Selbyville, Delaware, Dec. 14, 2022 (GLOBE NEWSWIRE) --
The oil filled transformer market is expected to record a valuation of USD 73 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing focus on smart grid deployment will act as a key trend accelerating industry development. Governments have been making paradigm shifts in their policy goals to satisfy the growing energy demand in nations. This has spurred a number of transformations in the electricity sector, one of them being smart grid deployment. National renewable targets, coupled with efforts toward the replacement of conventional electrical networks have instituted a favourable business scenario. The utilities have been majorly focusing on grid upgrades and expansions to sustain the rising renewable mix.
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Oil filled transformer market value from the berry core transformer segment recorded for USD 24 billion in 2032. Berry cores are specialized units that are employed in mobile transformer applications and temporary electrical setups because of rapid technological development and growing feasibility across the traditional electrical infrastructure. It is widely utilized in household appliances and other high-tech electronic equipment. It has primary applications in power and isolation transformers. Berry transformers are also used in computers, medical equipment, telecommunications, instrumentation, and lights.
The ≤ 5 MVA rating segment in the oil filled transformer market accounted for more than USD 18.5 billion in 2022 due to its widespread application across a wide base of end-use sectors. Among a diverse application spectrum, ≤ 5 MVA oil filled transformer finds great usability in industrial power distribution systems. The equipment stabilizes and controls the voltage transmission by step-down and step-up currents to achieve the required voltage for industrial operations. In addition, they also use a lower voltage compared to the grid.
The pole-mounted oil filled transformer market is predicted to grow at over 7% CAGR through 2032, driven by product features such as easy installation and compact size. In April 2022, one of the leading market players, Siemens Energy, launched an innovative pole mounted and dry type transformer in America’s market. The company formulated technological provisions of the dry-type single-phase transformer for pole applications, which are more environmentally friendly and durable with oil-filled transformers.
North America oil filled transformer market held an installed capacity of 335,700 units in 2022. This growth is attributed to the increasing need to refurbish and modernize the aging grid infrastructure. Rapid production of high-tension electrical networks to accommodate increased power consumption will proliferate the industry landscape. The introduction of ultra-high power HVDC and HVAC transmission technology for long-distance transmission will benefit the business environment, as will the continued growth of cross-border networks.
Leading players operating in the oil filled transformer market are General Electric, Siemens Energy, Schneider Electric, Toshiba International Corporation, Elsewedy Electric, Eaton, CG Power & Industrial Solutions Ltd., Ormazabal, Hyosung Heavy Industries, Celme S.r.l., Fuji Electric Co., Ltd., LS ELECTRIC Co., Ltd., Elta? Transformatör San. ve Tic. A.?., Kitashiba Electric co., ltd, Lemi Trafo Transformers, Mace Power Srl, Mettz Group. Growing energy demand and the critical need to avoid unscheduled power outages are driving innovations in the global industry.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Oil Filled Transformer Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory Landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Price trend analysis
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America
3.5.1.1.1 Refurbishment of existing grid networks
3.5.1.1.2 Rising electric infrastructure spending
3.5.1.2 Europe
3.5.1.2.1 Rapid smart grid adoption
3.5.1.2.2 Expansion of sustainable electricity networks
3.5.1.3 Asia Pacific and Middle East & Africa
3.5.1.3.1 Increasing demand for electricity
3.5.1.3.2 Large-scale renewable integration
3.5.1.4 Latin America
3.5.1.4.1 Increasing demand for sustainable electrical networks
3.5.2 Industry pitfalls and challenges
3.5.2.1 Increasing adoption of alternate transformer technologies
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
