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 S