Oil Filled Transformer Market size was valued at USD 46.22 billion in 2024 and is expected to reach USD 115.51 billion by 2037, expanding at around 7.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of oil filled transformer is assessed at USD 48.92 billion. The major element to dominates the market revenue is the growing demand for electricity. Over the previous 50 years, the total amount of electrical power consumed globally has risen gradually, and in 2021, it was expected to reach over 25,299 terawatt-hours. The transformer enables energy to effectively travel through it without harming the wire; this power is generated either by an engine or a generator.
Moreover, long-distance transmission of electricity produced by oil-filled transformers is also possible; this enables the provision of energy reaching areas that are not served by wires or generators without the need for costly and time-consuming significant building projects. Hence, the adoption of oil-filled transformers is estimated to grow.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.3% |
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Base Year Market Size (2024) |
USD 46.22 billion |
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Forecast Year Market Size (2037) |
USD 115.51 billion |
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Regional Scope |
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Mode of Cooling (Oil Natural Air Natural, Oil Natural Air Forced, Oil Natural Water Forced)
The oil natural water forced segment is expected to hold the largest share of about 60% over the coming years in the oil filled transformer market. The transformer core and windings are inserted into the oil tank as a component of the oil natural water force cooling technique. A radiator is attached outside the tank. As the temperature rises and the oil heats up and rises, the heat is released naturally through convection. Oil is transported through the radiator, but water is pumped through a heat exchanger to cool the oil. Hence, this is an excellent method for large-scale projects.
Installation (Outdoor, Indoor)
The outdoor segment is expected to hold 70% share of the global oil filled transformer market by the end of 2037, due to its capacity to operate in high-voltage application ranges. Additionally, besides providing the best cooling strength, they additionally allay fire safety worries, which increases their demand and fuels the expansion of the sector as a whole over the forecast period.
Our in-depth analysis of the global oil filled transformer market includes the following segments:
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Core |
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Product Type |
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Mode of Cooling |
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Application |
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Installation |
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North American Market Forecast
The North America oil filled transformer market is anticipated to hold the highest revenue share of about 40% over the forecast period. The growth of the market in this region could be attributed to growing government investment in smart grid network projects. The US Department of Energy (DOE) requested input regarding an approximately USD 9 billion plan for smart grids and other grid-strengthening improvements in late 2021.
APAC Market Analysis
The oil filled transformer market in Asia Pacific is also estimated to grow with a notable share. This growth could be owing to the rising need to provide electricity in rural areas. A significant part of Asia Pacific is covered with rural regions and their concern about electricity is also growing. Most rural parts in this region lack the supply of electricity. As a result, the adoption of oil-filled transformers is surging in this region owing to its ability to provide electricity over longer distances.
Author Credits: Dhruv Bhatia
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