Key oil filled transformer market players include ABB, Schneider Electric, General Electric, Crompton Greaves Consumer Electricals Limited, Bharti Heavy Electricals Limited, Jinan Co., Ltd, Mettz Group, Celme s.r.l, Kirloskar Electric Company, and Kotsons Pvt. Ltd.
New York , Nov. 09, 2023 (GLOBE NEWSWIRE) -- The global oil filled transformer market size is estimated to attain at 7% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 75 billion by the end of 2035, up from a revenue of USD 40 billion in the year 2022. The oil-filled transformer market is a vital component of the power distribution and transmission infrastructure, playing a critical role in ensuring the efficient and safe transfer of electricity. These transformers are immersed in a special insulating oil, typically mineral oil, which serves both as a coolant and an electrical insulator. 100kva Single Phase Transformer
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The global energy demand continues to grow, primarily driven by the increasing need for electricity in developing countries and the shift towards electric vehicles. This growing demand places significant pressure on power distribution and transmission systems, thereby boosting the need for oil-filled transformers. 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.
Oil Filled Transformer Market: Key Takeaways
Market in North America to propel highest growth
The oil natural water forced segment to garner the highest growth
Market in Asia Pacific to grow at a highest rate
Increasing Demand for Renewable Energy across the Globe to Boost Market Growth
Over the past two decades, the worldwide usage of renewable energy has extensively expanded. In 2022, consumption was expected to almost certainly hit about 44 exajoules. Hence, with this, the demand for oil filled transformers is also growing. Oil-filled transformers are projected to be critical in facilitating this shift to renewable energy sources. For instance, they are employed in wind turbines in order to boost the voltage of the electricity produced and enable long-distance transmission to the grid. Usually, mineral oil is extensively used in oil filled transformer. However, owing to the growing prevalence of pollution the need for alternative oil is growing. Therefore, it has been observed that many organizations are making use of various vegetable oil which includes soybean oil, rapeseed, and sunflower. Since these oils are environmentally friendly, they are also estimated to boost the preference for oil-filled transformers. According to the Council on Tall Buildings and Urban Habitat, about 83% of the 200-meter-plus structures in the world were constructed in the past two decades. These tall buildings require a huge supply of electricity for the efficient functioning of elevators, HVAC systems, and more. Therefore, they mostly choose oil-filled transformers, hence further influencing oil filled transformer market expansion.
Oil Filled Transformer Industry: Regional Overview
The global oil filled transformer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Infrastructure Modernization to Drive the Market Growth in North America Region
The oil filled transformer market in North America region is estimated to garner the largest revenue by the end of 2035. A primary driver for the North American oil-filled transformer market is the ongoing infrastructure modernization initiatives. Aging power infrastructure, coupled with the need to adapt to evolving energy trends, fuels the replacement and upgradation of transformers. As per the American Society of Civil Engineers, the U.S. power grid's grade was a D+ in 2021, highlighting the need for modernization. North America is experiencing a substantial shift towards renewable energy sources. Wind and solar power generation necessitates advanced transformers to manage intermittent energy production. The U.S. Energy Information Administration reports that renewable energy accounted for 21% of total U.S. electricity generation in 2020, driving the need for suitable transformers. The growing energy demand in North America is a significant driver. Increasing urbanization, industrialization, and the proliferation of electric vehicles contribute to the higher need for efficient and reliable power distribution systems.
Rapid Urbanization and Infrastructure Development to Propel the Growth in the Asia Pacific Region
The Asia Pacific oil filled transformer market is estimated to garner the highest CAGR by the end of 2035. A fundamental driver for the Asia Pacific oil-filled transformer market is rapid urbanization and infrastructure development. As countries in the region witness rapid urban expansion, there is an increased need for reliable electricity distribution systems. According to the Asian Development Bank, Asia's infrastructure investment needs are estimated at USD 26 trillion from 2016 to 2030. The Asia Pacific region is witnessing robust economic growth, leading to an increase in energy demand. As urban and industrial areas expand, the demand for electricity grows. The International Energy Agency (IEA) reports that Asia is the largest and fastest-growing electricity market in the world, accounting for 60% of global growth. The need to modernize aging power infrastructure is a key driver. Many transformers are reaching the end of their operational life, necessitating replacements with advanced, more efficient models. Grid expansion and rural electrification initiatives are driving the demand for oil-filled transformers. Many areas in Asia are still not connected to the grid, and governments are investing in expanding electricity access. Rural electrification projects are essential growth drivers.
Oil Filled Transformer Segmentation by Mode of Cooling
Amongst these segments, the oil filled transformer market oil natural water forced segment is anticipated to hold the largest share over the forecast period. A prominent driver for the oil natural water forced segment is the growing emphasis on environmental sustainability. Industries are shifting towards eco-friendly cooling solutions to reduce their carbon footprint. According to a report, the world generated 53.6 million metric tons of e-waste in 2019, highlighting the importance of sustainable cooling solutions for electronic equipment. The need for energy efficiency is a significant growth driver. Oil natural water systems are designed to maximize heat dissipation while minimizing energy consumption. The U.S. Department of Energy estimates that data centers alone consumed 1.8% of the total electricity in the United States in 2020, underscoring the demand for energy-efficient cooling solutions. The integration of renewable energy sources like wind and solar into the power generation mix has increased the need for efficient cooling solutions. Renewable energy systems, particularly solar photovoltaic panels, require effective cooling to maintain performance. The International Energy Agency predicts that solar energy will be the world's largest source of electricity by 2035, driving the demand for cooling solutions.
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Oil Filled Transformer Segmentation by Installation
Amongst these segments, the oil filled transformer market outdoor segment is anticipated to hold a significant share over the forecast period. A primary driver for the outdoor oil-filled transformer segment is the continuous expansion of energy grids and electrification efforts. As more regions connect to power grids and extend their electrical networks to reach rural and remote areas, the demand for outdoor transformers that can withstand environmental challenges grows. The International Energy Agency (IEA) reports that energy access is essential for economic development, with over 860 million people worldwide still lacking electricity access. The integration of renewable energy sources like wind and solar power into the energy mix is accelerating the need for outdoor oil-filled transformers. These transformers are crucial for managing the variable energy output of renewables. As per the IEA, renewable electricity generation capacity is expected to increase by 43% by 2024, emphasizing the need for robust grid infrastructure. Ensuring the resilience and reliability of power grids is a critical driver for outdoor transformers. Severe weather events, cyber threats, and natural disasters underline the importance of transformers that can withstand adverse conditions. The U.S. Federal Energy Regulatory Commission (FERC) reported a substantial increase in weather-related power outages over the past two decades, driving investments in grid resilience.
Oil Filled Transformer Segmentation by Core
Oil Filled Transformer Segmentation by Product Type
Oil Filled Transformer Segmentation by Application
Few of the well-known market leaders in the global oil filled transformer market that are profiled by Research Nester are ABB, Schneider Electric, General Electric, and Crompton Greaves Consumer Electricals Limited, and other key market players.
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Recent Development in the Oil Filled Transformer Market
A long-term cooperation agreement on transformer recycling has been inked between ABB Power Grids and Stena Recycling, a Swedish company. The partnership is a crucial step towards a circular economy in a sustainable world and includes joint design development for efficient recycling of new transformers.
A number of recent victories for its low-maintenance, high-performing digital power transformers were announced by General Electric Renewable Energy's Grid Solutions division.
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