
Oil Filled Transformer Market Report and Forecast 2025-2034
Description
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 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 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.
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.
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
- Less Than 5 MVA
- 5 MVA To 10 MVA
- Above 10 MVA
- Pad
- Pole
- Foundation
- Others
- Indoor
- Outdoor
- Residential and Commercial
- Industrial
- Utility
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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.
Table of Contents
166 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Oil Filled Transformer Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global Oil Filled Transformer Historical Market (2018-2024)
- 5.3 Global Oil Filled Transformer Market Forecast (2025-2034)
- 5.4 Global Oil Filled Transformer Market by Product
- 5.4.1 Distribution Transformers
- 5.4.1.1 Historical Trend (2018-2024)
- 5.4.1.2 Forecast Trend (2025-2034)
- 5.4.2 Power Transformers
- 5.4.2.1 Historical Trend (2018-2024)
- 5.4.2.2 Forecast Trend (2025-2034)
- 5.4.3 Instrument Transformers
- 5.4.3.1 Historical Trend (2018-2024)
- 5.4.3.2 Forecast Trend (2025-2034)
- 5.4.4 Others
- 5.5 Global Oil Filled Transformer Market by Rating
- 5.5.1 Less Than 5 MVA
- 5.5.1.1 Historical Trend (2018-2024)
- 5.5.1.2 Forecast Trend (2025-2034)
- 5.5.2 5 MVA To 10 MVA
- 5.5.2.1 Historical Trend (2018-2024)
- 5.5.2.2 Forecast Trend (2025-2034)
- 5.5.3 Above 10 MVA
- 5.5.3.1 Historical Trend (2018-2024)
- 5.5.3.2 Forecast Trend (2025-2034)
- 5.6 Global Oil Filled Transformer Market by Mounting
- 5.6.1 Pad
- 5.6.1.1 Historical Trend (2018-2024)
- 5.6.1.2 Forecast Trend (2025-2034)
- 5.6.2 Pole
- 5.6.2.1 Historical Trend (2018-2024)
- 5.6.2.2 Forecast Trend (2025-2034)
- 5.6.3 Foundation
- 5.6.3.1 Historical Trend (2018-2024)
- 5.6.3.2 Forecast Trend (2025-2034)
- 5.6.4 Others
- 5.7 Global Oil Filled Transformer Market by Installation
- 5.7.1 Indoor
- 5.7.1.1 Historical Trend (2018-2024)
- 5.7.1.2 Forecast Trend (2025-2034)
- 5.7.2 Outdoor
- 5.7.2.1 Historical Trend (2018-2024)
- 5.7.2.2 Forecast Trend (2025-2034)
- 5.8 Global Oil Filled Transformer Market by Application
- 5.8.1 Residential and Commercial
- 5.8.1.1 Historical Trend (2018-2024)
- 5.8.1.2 Forecast Trend (2025-2034)
- 5.8.2 Industrial
- 5.8.2.1 Historical Trend (2018-2024)
- 5.8.2.2 Forecast Trend (2025-2034)
- 5.8.3 Utility
- 5.8.3.1 Historical Trend (2018-2024)
- 5.8.3.2 Forecast Trend (2025-2034)
- 5.9 Global Oil Filled Transformer Market by Region
- 5.9.1 North America
- 5.9.1.1 Historical Trend (2018-2024)
- 5.9.1.2 Forecast Trend (2025-2034)
- 5.9.2 Europe
- 5.9.2.1 Historical Trend (2018-2024)
- 5.9.2.2 Forecast Trend (2025-2034)
- 5.9.3 Asia Pacific
- 5.9.3.1 Historical Trend (2018-2024)
- 5.9.3.2 Forecast Trend (2025-2034)
- 5.9.4 Latin America
- 5.9.4.1 Historical Trend (2018-2024)
- 5.9.4.2 Forecast Trend (2025-2034)
- 5.9.5 Middle East and Africa
- 5.9.5.1 Historical Trend (2018-2024)
- 5.9.5.2 Forecast Trend (2025-2034)
- 6 North America Oil Filled Transformer Market Analysis
- 6.1 United States of America
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 Canada
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 7 Europe Oil Filled Transformer Market Analysis
- 7.1 United Kingdom
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Germany
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 France
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Italy
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Asia Pacific Oil Filled Transformer Market Analysis
- 8.1 China
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Japan
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 India
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 ASEAN
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Australia
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 8.6 Others
- 9 Latin America Oil Filled Transformer Market Analysis
- 9.1 Brazil
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Argentina
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Mexico
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Middle East and Africa Oil Filled Transformer Market Analysis
- 10.1 Saudi Arabia
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 United Arab Emirates
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Nigeria
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Africa
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Hitachi Ltd.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 ABB Ltd.
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 Eaton Corporation
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Siemens AG
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Toshiba Corporation
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Schneider Electric SE
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Kitashiba Electric Co.,Ltd.
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Virginia Transformer Corp.
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 Elsewedy Electricc
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Voltamp Transformers Limited
- 12.5.10.1 Company Overview
- 12.5.10.2 Product Portfolio
- 12.5.10.3 Demographic Reach and Achievements
- 12.5.10.4 Certifications
- 12.5.11 Others
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