Oil filled Transformers Market Size, Share and Global Trend By Product (DistributionTransformers, Power Transformers, Instrument Transformers, Others), By Application (Residential & Commercial, Industrial, Utility), By Installation (Outdoor, Indoor), By Phase (Single,Three), and Regional Forecast, 2024-2032

Transformers are used to increase or decrease voltages and currents in an electrical circuit. The oil-filled transformer has a circuit breaker inside the transformer housing and uses a bridging contact that can be moved between an open position spaced from a couple of stationary contacts and a closed position that involves stationary contacts to finish a series circuit through the transformer to a low voltage terminal situated on the transformer panel. The oil-filled transformer consists of a transformer tank, a transformer core-coil assembly, cooling oil, and a transformer tank made of a corrosion-proof composite material.

Vast transformations in the power generation and distribution to develop renewable power sources have increased the demand in the oil-filled transformer market. In addition, several economies are inclined towards making renewable sources as a more substantial part of their energy mixes. Upgradation of electricity grids are also under process. These factors are further driving the demand in this market.

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The oil-filled transformers market is categorized by distribution, power, and industrial transformers. The positive inclination toward the expansion of high voltage lines to cater to the surging electricity demand across developed economies along with the rapid installation of utility-based HVDC (high voltage direct current) infrastructure is expected to drive the power transformers market. Outdoor oil-filled transformers are expected to grow due to its ability to operate at high voltage application areas. Rapid research and development expenditure toward the refurbishment of grid infrastructure along with huge fund allocation by regulatory authorities for the expansion of grid networks is expected to uplift the utility oil-filled transformers market.

The oil-filled transformer market is driven by its broad applicability in the distribution of electricity. The rapid demand for electricity across the globe due to rapid industrialization in developing countries is further driving the market growth. Additionally, major drivers for the market also include rapid up-gradation of electricity grids and rising focus on the development of modern electricity transmission and distribution infrastructure, and modernization of electricity distribution infrastructure in developing economies has boosted the demand in the oil-filled transformer market.

However, the high cost of the product is the major restraint for the market as it is costlier along with a lack of investment by government in grid stability and load or number of losses.

Key Players Covered

Some of the major companies that are present in oil-filled transformers market are Hammond Power Solutions Inc., ABB Ltd., Eaton Corporation PLC., Siemens AG, CG Power and Industrial Solutions Ltd., Voltamp Transformers Ltd. Schneider Electric SE, Jinpan International USA Ltd, Bharat Heavy Electricals Ltd., Virginia Transformer Corp, Tbea Transformer Industrial Group, Toshiba, Kotsons Pvt., Ltd, Crompton Graves Ltd., and Kirloskar Electric.

SEGMENTATION 

Regional Analysis

The global oil-filled transformers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America oil-filled transformers market is expected to be a significant market due to ongoing technological enhancements along with increased spending for the development of long-distance electricity networks in the region. Europe is expected to contribute to growth for the oil-filled transformers market due to the extensive deployment of smart transformer units along with ongoing regulatory initiatives to cater to the rising energy demand. Asia-Pacific is expected to be the dominant player all over the world, due to its growing population along with improvement in lifestyle which has led to the increase in consumption of energy in economies such as China and India. In Latin America, economies such as Brazil and Argentina are the major markets due to the rise in demand from different sectors. Additionally, increasing private funding from financial institutions toward electrification programs will considerably enhance the business landscape. The Argentina government is also in the process of commissioning large projects, both in the transmission and generation sectors.

Key Industry Developments

• In Jan 2019, Hammond Power Solutions Inc. announced the availability of its new and improved line of three-phase encapsulated transformers for industrial and harsh environments. The transformer is completely encapsulated in epoxy and silica and prevents the ingress of moisture.
• In Jul 2018, ABB announced its acquisition of GE Industrial Solutions (GEIS), GE’s global electrification solutions business in $2.6 billion. The acquisition will lead to ABB’s position as a worldwide leader in electrification and will accelerate its growth and competitiveness in the market.
• In Mar 2019, Siemens AG and State Power Investment Corporation Limited (SPIC) signed a comprehensive Strategic Partnership Framework Agreement (SPFA) which is a technology collaboration agreement between Siemens AG and China United Heavy-duty Gas Turbine Company (UGTC) on heavy-duty gas turbines.