Oil Filled Transformer Market - By Core (Closed, Shell, Berry), By Product (Distribution Transformer, Power Transformer, Instrument Transformer), By Winding, Modes of Cooling, Mounting, Rating , Substation Connectivity, Application & Forecast, 2023 - 2032

Industry Statistics

Oil Filled Transformer Market size exceeded USD 37 billion in 2022 and is projected to grow at more than 6.5% CAGR from 2023 to 2032. This is a result of the large-scale expansion of transmission networks to cater to the increasing electricity demand across off-grid areas. The market growth is also driven by broad applicability in the distribution of electricity across the globe.
 

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Factors such as rapid industrialization and the growing demand for renewable energy sources is further accelerating the industry forecast. Upgradation of old electricity grids and rising focus on the development of modern networks in developing economies will create multiple prospects for leading industry players. Global instrument transformers industry is likely to cross USD 7 Billion by 2030.

Ease of access to alternative technologies to hinder business growth

However, the availability of alternate transformer technologies consisting of dry type transformers and gas filled transformers have proven to be competitive substitutes for oil-filled transformers on account of the distinct properties they exhibit.
 

Increasing need for low voltage transformation to boost demand for distribution transformers

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In terms of product, the oil filled transformer market value from distribution segment recorded over USD 17 billion in 2022. This type of transformer is a very important equipment that allows the delivery of electricity with a high degree of capillarity. It is used to distribute electrical energy in industries with lower voltages for domestic purposes. The ever-increasing demand for energy has pressurized transmission system operators across the globe to enhance their existing transformation capacities. The future application growth will be driven by a well-matured technology base for diversified applications. Global distribution transformer industry is likely to cross USD 52 Billion by 2030.
 

Two winding transformer unit sales to garner significant momentum

The two-winding segment held more than 55% of the oil filled transformer market share in 2022. Out of the various advantages of the two-winding transformer units, their automatic switch on or off feature helps in balancing the electricity load demand. These systems are reliable, and the service continuity is ensured when transformers are connected in parallel. The units have gained a substantial penetration across traditional electrical networks owing to rapid functional enhancements and growing technological maturity.
 

Oil Natural Water Forced (ONWF) transformer segment will see considerable uptake

In terms of cooling, the ONWF segment accounted for around 32% share of the global oil filled transformer market in 2022. Along with oil cooling, water is pumped through copper tubes in this system, which aids in transformer cooling. It is normally employed in transformers that have capacities in the order of several MVA. The ongoing expansion of the cross-border networks coupled with the introduction of ultra-high power HVDC and HVAC transmission technology to facilitate long distance transmission will foster the product demand.
 

Need for oil filled transformers to grow across utility applications

Increasing emphasis on the integration of wide-ranging frequency distribution links along with the growing measures for energy-efficiency will stimulate the product demand. Since oil filled transformers can handle larger loads, they are used in applications requiring higher voltages. The equipment employs dielectric oil to insulate and cool the windings.
 

Oil filled transformer market from the utility application segment is slated to register nearly 6.5% growth rate through 2032. Owing to the effectiveness of dielectric oil in cooling the transformer winding, relatively low temperature insulation materials can be employed in these materials. These benefits make oil immersed transformer fit for use for outdoor installations since oil spills represent a fire threat.
 

Increasing efforts to upgrade aging electricity infrastructure in Europe

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Europe oil filled transformer market size is expected to witness over 7% gains through 2032, due to the rising need to refurbish and modernize the region’s aging grid infrastructure. Leading companies are aiming to manufacture transformers which improve grid resiliency by offering flexibility for voltage regulation, fault management, and frequency. In this attempt, General Electric and Prolec GE announced a joint venture with Xignux private sector company to produce the world’s first flexible power transformer in October 2021. North America oil filled transformer industry is likely to cross USD 10.9 Billion by 2027.
 

Innovative strategies to influence the industry outlook

Top companies operating in the oil filled transformer market are General Electric, Siemens Energy, Schneider Electric, Toshiba International Corporation, Elsewedy Electric, Eaton, CG Power & Industrial Solutions Ltd., Ormazabal, Hyosung Heavy Industries, Celme S.r.l., Fuji Electric Co., Ltd., LS ELECTRIC Co., Ltd., Elta? Transformatör San. ve Tic. A.?., Kitashiba Electric co., ltd, Lemi Trafo Transformers, Mace Power Srl, Mettz Group.
 

Rising energy demand, loss reduction, aging assets, and environmental concerns coupled with the dire need to eliminate unplanned power outages are propelling innovations in the global industry. For instance, in July 2019, Celme launched the Atex transformer specifically designed for oil & gas applications. The product is compliant with the IEC EN 60079 regulation & the new directive 94/9/EC and was installed on the wellhead platform in Singapore.
 

Impact of the COVID-19 outbreak on industry trends

The COVID-19 pandemic had a negative impact on the oil filled transformer market. The pandemic severely impacted the overall supply chain of the product, the halt in production and end use sector operations affected the sales of oil filled transformers. However, it is set that the world’s growing population along with improvement in lifestyle will lead to an increase in the consumption of energy in economies such as China and India which will thus our lead to the industry growth.
 

This oil filled transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Billion” from 2019 to 2032, for the following segments:

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Market Insights, By Core

• Closed
• Shell
• Berry

Market Insights, By Product

• Distribution Transformer
• Power Transformer
• Instrument Transformer
• Others

Market Insights, By Winding

• Two Winding
• Auto-Transformer

Market Insights, By Modes of Cooling

• Oil Natural Air Natural (ONAN)
• Oil Natural Water Forced (ONWF)
• Oil Natural Air Forced (ONAF)

Market Insights, By Mounting

• Pad
• Pole
• Foundation
• Others

Market Insights, By Rating

• ≤ 5 MVA
• > 5 MVA to ≤ 10 MVA
• > 10 MVA

Market Insights, By Substation Connectivity

• Distribution
• Transmission

Market Insights, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina