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Report
Global Oil Filled Transformer Market Report and Forecast 2024-2032
Market Report I 2024-06-20 I 209 Pages I EMR Inc.
Global Oil Filled Transformer Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global oil filled transformer market size reached a value of USD 39.79 billion in 2023. Aided by the growing utilisation of advanced insulating oils, which can mitigate energy loss, the market is projected to further grow at a CAGR of 6.6% between 2024 and 2032 to reach a value of USD 70.74 billion by 2032.
Oil-filled transformers, also known as oil-immersed transformers, use a mineral oil-based liquid to insulate and cool the internal components. These transformers are essential in power grids as they help in the efficient transmission and distribution of electrical energy across long distances. They play a crucial role in ensuring a stable and reliable power supply, which is vital for the functioning of modern economies.
The increasing global demand for electricity is a significant driver of the oil-filled transformer market growth. As countries continue to industrialize and urbanize, the need for robust power infrastructure grows. Oil-filled transformers are a key component of this infrastructure, as they are capable of handling high voltages and ensuring efficient power transmission. Additionally, the ongoing efforts to upgrade aging power grids in developed countries and expand power networks in developing regions are further propelling the demand for oil-filled transformers.
Technological advancements in the design and manufacturing of oil-filled transformers are also contributing to oil-filled transformer market share. Modern oil-filled transformers are more efficient, reliable, and environmentally friendly than their predecessors. Innovations such as biodegradable insulating oils and enhanced cooling systems are making these transformers more attractive to utility companies and industrial users. The integration of smart grid technologies, which require advanced transformers for monitoring and controlling the flow of electricity, is another factor boosting the market.
The rising investments in renewable energy projects are creating new opportunities for the oil-filled transformer market development. Renewable energy sources, such as wind and solar power, require efficient and reliable transformers to integrate generated power into the grid. As the world shifts towards cleaner energy sources to combat climate change, the demand for oil-filled transformers is expected to rise. Furthermore, the development of offshore wind farms, which necessitate specialized transformers capable of withstanding harsh marine environments, is driving the market.
In addition to power utilities, the industrial sector is a significant consumer of oil-filled transformers. Industries such as manufacturing, mining, and oil and gas require reliable power supplies to operate efficiently. Oil-filled transformers are used in these industries to step up or step down voltages as needed, ensuring a stable power supply for various processes. The growth of industrial activities, particularly in emerging economies, is thus contributing to the expansion of the oil-filled transformer market.
As per the global oil-filled transformer market analysis, the increasing focus on energy efficiency and sustainability is also influencing the market. Governments and regulatory bodies worldwide are implementing stringent efficiency standards for transformers to reduce energy losses and environmental impact. Oil-filled transformers, with their high efficiency and improved performance characteristics, are well-positioned to meet these standards. Additionally, the development of green transformer technologies, such as those using natural esters as insulating oils, is gaining traction in the market.
The Asia-Pacific region dominates the global oil-filled transformer market share, driven by rapid industrialization, urbanization, and the expansion of power infrastructure in countries like China, India, and Japan. The region's growing population and increasing electricity consumption are further fuelling the demand for oil-filled transformers. Additionally, significant investments in renewable energy projects and smart grid technologies are creating new opportunities for market growth.
North America and Europe also hold substantial shares in the market of oil-filled transformer, primarily due to the modernization of aging power grids and the integration of renewable energy sources. The presence of leading transformer manufacturers and the adoption of advanced technologies in these regions are contributing to market growth. Furthermore, government initiatives to promote energy efficiency and sustainability are driving the demand for high-efficiency oil-filled transformers.
Market Segmentation
The market can be divided based on product, rating, mounting, installation, application and region.
Market Breakup by Product
- Distribution Transformers
- Power Transformers
- Instrument Transformers
- Others
Market Breakup by Rating
- Less Than 5 MVA
- 5 MVA To 10 MVA
- Above 10 MVA
Market Breakup by Mounting
- Pad
- Pole
- Foundation
- Others
Market Breakup by Installation
- Indoor
- Outdoor
Market Breakup by Application
- Residential and Commercial
- Industrial
- Utility
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global oil filled transformer market. Some of the major players explored in the report by Expert Market Research are as follows:
- Hitachi Ltd.
- ABB Ltd.
- Eaton Corporation
- Siemens AG
- Toshiba Corporation
- Schneider Electric SE
- Kitashiba Electric Co.,Ltd.
- Virginia Transformer Corp.
- Elsewedy Electricc
- Voltamp Transformers Limited
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Oil Filled Transformer Market Analysis
8.1 Key Industry Highlights
8.2 Global Oil Filled Transformer Historical Market (2018-2023)
8.3 Global Oil Filled Transformer Market Forecast (2024-2032)
8.4 Global Oil Filled Transformer Market by Product
8.4.1 Distribution Transformers
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Power Transformers
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Instrument Transformers
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Oil Filled Transformer Market by Rating
8.5.1 Less Than 5 MVA
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 5 MVA To 10 MVA
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Above 10 MVA
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Oil Filled Transformer Market by Mounting
8.6.1 Pad
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pole
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Foundation
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Oil Filled Transformer Market by Installation
8.7.1 Indoor
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Outdoor
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Oil Filled Transformer Market by Application
8.8.1 Residential and Commercial
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Industrial
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Utility
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Oil Filled Transformer Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Oil Filled Transformer Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Oil Filled Transformer Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Oil Filled Transformer Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Oil Filled Transformer Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Oil Filled Transformer Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Hitachi Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 ABB Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Eaton Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Siemens AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Toshiba Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Schneider Electric SE
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Kitashiba Electric Co.,Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Virginia Transformer Corp.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Elsewedy Electricc
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Voltamp Transformers Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Oil Filled Transformer Market: Key Industry Highlights, 2018 and 2032
2. Global Oil Filled Transformer Historical Market: Breakup by Product (USD Billion), 2018-2023
3. Global Oil Filled Transformer Market Forecast: Breakup by Product (USD Billion), 2024-2032
4. Global Oil Filled Transformer Historical Market: Breakup by Core (USD Billion), 2018-2023
5. Global Oil Filled Transformer Market Forecast: Breakup by Core (USD Billion), 2024-2032
6. Global Oil Filled Transformer Historical Market: Breakup by Rating (USD Billion), 2018-2023
7. Global Oil Filled Transformer Market Forecast: Breakup by Rating (USD Billion), 2024-2032
8. Global Oil Filled Transformer Historical Market: Breakup by Mounting (USD Billion), 2018-2023
9. Global Oil Filled Transformer Market Forecast: Breakup by Mounting (USD Billion), 2024-2032
10. Global Oil Filled Transformer Historical Market: Breakup by Installation (USD Billion), 2018-2023
11. Global Oil Filled Transformer Market Forecast: Breakup by Installation (USD Billion), 2024-2032
12. Global Oil Filled Transformer Historical Market: Breakup by Application (USD Billion), 2018-2023
13. Global Oil Filled Transformer Market Forecast: Breakup by Application (USD Billion), 2024-2032
14. Global Oil Filled Transformer Historical Market: Breakup by Region (USD Billion), 2018-2023
15. Global Oil Filled Transformer Market Forecast: Breakup by Region (USD Billion), 2024-2032
16. North America Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
17. North America Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Europe Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Europe Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Asia Pacific Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Asia Pacific Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Latin America Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Latin America Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Middle East and Africa Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
25. Middle East and Africa Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
26. Global Oil Filled Transformer Market Structure
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