Oil Immersed Power Transformer Market: Current Analysis and Forecast (2024-2032)

Report Description

Oil-Immersed Power Transformer Market Size & Forecast

The oil-immersed power transformer market was valued at USD 23.65 Billion in 2023 and is expected to grow at a strong CAGR of around 6.5% during the forecast period (2024-2032). Oil immersed power transformer market is a significant component of the global power transformer industry, which has a crucial role in voltage regulation and power distribution. Oil-immersed transformers or oil-filled transformers are cooled and insulated by the application of mineral oil which increases the efficiency and serviceability of the transformers. Its growth is attributed to the increasing global power demand, especially in the developing nations, and refresher upgrading of existing aging markets in the developed countries. Also, the ever-growing reliance and incorporation of renewable energy forms that authorities are increasingly linking to the power grids further drives demand for more efficient transformers, and thus the market. Increased scrutiny over the environment has also influenced the transformer design and its materials through standards that encourage efficiency losses.

Oil-Immersed Power Transformer Market Analysis

The oil-immersed power transformer market continues to experience considerable dynamism as it serves emerging energy systems. The growth of this sector is supported by new advancements in technology, government support, and policy shifts. This article is devoted to presenting the new developments in the sphere, as well as main market participants, inventions, governmental policies, as well as regulatory amendments that are going to affect the oil-immersed power transformer business.

Oil-Immersed Power Transformer Market Trends

Environmental Regulations

The oil-immersed power transformer market is affected by environmental regulations across the world. Thus, governments across the globe are introducing some policies that can minimize the impact of transformers on the environment using environment-friendly insulating fluids and other materials. For example, new regulations of the EU have been established for the use of biodegradable insulating fluids and they may apply pressure on other regions as well. These regulations are promoting the emergence of innovative solutions in the field of transformers manufacturing that meet environmental requirements. 

Asia Pacific is Expected to Grow with Significant CAGR During Forecast Period

Asia-Pacific has significantly contributed to the expansion of the oil-immersed power transformer industry because of growth in urbanization, industrialization, and infrastructure development. The population in the region and subsequently the electricity demand has risen rapidly and hence the requirement for numerous upgrades and extensions of the power grids is a continuing incentive for the use of oil-immersed transformers. China, India, and the countries of South-East Asia account for the major portion of this growth. For instance, in 2023, China again recorded huge investment in renewable energy projects as well as installment of the power grid. The State Grid Corporation of China and the China Southern power grid are likely to propel the spending on oil-immersed transformers for new transmission and replacing old ones. 

Oil-Immersed Power Transformer Industry Overview

The Oil-Immersed Power Transformer market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are ABB Group, Siemens AG, Schneider Electric SE, Eaton Corporation PLC, Hitachi, Ltd., General Electric Company, Fuji Electric Co. Ltd., Toshiba Corporation, Voltamp Transformers Limited, and YueBian Electric Co., Ltd.

Oil-Immersed Power Transformer Market News

In 2023, Siemens Energy AG introduced a series of transformers equipped with biodegradable insulating fluids. The environmental performance of these electric transformers is tailored to provide compliance with the strict environmental standards and contribute to companies’ sustainable initiatives.

In 2023, ABB and Hitachi came into partnership that aimed at creating cutting-edge digital transformers that are necessary for contemporary power grids.

Oil-Immersed Power Transformer Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Oil-Immersed Power Transformer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Oil-Immersed Power Transformer Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Oil-Immersed Power Transformer market were the three major steps undertaken to create and analyze the adoption of the Oil-Immersed Power Transformer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Oil-Immersed Power Transformer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Oil-Immersed Power Transformer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Oil-Immersed Power Transformer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as installation, phase, voltage, end-user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Oil-Immersed Power Transformer market. Further, we conducted factor analysis using dependent and independent variables such as the installation, phase, voltage, and end-user of the Oil-Immersed Power Transformer market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Oil-Immersed Power Transformer market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Oil-Immersed Power Transformer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to varied factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Oil-Immersed Power Transformer market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Oil-Immersed Power Transformer market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Oil-Immersed Power Transformer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the installation, phase, voltage, and end-user in the global Oil-Immersed Power Transformer market.

The main objective of the Global Oil-Immersed Power Transformer Market Study

The current & future market trends of the global Oil-Immersed Power Transformer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• • Analyze the current and forecast market size of the Oil-Immersed Power Transformer market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
  • Segments in the study include areas of the installation, phase, voltage, and end-user.
  • Define and analysis of the regulatory framework for the oil-immersed power Transformer
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the Oil-Immersed Power Transformer market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
  • Company profile of the Oil-Immersed Power Transformer market and the growth strategies adopted by the market players to sustain in the fast-growing market.
  • Deep dive regional level analysis of the industry

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