Oil Immersed Power Transformer Market Share Envisaged To Reach USD 35.81 Billion By 2032, at 6.3% CAGR Growth: Polaris Market Research
The global oil immersed power transformer market size and share is currently valued at USD 20.64 billion in 2023. It is anticipated to generate an estimated revenue of USD 35.81 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The oil immersed power transformer market is expected to witness substantial growth in the pad-mounted segment between 2024 and 2032.
New York, NY, Feb. 01, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Oil Immersed Power Transformer Market Share, Size, Trends, Industry Analysis Report, By Installation (Pad-Mounted, Pole-Mounted, Substation Installation); By Phase; By Voltage; By End User; By Region; Segment Forecast, 2024 – 2032″ published by Polaris Market Research in its research repository.
The global oil immersed power transformer market size and share is currently valued at USD 20.64 Billion in 2023. It is anticipated to generate an estimated revenue of USD 35.81 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.3% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
- What is an Oil Immersed Power Transformer? How Big is Oil Immersed Power Transformer Market Size & Share?
An oil immersed power transformer is a type of voltage alteration gadget utilizing the oil cooling technique to decrease the transformer temperature. Dissimilar to dry type transformer, the entity of oil immersed transformer is established in the welded steel oil tank loaded with insulation oil. When an oil immersed transformer in functioning, the heat of the coil and the iron core foremostly is transfigured into the insulation oil and then to cooling means. As per the proportions, it can be segmented into a submerged natural cooling transformer and a submerged compelled air cooling transformer. The rapidly rising demand for oil immersed power transformer market can be attributed to the fact that they are utilized in power dispensation or electrical docks. Their core and coils are submerged in oil that cools and sheaths.
The oil immersed power transformer market growth can be attributed to the transformer’s principal and peripheral coils are submerged in a tank brimming with oil or some insulating oil which offers electrical insulation amidst the coils and assists to dissolve heat prompted by alteration procedure. The oil also behaves as a coolant, transmitting heat farther than the coils and lessening the probability of overheating. This design permits for more productive and dependable function as juxtaposed to air-cooled transformers, particularly at excessive voltage and current levels.
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Oil Immersed Power Transformer Market Key Companies
- Alfanar Group
- CG Power and Industrial Solutions
- Chint Group
- Daelim Transformers
- Daihen Corporation
- Eaton Corporation
- Elsewedy Electric
- Fuji Electric
- General Electric
- Hitachi Energy
- Hyundai Electric
- Jiangshan Scotech Electric Co., Ltd.
- MGM Transformer Company
- Mitsubishi Electric
- Nissin Electric
- Schneider Electric
- Toshiba Corporation
- Yuebian Electric Co., Ltd.
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- The oil behaves as a coolant transmitting heat farther than the coils and lessens the probability of overheating, which leads towards market expansion.
- The oil immersed power transformer market is primarily segmented based on installation, phase, voltage, end user, and region.
- Asia Pacific dominated the market in 2023
Oil Immersed Power Transformer Market: Report Scope & Dynamics
|Revenue Forecast in 2032
|USD 35.81 Billion
|Market size value in 2024
|USD 21.88 Billion
|Expected CAGR Growth
|6.3% from 2024 – 2032
|2024 – 2032
|Top Market Players
|ABB, Alfanar Group, CG Power and Industrial Solutions, Chint Group, Daelim Transformers, Daihen Corporation, Eaton Corporation, Elsewedy Electric, among others
|By Installation, By Phase, By Voltage, By End User, By Region
|Customized purchase options are available to meet any research needs. Explore customized purchase options
- Growth Drivers:
Incorporation of renewable energy: The incorporation of renewable energy wellsprings into a power grid has generated a notable demand for oil-immersed power transformers. Renewable energy wellsprings such as wind and solar power produce electricity at a fluctuating occurrence and voltage that requires alteration to meet the grid’s framework. Oil-immersed power transformers are acceptable for this chore because of their capacity to manage excessive voltage variations and offer secure results. The oil immersed power transformer market size is expanding as the growing acquisition of smart grids and decentralized power creation systems entails the usage of oil immersed power transformers to guarantee structured power transfer and dispensation.
