Oil Filled High Voltage Power Transformer Market Size - By Voltage Rating (SPT (≤ 60 MVA), LPT (> 60 MVA)), By Application (Commercial, Industrial, Utility), Regional Outlook & Global Forecast, 2024 – 2032

Oil Filled High Voltage Power Transformer Market Size

Oil Filled High Voltage Power Transformer Market was valued at USD 14.6 billion in 2023 and is estimated to grow at over 6.5% CAGR between 2024 and 2032. The increasing demand for electricity worldwide, driven by urbanization, industrialization, and technological advancements, fuels the need for reliable power transmission nd distribution infrastructure.
 

The expanding renewable energy sector necessitates efficient grid integration and transmission solutions, where high voltage transformers play a crucial role. Furthermore, advancements in transformer design and technology to enhance efficiency, reliability, and safety contribute to market growth.
 

COVID–19 Impact

The COVID-19 pandemic disrupted the oil-filled high voltage power transformer market, causing supply chain disruptions and project delays due to lockdown measures and economic uncertainties. However, as economies recover and infrastructure projects resume, the market is expected to rebound, driven by increased investments in electricity infrastructure and grid modernization initiatives worldwide.
 

Oil Filled High Voltage Power Transformer Market Trends

The oil-filled high voltage power transformer market is witnessing substantial growth owing to the growing emphasis on energy efficiency and sustainability, driving the demand for eco-friendly transformer technologies. Investments across digitalization and the adoption of smart grid solutions are reshaping transformer designs, enabling remote monitoring and predictive maintenance. Moreover, emerging economies are witnessing increased investments in grid infrastructure, while developed regions are upgrading aging transformer fleets to meet stringent regulatory standards and ensure grid stability.
 

Oil Filled High Voltage Power Transformer Market Analysis

Based on voltage rating, the large power transformers with rating > 60 MVA held a major market share of over 90% in 2023. The demand for large power transformers (LPTs) is rising due to the imperative to modernize power grids and update aging infrastructure. Government and utility investments in grid expansion and reliability initiatives are driving this market growth. However, the integration of renewable energy sources into the grid underscores the importance of efficient power transmission, with LPTs serving a vital role in connecting renewable energy facilities to the grid.
 

The utility sector is projected to witness about 5.5% growth rate from 2024 to 2032, driven by increasing electricity demand, infrastructure modernization, and renewable energy integration, are key contributors to market expansion. They invest in upgrading transmission and distribution networks, enhancing grid reliability, and accommodating renewable energy sources. Additionally, regulatory mandates for energy efficiency and grid resilience further propel the demand for oil-filled high voltage power transformers, making the utility sector a major driver of market growth.
 

The Asia Pacific oil filled high voltage power transformer market is anticipated to reach over USD 12.5 billion by 2032, owing to rapid urbanization, industrialization, and infrastructure development. Increasing electricity demand, driven by expanding populations and economic activities, fuels the market. The government initiatives to upgrade power infrastructure and integrate renewable energy sources contribute to market expansion. In addition, rising investments in transmission and distribution networks to improve grid reliability further bolster the region statistics.
 

Oil Filled High Voltage Power Transformer Market Share

Siemens Energy holds a substantial market share in the oil-filled high voltage power transformer sector due to its extensive experience, innovative technology, and global presence. With a diverse portfolio of high-quality transformers and a reputation for reliability, Siemens Energy remains a preferred choice for utilities and industries worldwide, solidifying its position as a key player in the market.
 

Oil Filled High Voltage Power Transformer Market Companies

Some of the key market players operating across the oil filled high voltage power transformer industry are:

• ABB
• Bharat Bijlee Limited
• Bharat Heavy Electricals Limited
• CG Power & Industrial Solutions Ltd.
• DAIHEN Corporation
• General Electric
• HD HYUNDAI ELECTRIC CO., LTD.
• Hitachi Energy Ltd.
• Hyosung Heavy Industries
• JSHP Transformer
• Kirloskar Electric Company
• LS ELECTRIC Co., Ltd.
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• WEG
   

Oil Filled High Voltage Power Transformer Industry News

• In October 2022, Hitachi Energy, a subsidiary of Hitachi, committed more than USD 37 million to enhance its power transformer manufacturing facility in South Boston, Virginia. This investment facilitated the expansion of production space by 26,000 square feet within the power transformer building, empowering the manufacture and design of larger transformers for both the renewable energy and utility sectors. Hitachi Energy's facility aligns with the escalating demands of utility clients and burgeoning industries.
   
• In March 2023, General Electric declared a commitment of more than USD 450 million towards enhancing its existing manufacturing facilities in the United States. This investment will encompass the procurement of cutting-edge equipment and the implementation of upgrades aimed at fortifying the company and its American workforce. These initiatives align with GE's strategy to establish two distinct, leading entities in the energy and aerospace sectors, while also bolstering its energy portfolio, inclusive of transformers, turbines, and generators.
   

This oil filled high voltage power transformer market research report includes an in–depth coverage of the industry with estimates & forecast in terms of units and revenue in Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Voltage Rating

• SPT (≤ 60 MVA)
• LPT (> 60 MVA)

Market, By Application

• Commercial
• Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands 
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina