The global oil filled transformer market is on a promising trajectory, reaching a valuation of USD 39.41 billion in 2023 and showing signs of significant growth ahead. Projections anticipate a substantial increase by 2033, with an expected valuation exceeding USD 73.98 billion, driven by a notable Compound Annual Growth Rate (CAGR) of 6.5% over the forecast period.
However, amidst this promising expansion, the oil-filled transformer sector faces challenges. Shifting consumer preferences towards alternative transformer technologies, particularly gas and dry-filled transformers, present significant obstacles. The evolving energy landscape emphasizes the need for cleaner and more sustainable power sources. Consequently, the oil-filled transformer market must adeptly 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 USD 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 USD 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 USD 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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