Oil Filled Transformer Market Growth, Challenges & Opportunities for Future Development 2023 to 2033
The oil-filled transformer market is expected to be valued at US$ 39.41 billion in 2023, rising to US$ 73.98 billion by 2033. During the forecast period, the market is expected to grow at a CAGR of 6.5%.
The expanding need for oil-filled transformers is being driven by urbanisation, modernisation, population growth, and fast infrastructural development. Furthermore, rising power consumption, renewable energy, and network development are propelling market growth. Furthermore, greater awareness of the importance of upgrading obsolete energy systems and implementing smart grids is boosting the use of oil-filled transformers.
Emerging economies in several developing countries and growing technical advancement are flourishing market opportunities. End-users demand power generation and distribution on a large scale are increasing the demand for oil filled transformer. Furthermore, manufacturers are expanding electricity infrastructure and refurbishing grid networks which is boosting the sales of oil filled transformer.
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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)