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Global Oil Filled Transformer Market Size, Share, Forecast: By Product: Distribution Transformers, Power Transformers, Instrument Transformers, Others; By Rating: Less Than 5 MVA, 5 MVA To 10 MVA, Above 10 MVA; By Mounting: Pad, Pole, Foundation, Others; By Installation; By Application; Regional Analysis; Competitive Landscape; 2024-2032
Global Oil Filled Transformer Market Outlook
The global oil filled transformer market size reached approximately USD 37.33 billion in 2023. The market is estimated to grow at a CAGR of 6.6% in the forecast period of 2024-2032, reaching a value of around USD 54.78 billion by 2032.
Key Trends in the Market
An oil filled transformer is a transformer that utilises oil as a coolant to minimise its temperature. It has better heat dissipation properties compared to a dry electric transformer, which enhances its efficiency and performance.
- The growing utilisation of advanced insulating oils, which can mitigate energy loss, is one of the crucial oil filled transformer market trends. Manufacturers are actively looking for new prospects in dielectric materials that have low environmental impact and superior temperature stability to enhance the performance of liquid transformers.
- Market players are also developing innovative cooling techniques such as directed flow cooling and forced circulation of oil to provide an even distribution of heat in these transformers and improve their efficiency.
- With the advent of smart technologies such as the Internet of things (IoT) that offers real-time monitoring and diagnostics of transformers, the oil filled transformer market growth is expected to reach a new trajectory in the coming years. This technology can aid in collecting data for pivotal parameters such as temperature and load distribution, among others, for analysis and fault detection to minimise transformer downtime and improve its longevity.
Market Analysis
Based on product, the market is divided into distribution transformers, power transformers, and instrument transformers, among others. On the basis of rating, the market is classified into less than 5 MVA, 5 MVA to 10 MVA, and above 10 MVA, among others. Based on mounting, the market is categorised into pad, pole, and foundation, among others.
The oil filled transformer market segmentation, on the basis of installation, includes indoor and outdoor. Based on application, the market is segmented into residential and commercial, industrial, and utility. The major regional markets of oil-filled transformer are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the oil filled transformer market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Hitachi Ltd.
- ABB Ltd.
- Eaton Corporation
- Siemens AG
- Toshiba Corporation
- Schneider Electric SE
- Kitashiba Electric Co.,Ltd.
- Virginia Transformer Corp.
- Elsewedy Electricc
- Voltamp Transformers Limited
- Others
Market Share by Product
Distribution transformers occupy a significant portion of the oil filled transformer market share due to their increased adoption for industrial purposes such as at service drop points for the transformation of high voltage to low voltage for the utility line. They are widely utilised in large infrastructures such as data centres to lower voltage regulation loss. Furthermore, oil-immersed distribution transformers find usage in oil rigs, steel mills, and conveyance facilities owing to their excellent efficiency and long life.
Market Share by Region
As per the oil filled transformer market analysis, North America accounts for a sizeable share of the global market owing to the surge in the modernisation of ageing grid infrastructure. The growth of end-use sectors such as oil and gas and power generation also creates new opportunities for oil-immersed transformers. The integration of renewable energy resources such as solar and wind into the power grid has seen an upward trend, proliferating the market growth. Additionally, regional governments are taking strategic initiatives to improve the power generation capacity and provide uninterrupted electricity, which is likely to further fuel the market in the forecast period.
Competitive Landscape
Hitachi Ltd. is a global electronics company that was founded in 1910 and has its headquarters in Tokyo, Japan. The company provides its technology and solutions in automotive systems, green energy and mobility, and the digital system and services sector, among others.
ABB Ltd., established in 1988, is one of the leading pioneers of technology, headquartered in Zurich, Switzerland. The company offers its services in business areas of process automation, electrification, and automation and robotics, among others.
Eaton Corporation is a multinational power management corporation, incorporated in 1911 and based in Dublin, Ireland. Its aim is to lower the carbon emissions from its operations and improve the quality of life.
