In a recent report by Global Market Insights, Inc., it has been revealed that the Oil Filled Transformer Market is set to achieve remarkable revenue growth, with projections indicating that it will reach a staggering $37 billion by the year 2032. This comes after the market was valued at USD 37 billion in 2022, and it is expected to maintain a consistent annual growth rate of 6.5% from 2023 to 2032.

The surge in market growth can be attributed to several key factors, including the ongoing refurbishment of existing grid networks and increased investments in expanding the current Transmission and Distribution (T&D) network to meet the growing demand for power. Additionally, utilities are shifting their focus towards grid upgrades and expansions, while national renewable energy targets and efforts to replace conventional electrical networks are creating favorable business prospects in the industry.

Breaking down the market, it is evident that there are various segments contributing to this growth. The shell core segment, based on core type, is expected to register a significant 6% Compound Annual Growth Rate (CAGR) by 2032. Shell core transformers are gaining popularity due to their improved efficiencies, higher output, and reduced losses compared to conventional closed-core units. In terms of product, the power transformer segment is anticipated to witness substantial growth, driven by increased infrastructure spending and the need to expand and refurbish existing grid networks.

Regarding winding types, the auto-transformer segment is expected to hold over 7% of the market share during the period from 2023 to 2032. Auto-transformers offer effective transformation and operational flexibility, making them increasingly sought after. In the realm of mounting options, the PAD segment is poised for notable gains, primarily due to its advantages such as reduced land requirements, enhanced safety, improved aesthetics, and cost-effective installation.

When it comes to modes of cooling, the Oil Natural Air Natural (ONAN) mode is expected to have a considerable share, thanks to its growing adoption and applicability in transformers up to 30 MVA. Substation connectivity is another vital aspect, with the transmission segment projected to achieve an installed capacity of over 600,000 units by 2032. Governments' increased investments in ensuring an adequate grid infrastructure will be a driving force behind this segment's expansion.

By rating, the > 5 MVA to ≤ 10 MVA segment is set to experience significant growth, driven by ongoing residential expansion and rapid urbanization worldwide. Furthermore, in terms of application, the commercial and industrial segment is expected to witness substantial growth, driven by the increasing demand for medium voltage networks in industrial and commercial establishments. Regionally, the Latin America oil-filled transformer market held a market share of USD 1.5 billion in 2022 and is expected to experience considerable growth through 2032, mainly due to the region's focus on expanding the T&D network.

Source: Global Market Insights, Inc.