Oil Filled Transformer Market Report and Forecast 2025-2034

The global oil filled transformer market size reached approximately USD 39.79 Billion in 2024. The market is estimated to grow at a CAGR of 6.60% in the forecast period of 2025-2034, reaching a value of around USD 75.40 Billion by 2034.

Key Trends in the Market

An oil filled transformer is a transformer that utilises oil as a coolant to minimise its temperature. It has better heat dissipation properties compared to a dry electric transformer, which enhances its efficiency and performance.

• The growing utilisation of advanced insulating oils, which can mitigate energy loss, is one of the crucial oil filled transformer market trends. Manufacturers are actively looking for new prospects in dielectric materials that have low environmental impact and superior temperature stability to enhance the performance of liquid transformers.
• Market players are also developing innovative cooling techniques such as directed flow cooling and forced circulation of oil to provide an even distribution of heat in these transformers and improve their efficiency.
• With the advent of smart technologies such as the Internet of things (IoT) that offers real-time monitoring and diagnostics of transformers, the oil filled transformer market growth is expected to reach a new trajectory in the coming years. This technology can aid in collecting data for pivotal parameters such as temperature and load distribution, among others, for analysis and fault detection to minimise transformer downtime and improve its longevity.

Market Segmentation

The EMR’s report titled “Global Oil Filled Transformer Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product:

• Distribution Transformers
• Power Transformers
• Instrument Transformers
• Others

Market Breakup by Rating:

• Less Than 5 MVA
• 5 MVA To 10 MVA
• Above 10 MVA

Market Breakup by Mounting:

• Pad
• Pole
• Foundation
• Others

Market Breakup by Installation:

• Indoor
• Outdoor

Market Breakup by Application:

• Residential and Commercial
• Industrial
• Utility

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Share by Product

Distribution transformers occupy a significant portion of the oil filled transformer market share due to their increased adoption for industrial purposes such as at service drop points for the transformation of high voltage to low voltage for the utility line. They are widely utilised in large infrastructures such as data centres to lower voltage regulation loss. Furthermore, oil-immersed distribution transformers find usage in oil rigs, steel mills, and conveyance facilities owing to their excellent efficiency and long life.

Market Share by Region

As per the oil filled transformer market analysis, North America accounts for a sizeable share of the global market owing to the surge in the modernisation of ageing grid infrastructure. The growth of end-use sectors such as oil and gas and power generation also creates new opportunities for oil-immersed transformers. The integration of renewable energy resources such as solar and wind into the power grid has seen an upward trend, proliferating the market growth. Additionally, regional governments are taking strategic initiatives to improve the power generation capacity and provide uninterrupted electricity, which is likely to further fuel the market in the forecast period.

Competitive Landscape

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the oil filled transformer market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

Hitachi Ltd. 

Hitachi Ltd. is a global electronics company that was founded in 1910 and has its headquarters in Tokyo, Japan. The company provides its technology and solutions in automotive systems, green energy and mobility, and the digital system and services sector, among others.

ABB Ltd.

ABB Ltd., established in 1988, is one of the leading pioneers of technology, headquartered in Zurich, Switzerland. The company offers its services in business areas of process automation, electrification, and automation and robotics, among others.

Eaton Corporation

Eaton Corporation is a multinational power management corporation, incorporated in 1911 and based in Dublin, Ireland. Its aim is to lower the carbon emissions from its operations and improve the quality of life.

Other oil filled transformer market players include Siemens AG, Toshiba Corporation, Schneider Electric SE, Kitashiba Electric Co.,Ltd., Virginia Transformer Corp., Elsewedy Electricc, and Voltamp Transformers Limited, among others.