Other oil filled transformer market players include Siemens AG, Toshiba Corporation, Schneider Electric SE, Kitashiba Electric Co.,Ltd., Virginia Transformer Corp., Elsewedy Electricc, and Voltamp Transformers Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Rating |
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| Breakup by Mounting |
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| Breakup by Installation |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Oil Filled Transformer Market Analysis
8.1 Key Industry Highlights
8.2 Global Oil Filled Transformer Historical Market (2018-2023)
8.3 Global Oil Filled Transformer Market Forecast (2024-2032)
8.4 Global Oil Filled Transformer Market by Product
8.4.1 Distribution Transformers
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Power Transformers
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Instrument Transformers
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Oil Filled Transformer Market by Rating
8.5.1 Less Than 5 MVA
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 5 MVA To 10 MVA
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Above 10 MVA
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Oil Filled Transformer Market by Mounting
8.6.1 Pad
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pole
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Foundation
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Oil Filled Transformer Market by Installation
8.7.1 Indoor
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Outdoor
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Oil Filled Transformer Market by Application
8.8.1 Residential and Commercial
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Industrial
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Utility
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Oil Filled Transformer Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Oil Filled Transformer Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Oil Filled Transformer Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Oil Filled Transformer Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Oil Filled Transformer Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Oil Filled Transformer Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Hitachi Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 ABB Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Eaton Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Siemens AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Toshiba Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Schneider Electric SE
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Kitashiba Electric Co.,Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Virginia Transformer Corp.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Elsewedy Electricc
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Voltamp Transformers Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Oil Filled Transformer Market: Key Industry Highlights, 2018 and 2032
2. Global Oil Filled Transformer Historical Market: Breakup by Product (USD Billion), 2018-2023
3. Global Oil Filled Transformer Market Forecast: Breakup by Product (USD Billion), 2024-2032
4. Global Oil Filled Transformer Historical Market: Breakup by Core (USD Billion), 2018-2023
5. Global Oil Filled Transformer Market Forecast: Breakup by Core (USD Billion), 2024-2032
6. Global Oil Filled Transformer Historical Market: Breakup by Rating (USD Billion), 2018-2023
7. Global Oil Filled Transformer Market Forecast: Breakup by Rating (USD Billion), 2024-2032
8. Global Oil Filled Transformer Historical Market: Breakup by Mounting (USD Billion), 2018-2023
9. Global Oil Filled Transformer Market Forecast: Breakup by Mounting (USD Billion), 2024-2032
10. Global Oil Filled Transformer Historical Market: Breakup by Installation (USD Billion), 2018-2023
11. Global Oil Filled Transformer Market Forecast: Breakup by Installation (USD Billion), 2024-2032
12. Global Oil Filled Transformer Historical Market: Breakup by Application (USD Billion), 2018-2023
13. Global Oil Filled Transformer Market Forecast: Breakup by Application (USD Billion), 2024-2032
14. Global Oil Filled Transformer Historical Market: Breakup by Region (USD Billion), 2018-2023
15. Global Oil Filled Transformer Market Forecast: Breakup by Region (USD Billion), 2024-2032
16. North America Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
17. North America Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Europe Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Europe Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Asia Pacific Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Asia Pacific Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Latin America Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Latin America Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Middle East and Africa Oil Filled Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
25. Middle East and Africa Oil Filled Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
26. Global Oil Filled Transformer Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 37.33 billion.
The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 54.78 billion by 2032.
The major market drivers are growing electricity demand around the world and increased integration of renewable energy resources into the grid for power generation.
The key trends of the market include the growing incorporation of advanced insulating oils, innovations in cooling techniques, and the advent of smart technologies such as the Internet of Things (IoT).
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various ratings are less than 5 MVA, 5 MVA to 10 MVA, and above 10 MVA.
The key players in the market are Hitachi Ltd., ABB Ltd., Eaton Corporation, Siemens AG, Toshiba Corporation, Schneider Electric SE, Kitashiba Electric Co.,Ltd., Virginia Transformer Corp., Elsewedy Electricc, and Voltamp Transformers Limited, among others.
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