The oil filled transformer market is predicted to secure a valuation of USD 39.41 billion in 2023 and is estimated to rise to USD 73.98 billion by 2033. The market is anticipated to record a CAGR of 6.5% during the forecast period.
The factors accelerating the demand for oil filled transformer are as follows:
Adoption of Alternative Technologies Limit the Market Growth
The shifting consumers' demand for alternative transformers, including gas and dry-filled transformers, is restraining the market growth. The adoption of non-renewable sources of energy is polluting the environment which may restrain the market growth.
Growing International Electricity Trade Increase Market Opportunities
In recent years, the high electricity consumption and an upsurge in electricity production increased the cross-border electricity trade which raised market opportunities. The European Union plans to develop a smart and innovative grid that strengthens oil filled transformers. India is producing maximum electric power and increasing international trade by supplying electricity to neighboring countries, including Bhutan and Bangladesh. These countries are setting goals to upsurge the market growth by developing advanced transmission, switching gears, and expanding in smart grid.
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As we know, crude oil is the main source that lifts to start oil filled transformer. The rise in the prices of crude oil may affect economic stability and may face challenges for key marketers and oil filled transformer manufacturers. The fluctuation in prices creates uncertainty and may reduce oil filled transformer sales. In the last few years, the continuously growing high crude oil prices have made it difficult to select the right price for oil filled transformer by manufacturers.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.5% |
| Market Valuation (2023) | USD 39.41 billion |
| Market Valuation (2033) | USD 73.98 billion |
According to Future Market Insights, the global oil filled transformer market is predicted to record a healthy 6.5% CAGR during the forecast period. Historically, the market registered a CAGR of 6.1% between 2017 and 2022.
Several end-user industries, such as commercial, utility, and industrial, are growing by increasing electricity consumption. During the COVID-19 crisis, the manufacturers faced issues due to the unavailability of raw materials. The decline in the supply chain and its effects on selling prices reduce market growth.
The market is estimated to reach USD 73.98 billion during the forecast period. Historically, the market stood at USD 37.14 billion from 2017 to 2022.
Based on product type, the distribution transformer may dominate the global market by capturing USD 17 billion in 2023. The rising demand for electricity delivery with a high degree is increasing the adoption of distribution transformer for domestic purposes. The demand for distribution transformer for the industrial sector to transfer voltage and operate the system are driving the market opportunities. Adopting well-matured technology is anticipated to increase the sales of the distribution transformer.
Based on winding, two winding segments secured a share of 55% in the global market in 2023. Rising demand for the automatic switch to balance the electricity load increases the adoption of two winding segments. The increasing consumers demand for two winding segments is rapidly growing due to its reliability, services, and functional enhancements. Moreover, the growing technological maturity and enhanced electrical network surged the demand for the segment.
Based on modes of cooling, the oil natural water forced is expected to capture a maximum share of the global market during the forecast period. The increasing demand for oil natural water forced by the adoption of HVDC transmission technology may be driving the market growth. Rising demand for cross-border electricity trade and providing long-distance transmission are increasing the adoption of oil natural water forced.
Based on application, the utility segment is anticipated to register a significant share during the forecast period. The rising demand for energy efficiency and a wide range of distributing frequencies are growing utility applications. The increasing high voltage, cooling winding, and handling high electricity loads are driving the market expansion.
The utility segment is estimated to capture a 6.5% of growth rate in the global market by 2033. Adopting low-temperature material usage for insulation and effective cooling transformer is expected to drive the market opportunities.
The United Kingdom secured a CAGR of 7% in the global market through 2033. Due to rapidly growing electricity plants and infrastructure expansion, the United Kingdom oil filled transformer. The increasing demand for flexible smart grids and sustainable electricity is increasing the adoption of oil filled transformer in the United Kingdom.
The leading oil filled transformer manufacturer are improving voltage regulation, frequency, and fault management to innovate new products by adopting the latest technologies. In October 2021, Prolec GE and General Electric dealt with a joint venture with Xignux to develop a flexible transformer.
The United States is projected to dominate the global market by capturing a maximum share through 2033. The growing advanced technology, improvement in electricity supply, and vast infrastructure are propelling the United States oil filled transformer market. Increasing the adoption of smart grid and transformer units are accelerating the demand for oil filled transformer.
The increasing demand for long-distance electricity networking and energy sources is uplifting the market in the United States. The rising government initiatives and advanced deployment of the smart transformer are increasing the adoption of oil filled transformer.
India in the Asia Pacific region may secure a significant share of the global market through 2033. The increasing population, growing electricity production, and emerging economies are accelerating the demand for oil filled transformer. The improving lifestyle and urbanization are fueling the Indian oil filled transformer market.
The expanding end-use industries, including industrial and commercial, are advancing the market expansion in India. Expanding private institutes, investment players, and research & development activities are flourishing the market growth.
Prominent vendors play a crucial role in the global market by investing vast amounts in acquiring maximum profits. The players focus on easy-to-solve consumers' issues by providing them with essential, high-quality products. These players are concerned about environmental conditions and aim to protect these by developing non-toxic products. The key players increase the adoption of advanced technologies and innovate better equipment to expand the market size.
The vendors are investing millions of dollars in the global market through deep analysis of their research & development activities. Through better upgradation in the oil filled transformation, these players are likely to propel the market to another height. The marketing tactics adopted by these players are mergers, acquisitions, product launches, agreements, collaborations, and partnerships.
Recent Developments in the Oil Filled Transformer Market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, South Africa, and Türkiye |
| Key Segments Covered | Core, Winding, Product Type, Modes of Cooling, Substation Connectivity, Rating, Mounting, Application, Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The oil filled transformer market’s net worth is USD 39.41 billion in 2023.
In the future, the projected market value of oil filled transformer is USD 73.98 billion by 2033.
Surging demand for renewable energy, modern networks, and increasing international trade are fueling the market growth.
The United Kingdom oil filled transformer market is expected to expand at a CAGR of 7%.
Kitashibe Electric Co. Ltd., Elsewedy Electric, and LS Electric Co. Ltd. are the active players in the oil filled transformer market.
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Oil Filled Transformer Market
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