Oil Filled Transformer Market size is set to surpass USD 73 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing focus on smart grid deployment will act as a key trend accelerating industry development. Governments have been making paradigm shifts in their policy goals to satisfy the growing energy demand in nations. This has spurred a number of transformations in the electricity sector, one of them being smart grid deployment. National renewable targets, coupled with efforts toward the replacement of conventional electrical networks have instituted a favorable business scenario. The utilities have been majorly focusing on grid upgrades and expansions to sustain the rising renewable mix.
Increasing need in the telecommunications arena to foster the adoption of berry core transformers
Oil filled transformer market value from the berry core transformer segment accounted for over USD 24 billion in 2032. Berry cores are specialized units that are employed in mobile transformer applications and temporary electrical setups because of rapid technological development and growing feasibility across the traditional electrical infrastructure. It is widely utilized in household appliances and other high-tech electronic equipment. It has primary applications in power and isolation transformers. Berry transformers are also used in computers, medical equipment, telecommunications, instrumentation, and lights.
≤5 MVA oil filled transformer to garner considerable demand from the industrial sector
The ≤ 5 MVA rating segment in the oil filled transformer market recorded nearly USD 18.5 billion in 2022 owing to its widespread application across a wide base of end-use sectors. Among a diverse application spectrum, ≤ 5 MVA oil filled transformer finds great usability in industrial power distribution systems. The equipment stabilizes and controls the voltage transmission by step-down and step-up currents to achieve the required voltage for industrial operations. In addition, they also use a lower voltage compared to the grid.
Innovations in pole mounted transformers to propel the industry growth
The pole-mounted oil filled transformer market is anticipated to grow at more than 7% CAGR through 2032, driven by product features such as easy installation and compact size. In April 2022, one of the leading market players, Siemens Energy, launched an innovative pole mounted and dry type transformer in America’s market. The company formulated technological provisions of the dry-type single-phase transformer for pole applications, which are more environmentally friendly and durable with oil-filled transformers.
Browse key industry insights spread across 750 pages with 1761 market data tables & 29 figures & charts from the report, “Oil Filled Transformer Market Size By Core (Closed, Shell, Berry), By Product (Distribution Transformer, Power Transformer, Instrument Transformer), By Winding (Two Winding, Auto Transformer), By Modes of Cooling (Oil Natural Air Natural (ONAN), Oil Natural Water Forced (ONWF), Oil Natural Air Forced (ONAF)), By Mounting (Pad, Pole, Foundation), By Rating (< 5 MVA, 5 to 10 MVA, >10 MVA), By Substation Connectivity (Distribution, Transmission), By Application (Residential & Commercial, Utility, Industrial), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
North America to emerge as a hotspot for oil transformer companies
North America oil filled transformer market held an installed capacity of 335,700 units in 2022. This growth is attributed to the increasing need to refurbish and modernize the aging grid infrastructure. Rapid production of high-tension electrical networks to accommodate increased power consumption will proliferate the industry landscape. The introduction of ultra-high power HVDC and HVAC transmission technology for long-distance transmission will benefit the business environment, as will the continued growth of cross-border networks.
New product developments to boost industry expansion
Key participants 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. Growing energy demand and the critical need to avoid unscheduled power outages are driving innovations in the global industry.