Market Insights
The oil filled transformer market was estimated at USD 38 billion in 2022 and is likely to grow at a CAGR of 6.79% during 2022-2028 to reach USD 56.36 billion in 2028.

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What is oil filled transformer?
The oil filled transformers are transformers whose windings and magnetic circuits are absorbed in oil with good electrical insulating properties to wedge the flow of current through the oil.
Oil Filled Transformer Market Highlights
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Market Size in 2022
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USD 38 billion
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Market Size in 2028
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USD 56.36 billion
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Market Growth (2022-2028)
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6.79% CAGR
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Base Year of Study
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2021
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Trend Period
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2017-2020
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Forecast Period
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2022-2028
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Segment Analysis
By Core Type
Based on the core type, the market is segmented as closed, shell, and berry. Shell segment is projected to witness a strong growth rate in the market owing to the development of HVDC networks to fulfill the continuously increasing electricity demand. Furthermore, the widespread application of shell transformers across higher power ratings and higher voltages, and their special design, which gives them innately better kVA to weight ratio, improved immunity to transit damage, and healthier short circuit strength features will boost the product demand during the forecast period.
By Product Type
Based on the product type, the market is segmented as distribution transformer, power transformer, instrument transformer, and others. The power transformer is anticipated to be the leading segment of the market owing to the growing need for a competent transmission system to safeguard a reliable power supply. In addition, optimistic leaning towards the development of high voltage lines to accommodate the surging electricity demand across developed economies will fuel the segment growth over the forecast period.
By Installation Type
Based on the installation type, the market is segmented as outdoor and indoor. The outdoor segment is likely to take the lead in the market on account of its ability to function at high voltage application ranges. In addition, along with offering optimum cooling strength they also mitigate the concerns relating to the dangers of fire, which boosts their demand, thus driving the overall industry growth during the forecast period.
By Phase Type
Based on the phase type, the market is segmented into three phase and single phase. Three-phase transformers are expected to be the bigger segment of the market during the forecast period owing to the advantageous regulatory policies for the upgradation of small-scale industrial sectors across developing economies. Furthermore, the ability of three-phase transformers to run smoothly over voltages transmitted over long distances paired with their economic viability will further promote product adoption.
By Application Type
Based on the application type, the market is segmented as residential & commercial, utility, and industrial. The utility is estimated to be the leading segment of the market given the growing R&D spending aimed at the restoration of grid infrastructure coupled with huge fund distribution by regulatory authorities for the development of grid networks, which will further promote the industry landscape.
Regional Insights
In terms of regions, North America is estimated to be the leading region in the market owing to the ongoing technological improvements blended with amplified spending for the development of long-distance electricity networks in the US. On the other hand, Europe and the Middle East are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories.
By Core Type
By Product Type
- Distribution Transformer
- Power Transformer
- Instrument Transformer
- Others
By Winding Type
- Two Winding
- Auto Transformer
By Installation Type
By Modes of Cooling Type
- Oil Natural Air Natural (ONAN)
- Oil Natural Water Forced (ONWF)
- Oil Natural Air Forced (ONAF)
- Others
By Phase Type
By Mounting Type
- Pad
- Pole
- Foundation
- Others
By Rating Type
- < 5 MVA
- 5 to 10 MVA
- >10 MVA
By Substation Connectivity Type
- Distribution
- Transmission
By Application Type
- Residential & Commercial
- Utility
- Industrial
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Market Segmentation
- Current market segmentation of any one of the rating types by application type.
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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