Decreasing dependence on fossil fuels: The oil immersed power transformer market sales are soaring as the escalating industry trends towards renewable energy and decreasing dependence on fossil fuels have caused stringent directives and schemes encouraging the usage of environmentally congenial instruments which additionally pushes the demand for oil immersed power transformers. In general, the incorporation of renewable energy sources has pushed the market growth.
- Industry Trends:
Dependable power transferal framework: The market is expected to encounter notable growth during the forecast period due to growing demand for productive and dependable power transferal framework. Urbanization and industrialization are causing a surge in energy intake, which subsequently is pushing the demand for oil-immersed power transformers.
Augmentation of electric grids: The growing concentration on renewable energy starting point such as wind and solar power which needs high voltage direct current (HVDC) transferal systems is also pushing the demand for oil immersed power transformers. Also, the substitution of earlier frameworks in developed regions and the augmentation of electric grids in advancing nations are generating elbow room for the growth of the oil immersed power transformer market.
The market is impeded by the persistent requirement for maintenance and its connected prices. These transformers need consistent maintenance to guarantee maximum performance, which involves inspecting and restoring strained components, cleaning, and reloading of oil. This procedure is normally taxing and costly as it needs an upskilled workforce and specific instruments. Also, unanticipated failure and malfunctioning can take place, causing random interruption and mending prices, additionally escalating the total amount.
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- The Pad Mounted Segment Witnessed a Sharp Rise
Based on the installation, the pad-mounted segment witnessed a sharp rise. The oil immersed power transformer market demand is on the rise due to its several benefits over consistent transformer installations. Pad-mounted transformers are small and independent units that can be effortlessly installed and preserved, rendering them perfect for industry administration where space is restricted, and obtainability is strenuous. Also, they provide enhanced security attributes such as decreased probability of oil spills and ignition and curtailed environmental influence because of their below-surface installations.
- The Industrial Segment Dominated the Market
Based on phase, the industrial segment dominated the market. This is due to the fact that oil immersed power transformers are broadly utilized in several industries such as construction and mining that need dynamic electrical systems to function bulky machinery and instruments. The oil immersed power transformer market trends include these transformers offering productive and dependable power supply that is important for effortless functioning of these industries. Further, several industrial procedures need tailor-made power solutions that can manage excessive voltage and current alterations, which oil-immersed power transformers are tooled up to offer.
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Asia Pacific: This region held the largest oil immersed power transformer market share due to region’s speedy urbanization and industrialization, causing escalated demand for electricity and eventually escalated demand for power dissemination framework. Also, several nations in the region, such as India, China, and Japan, have ventured into renewable energy potential, which needs the usage of oil-immersed power transformers to combine renewable energy sources into the grid. The region has observed financing in infrastructural advancements involving power generation, communication, and dissemination projects, which has generated elbow room for the market.
North America: The primary basis for this development is the growing demand for power and energy in the region. The requirement to enhance and restore bygone framework involving power transferral and distribution systems is also pushing the acquisition of oil immersed power transformers.
Browse the Detail Report “Oil Immersed Power Transformer Market Share, Size, Trends, Industry Analysis Report, By Installation (Pad-Mounted, Pole-Mounted, Substation Installation); By Phase; By Voltage; By End User; By Region; Segment Forecast, 2024 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/oil-immersed-power-transformer-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the oil immersed power transformer market?
Ans: The CAGR expected to be recorded for the market is 6.3%.
- What is the current and estimated market value of the market?
Ans: The current market value is USD 21.88, and the estimated market value is USD 35.81 in the forecast period.
- Which are the major players operating in the industry?
Ans: Some of the major players operating in the industry are ABB, Alfanar Group, and CG Power and Industrial Solutions
- Which segments are covered by the report?
Ans: The segments covered in the report are installation, phase, voltage, end user, and region.
Polaris Market Research has segmented the Oil Immersed Power Transformer market report based on installation, phase, voltage, end user, and region:
By Installation Outlook
- Substation Installation
By Phase Outlook
By Voltage Outlook
- Low Voltage
- Medium Voltage
- High Voltage
By End User Outlook
- Residential & Commercial
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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