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  • Oil Filled Transformer Market Forecast Analysis | 2022-2028

    Oil Filled Transformer Market Forecast Analysis | 2022-2028

    Oil Filled Transformer Market Forecast Analysis | 2022-2028
    Report code - SRCE313 Delivery - 2 Weeks
    Oil Filled Transformer Market Size, Share, Trends, Forecast Analysis, and Growth Oppo 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 6.79% 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

    Market Size in 2022

    USD 38 billion

    Market Size in 2028

    USD 56.36 billion

    Market Growth (2022-2028)

    6.79% CAGR

    Base Year of Study


    Trend Period


    Forecast Period


    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.

    Market Dynamics

    The growth of the oil filled transformer market is primarily driven by-

    • Development of effective grid systems 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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    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

    • 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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    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 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Oil Filled Transformer Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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 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 market is expected to grow at an impressive CAGR of 6.79%.

    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 key players in the market.

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

    Shell segment is expected to witness a strong growth rate in the market in the coming five years.

    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.