Oil Filled Transformer Market Size

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.