Transformer
  • Others

By Modes of Cooling:

  • Oil Natural Air Natural
  • Oil Natural Air Forced
  • Oil Natural Water Forced

By Substation Connectivity:

  • Transmission
  • Distribution

By Rating:

  • < 5 MVA
  • > 5 MVA to < 10 MVA
  • > 10 MVA

By Mounting:

  • Pad
  • Pole
  • Foundation
  • Others

By Application:

  • Utility
  • Residential
  • Commercial & Industrial

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa (MEA)

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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