The oil-filled transformer market is poised to attain a valuation of US$ 39.41 billion by 2023, with a promising projection of reaching US$ 73.98 billion by 2033. Throughout the forecast period, the market is expected to maintain a steady Compound Annual Growth Rate (CAGR) of 6.5%.
The escalating trends of urbanization, modernization, population growth, and rapid infrastructure development collectively contribute to the escalating demand for oil-filled transformers. Moreover, the mounting requisites for electricity, renewable energy sources, and the expansion of sophisticated networks are pivotal drivers propelling the growth of this market. Additionally, an increasing awareness regarding the replacement of outdated electrical grids with intelligent smart grids is fostering the adoption of oil-filled transformers.
The dynamic landscape of emerging economies across diverse developing nations, coupled with advancements in technology, presents abundant opportunities for market expansion. The surging demand for substantial-scale power generation and distribution from end-users further fuels the need for oil-filled transformers. Concurrently, manufacturers are actively augmenting electricity infrastructure and revitalizing grid networks, thus amplifying the sales of oil-filled transformers.
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.
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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