The oil filled transformer market is predicted to secure a valuation of US$ 39.41 billion in 2023 and is estimated to rise to US$ 73.98 billion by 2033.
The oil filled transformer market is estimated to capture a valuation of US$ 39.41 billion in 2023 and is anticipated to rise to US$ 73.98 billion by 2033. The market is projected at a CAGR of 6.5% during the forecast period.
The growing urbanization, modernization, population, and
rapid infrastructure, are increasing the demand for oil filled
transformer. Furthermore, increasing demand for electricity, renewable
energy, and expansion in modern networks are driving market growth. In
addition, rising awareness of replacing old electricity grids and adopting
smart grids are increasing the adoption of oil filled transformer.
Emerging economies in several developing countries and
growing technical advancement are flourishing market opportunities. End-users
demand power generation and distribu tion
on a large scale are increasing the demand for oil filled transformer.
Furthermore, manufacturers are expanding electricity infrastructure and
refurbishing grid networks which is boosting the sales of oil filled
transformer.
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Rise in Electricity Trade on International Level Uplift
Market Opportunities
The growing population all around the globe is increasing
the electricity demand and thereby increasing the consumption of oil filled
transformers. High electricity consumption in various populated nations such as
China, India, and the United States propels market opportunities. The
innovation of smart grid to provide strength and reduce the load are expected
to increase the adoption of oil filled transformer.
India is among the nations that produce electric power in
vast quantities. The country supplies electricity to neighboring international
border countries, including Sri Lanka, Bhutan, Myanmar, and Bangladesh.
Similarly, several other developing & developed countries are expanding
their business to acquire maximum output. Therefore, innovations in transmission,
electric equipment, and switching gears drive global market growth.
Key Takeaways:
- The oil
filled transformermarket is expected to have a valuation of US$
73.98 billion by 2033.
- With
a CAGR of 6.5%, the global market is expected to increase from 2023 to 2033.
- The United
States oil filled transformer marketis anticipated to secure a maximum
share through 2033.
- In
the historical period, the market secured a CAGR of 6.1% between 2017 and
2022.
- In
the historical period, the market captured US$ 37.14 billion between 2017
and 2022.
Who is Winning?
The key players are playing a crucial role in the global
market. These players are trying to launch advanced innovative products to
satisfy consumers’ requirements. In addition, the prominent players are
concerned about the environment and develop non-toxic products.
The leading players invest in the latest technologies to
build advanced products and upsurge the market by acquiring maximum output. In
addition, these players adopt marketing tactics, including mergers, collaborations,
product launches, partnerships, and acquisitions.
Other Prominent Players in the Market are:
- 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
Recent Developments in the Market:
- In Jan
2019, Hammond Power Solutions launched a three-phase transformer for
industrial use to prevent harsh environments and ingress of moisture.
- In
July 2018, ABB Ltd., an automation and electrification company, acquired
GE Industries for US$ 2.6 billion. This acquisition expands ABB’s position
worldwide.
Oil Filled Transformer Market by Category
By Core:
- Berry
- Closed
- Shell
By Winding:
- w
Auto-transformer
- T o
Winding
By Product Type:
- Instrument
Transformer
- Distribution
Transformer
- Power
Transformer
- Others
By Modes of Cooling:
- Oil
Natural Air Natural
- Oil
Natural Air Forced
- Oil
Natural Water Forced
By Substation Connectivity:
- Transmission
- Distribution
By Rating:
- < 5
MVA
- > 5
MVA to < 10 MVA
- >
10 MVA
By Mounting:
- Pad
- Pole
- Foundation
- Others
By Application:
- Utility
- Residential
- Commercial
& Industrial
By Region:
- North
America
- Latin
America
- Europe
- South
Asia & Pacific
- East
Asia
- The
Middle East & Africa (MEA)
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