New York, United States , May 17, 2024 (GLOBE NEWSWIRE) — The Global Oil Filled Power Transformer Market Size to Grow from USD 14.2 billion in 2023 to USD 23.6 billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.21% during the forecast period.
The oil-filled power transformer market value chain consists of several steps, beginning with the purchase of raw materials such as silicon steel and insulating oil, followed by transformer manufacture, which includes core winding, assembly, and the integration of modern technologies. Quality control and testing guarantee that transformers meet industry requirements before being delivered through various channels and placed in substations or industrial sites. Regular maintenance and end-user utilisation maintain peak performance throughout the operational life cycle, while end-of-life disposal and recycling address environmental issues. Collaboration among stakeholders, from raw material suppliers to end users, is critical to meeting electricity demand and ensuring the stability of electrical power networks.The self cooled segment accounted for the largest market share over the forecast period 2023 to 2033. Self-cooled transformers are designed to remove heat through natural convection, reducing the need for additional cooling equipment like fans and pumps. This design reduces energy consumption, lowers maintenance costs, and increases dependability, making self-cooled transformers appealing to utilities and industrial users. Self-cooled transformers typically have less installation requirements than forced-air or forced-oil cooling systems. This makes them excellent for a wide range of applications, including substations, industrial facilities, and renewable energy projects that have limited space and installation possibilities. Manufacturers are progressively attempting to develop new self-cooled transformer designs that are more efficient, dependable, and perform well. This innovation is speeding up market adoption and expanding the range of applications for self-cooled transformers across industries and sectors.The > 100 MVA to ≤ 500 MVA segment is dominating the market with the largest market share over the forecast period 2023 to 2033. As global energy consumption increases, larger and more powerful transformers are required to meet the demand for electricity. The 100 MVA to 500 MVA section focuses on medium to large-scale energy transmission and distribution facilities that supply power to industrial, commercial, and residential consumers. The growth of renewable energy sources such as wind and solar power needs the connection of large-scale power plants to the grid. Transformers in the 100 MVA to <500 MVA range are essential for boosting voltage and delivering electricity from renewable energy farms to substations and distribution systems.The utility segment accounted for the largest market share over the forecast period 2023 to 2033. Utility companies are investing in modernising their electrical grids to improve reliability, efficiency, and resilience. This includes replacing and upgrading old infrastructure, such as transformers, to accommodate increased electrical demand, integrating renewable energy sources, and deploying smart grid technologies. Rapid urbanisation and population increase in many places are increasing electricity consumption. Utility companies are expanding their electrical infrastructures and installing transformers to meet the growing demand for electricity from urban residential, commercial, and industrial customers. The global trend towards electrification, fueled by increased energy demand, environmental concerns, and technological advancements, is boosting the utility segment of the oil-filled power transformer market. Utility companies play a critical role in facilitating the electrification of many industries.North America is anticipated to dominate the Oil Filled Power Transformer Market from 2023 to 2033. The majority of North America’s electrical grid infrastructure is outdated and needs to be replaced or updated. This creates a significant market opportunity for oil-filled power transformers as utilities and grid operators modernise their systems to improve reliability and efficiency. North America is seeing a significant surge in renewable energy sources, mainly wind and solar. Oil-filled transformers help to integrate renewable energy sources into the grid by increasing voltage levels for transmission and distribution. Electrification efforts in transportation, heating, and industrial operations are driving up North America’s energy consumption. This increased electrification demands investments in transformer infrastructure to satisfy expanding demand while maintaining grid stability.Market SegmentationThis study forecasts revenue at global, regional, and country levels from 2023 to 2033.
(GlobeNewsWire)