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Oil Filled Power Transformer Market Size

Report ID: GMI7720
Published Date: Jun 2024
Report Format: PDF

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Oil Filled Power Transformer Market Size

Oil Filled Power Transformer Market was valued at USD 13.2 billion in 2023 and is estimated to grow at a CAGR of 6.2% from 2024 to 2032. The rising global demand for energy, particularly in developing economies, is propelling the need for reliable power transmission and distribution infrastructure. This has led to heightened investment in oil-filled power transformers, which are critical components in electrical grids. Aging electrical infrastructure in developed regions necessitates modernization and replacement initiatives.

Oil Filled Power Transformer Market

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Upgrading to advanced oil-filled power transformers enhances efficiency, reliability, and capacity of the power grid, accommodating the growing energy needs and integrating renewable energy sources. The global shift towards renewable energy sources such as wind and solar power requires the integration of these sources into existing power grids. Oil-filled transformers are essential for stepping up or stepping down voltages, making them pivotal in renewable energy projects.

Oil Filled Power Transformer Market Report Attributes
Report Attribute	Details
Base Year:	2023
Oil Filled Power Transformer Market Size in 2023:	USD 13.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.2%
2032 Value Projection:	USD 22.9 Billion
Historical Data for:	2021 – 2023
No. of Pages:	80
Tables, Charts & Figures:	20
Segments covered:	Technology, Rating, Application
Growth Drivers:	Refurbishment demand for existing grid infrastructure Growing deployment of renewable energy Increasing demand for electricity
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of oil filled power transformer was reached USD 13.2 billion in 2023 and is expected to register 6.2% CAGR from 2024 to 2032, owing to the rising global demand for energy, particularly in developing economies worldwide.

Oil filled power transformer industry from the water cooled segment is expected to reach over USD 6.8 billion by 2032, due to the increasing need for high-capacity power transformers, particularly in heavy industrial applications and large-scale power plants.

North America oil filled power transformer industry is expected to cross USD 3.2 billion by 2032, due to ongoing efforts to modernize and upgrade aging electrical infrastructure in the region.

ABB, Bharat Heavy Electricals Limited (BHEL), Celme S.r.l., CG Power & Industrial Solutions Ltd., Eaton, Elsewedy Electric, Fuji Electric Co., Ltd., GE, Hitachi Energy Ltd., and Hyosung Heavy Industries, are some of the major oil filled power transformer companies worldwide.