The Oil-Filled Transformer Market is experiencing rapid expansion driven by a confluence of factors, including the global trends of urbanization, modernization, population growth, and fast-paced infrastructural development. Additionally, the rising demand for electricity due to increasing power consumption, coupled with the growing adoption of renewable energy sources and extensive network development, is fueling the remarkable growth in this sector.
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.
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:
- Robust Market Growth: The global oil filled transformer market is set to expand from US$ 39.41 billion in 2023 to a projected US$ 73.98 billion by 2033.
- Renewable Energy Surge: Growing adoption of renewable energy sources is a major driver fueling the demand for oil filled transformers.
- UK Market Momentum: The United Kingdom’s oil filled transformer market is forecasted to grow at a steady CAGR of 7%.
- Strategic Industry Players: Key companies like Kitashibe Electric Co. Ltd., Elsewedy Electric, and LS Electric Co. Ltd. are leading the market.
- Modern Network Integration: Advancements in smart grid technologies are accelerating the need for efficient oil filled transformers.
- International Trade Influence: Increasing international trade is playing a crucial role in driving the market’s expansion.
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.
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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