Oil Filled Transformer Market Analysis | 2023-2028

Oil Filled Transformer Market Analysis | 2023-2028

Oil Filled Transformer Market Analysis | 2023-2028
Report code - SRCE313 Delivery - 2 Weeks
Oil Filled Transformer Market Size, Share, Trends, Dynamics, Forecast, & Growth Analys See more...

Market Insights

The oil filled transformer market was estimated at USD 38 billion in 2022 and is likely to grow at a CAGR of 6.74% during 2023-2028 to reach USD 56.36 billion in 2028.

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Market Dynamics

Introduction

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.

Market Drivers

The major factors driving the growth of the oil filled transformer market are:

  • The development of effective grid systems is due to increasing spending on the upgrading of electric infrastructure.
  • Initiatives to rejuvenate power grids and make them sustainable, resilient, and affordable.
  • Growing electricity demand.

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Key Players

Some of the key players in the market are:

  • ABB Ltd
  • CNC Electric Group Co., Ltd.
  • Eaton Corporation plc
  • Elsewedy Electric Co S.A.E.
  • General Electric
  • ISMET Gmbh
  • Ormazabal
  • Schneider Electric SE
  • Siemens AG
  • Toshiba Corporation.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Core Type Analysis

Closed, Shell, and Berry

Shell segment is projected to witness a strong growth rate in the market.

Product Type Analysis

Distribution Transformer, Power Transformer, Instrument Transformer, and Others

The power transformer is anticipated to be the leading segment of the market.

Installation Type Analysis

Outdoor and Indoor

The outdoor segment is likely to take the lead in the market.

Phase Type Analysis

Three Phase and Single Phase

Three-phase transformers are expected to be the bigger segment of the market during the forecast period.

Application Type Analysis

Residential & Commercial, Utility, and Industrial

The utility is estimated to be the leading segment of the market.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

North America is estimated to be the leading region in the market.

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 into distribution transformers, power transformers, instrument transformers, 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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Research Methodology

  • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects oil filled transformer market realities and future market possibilities for the forecast period.
  • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

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 oil filled transformer market is segmented into the following categories:

By Core Type

  • Closed
  • Shell
  • Berry

By Product Type

  • Distribution Transformer
  • Power Transformer
  • Instrument Transformer
  • Others

By Winding Type

  • Two Winding
  • Auto Transformer

By Installation Type

  • Outdoor
  • Indoor

By Modes of Cooling Type

  • Oil Natural Air Natural (ONAN)
  • Oil Natural Water Forced (ONWF)
  • Oil Natural Air Forced (ONAF)
  • Others

By Phase Type

  • Three Phase
  • Single Phase

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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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.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

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.

The oil filled transformer market was estimated at USD 38 billion in 2022.

The oil filled transformer market is likely to reach USD 56.36 billion in 2028.

The oil filled transformer market is likely to grow at a CAGR of 6.74% during 2023-2028.

ABB Ltd, CNC Electric Group Co.,Ltd., Eaton Corporation plc, Elsewedy Electric Co S.A.E., General Electric, ISMET Gmbh, Ormazabal, Schneider Electric SE, Siemens AG, and Toshiba Corporation are among the top players in the market.

North America is expected to be the leading market during the forecast period.

The power transformer is expected to be the leading product type in the market in the next five years.

Development of effective grid systems due to increasing spending on the upgrading of electric infrastructure, initiatives to rejuvenate power grids and making them sustainable, resilient, and affordable, and growing electricity demand are the factors driving the growth of the market.