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Oil Filled Transformer Market

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 39.79 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 70.74 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:

  • Product
  • Rating
  • Mounting
  • Installation
  • Application
  • Region
Breakup by Product
  • Distribution Transformers
  • Power Transformers
  • Instrument Transformers
  • Others
Breakup by Rating
  • Less Than 5 MVA
  • 5 MVA To 10 MVA
  • Above 10 MVA
Breakup by Mounting
  • Pad
  • Pole
  • Foundation
  • Others
Breakup by Installation
  • Indoor
  • Outdoor
Breakup by Application
  • Residential and Commercial
  • Industrial
  • Utility
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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

 

*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

What was the oil filled transformer market value in 2023?

In 2023, the market reached an approximate value of USD 39.79 billion.

What is the growth rate of the oil filled transformer market?

The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.

What is the forecast outlook of the oil filled transformer market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 70.74 billion by 2032.

What are the major market drivers?

The major market drivers are growing electricity demand around the world and increased integration of renewable energy resources into the grid for power generation.

What are the key trends of the market?

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).

What are the major regional markets for oil filled transformer, according to the report?

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the various ratings for oil filled transformer covered in the report?

Various ratings are less than 5 MVA, 5 MVA to 10 MVA, and above 10 MVA.

Who are the key market players, according to the oil filled transformer market report?

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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