US Oil Filled Transformer Market Size Likely to Surpass at a CAGR of 5.2% By 2033

As per the current market research conducted by the CMI Team, the US Oil Filled Transformer Market size is expected to record a CAGR of 5.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 12,790.8 Million. By 2033, the valuation is anticipated to reach USD 20,185.6 Million.

US Oil Filled Transformer Market: Growth Factors and Dynamics

• Grid Modernization: The continuous programs aimed at retrofitting and rebulbing the deteriorated electrical grid network in the U. S. are propelling the demand for efficient and reliable oil-filled transformers that will improve the performance capacity to meet ever-growing power loads to ensure steady and secure distribution of electricity across the nation’s infrastructure.

• Renewable Energy Integration: The growing popularity of wind and solar power necessitates transformer strength to manage different current supplies,  increasing the demand for oil-filled transformers. These transformers are very important to cater for the changing energy requirements and maintain the flow of power.

• Urbanization and Industrialization: The electrification of more areas in the U. S and urbanization, as well as expansion of industries, is putting much pressure on the need to expand the distribution network, which has led to the need to have more oil filled transformers for both new and old structures. This trend is most apparent on zones that experience the growth rates of large cities and industrial provinces, where the power requirement is particularly on the rise.

• Energy Efficiency Regulations: Government policies on higher efficiency combined with energy conservation laws are helping companies populate sophisticated oil filled transformers that are less energy consumptive and eco-friendly. Compliance with such regulations is making it necessary to design and develop transformers with efficiency levels that are mandatory.

• Technological Advancements: New developments in the transformer, including the intelligent transformer, which comprises real-time monitoring and upgraded systems of cooling, are positively contributing to the growth of the market for oil-filled transformers. These advancements are also benefiting asset management and providing maintenance forecasts to decrease failures and operations expenses.

• Investment in Power Infrastructure: Over the past years, there has been increased focus of utilities and government organizations regarding the investments made in the power transmission and distribution networks which has a positive impact on the demand for oil filled transformers in the U.S. market. These are essential for catering to energy requirements that will be demanded in future as well as for the incorporation of new sources of energy in the grid.

• Resilience Against Natural Disasters: The recent natural disasters that have occurred in the US involving hurricanes, wild fires, and floods that destroyed power utilities have informed the need to use oil-filled transformers that will offer higher durability. These transformers are designed in such a way that they can operate under all forms of weather and confidently provide a constant energy supply in and after moments of disaster.

 US Oil Filled Transformer Market: Partnership and Acquisitions

• In 2023, ABB released the XformerGuard transformer protection system, utilizing artificial intelligence to detect and address potential transformer failures. This advanced system aims to enhance reliability and performance by proactively managing and mitigating transformer issues.

• In 2021, PetroChina Company Ltd. announced a $650 million expansion at its Daqing refinery, increasing capacity from 6.5 million to 10 million tons annually. The expansion includes a boost in crude oil processing and additional transformer oil production.

Report Scope

US Oil Filled Transformer Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the US Oil Filled Transformer Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Supply Chain Disruptions: The pandemic caused significant disruptions in global supply chains, leading to delays in the production and delivery of oil-filled transformers. Shortages of raw materials and components, coupled with logistical challenges, slowed down project timelines and increased costs for manufacturers and customers alike.

• Delayed Infrastructure Projects: The uncertainty and economic slowdown caused by COVID-19 led to the postponement or cancellation of many infrastructure projects, including those involving power grid upgrades and expansions. This resulted in reduced demand for oil-filled transformers during the peak of the pandemic.

• Resumption of Infrastructure Projects: As the economy recovers, infrastructure projects that were delayed during the pandemic are now resuming. Government initiatives focused on upgrading and expanding power grids are driving renewed demand for oil-filled transformers.

• Government Stimulus and Investment: Post-pandemic stimulus packages and increased investment in critical infrastructure by federal and state governments are providing a significant boost to the oil-filled transformer market, supporting economic recovery and modernization efforts.

• Supply Chain Resilience: Companies have adapted by diversifying their supply chains and investing in local production capabilities to mitigate future disruptions. This has led to a more resilient supply chain, reducing the lead times and costs associated with oil-filled transformers.

• Technological Adaptation: The pandemic accelerated the adoption of digital technologies and automation in the manufacturing and operation of transformers. These advancements have improved efficiency, reduced costs, and enabled better remote monitoring and maintenance of transformers.

• Increased Focus on Energy Security: The pandemic highlighted the importance of a reliable and resilient energy infrastructure. As a result, there is a growing emphasis on strengthening the power grid, which is driving the recovery of the oil-filled transformer market, with an increased focus on sustainability and reliability.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US Oil Filled Transformer Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US Oil Filled Transformer Market:

• ABB Ltd.
• General Electric Company
• Schneider Electric SE
• Siemens AG
• Mitsubishi Electric Corporation
• Eaton Corporation plc
• Hitachi Energy Ltd.
• SPX Transformer Solutions Inc.
• Howard Industries Inc.
• Virginia Transformer Corp.
• WEG Electric Corp.
• Sunbelt Transformer Ltd.
• Crompton Greaves Limited
• Hyundai Electric & Energy Systems Co. Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Others

The US Oil Filled Transformer Market is segmented as follows:

By Core

• Berry
• Closed
• Shell

By Product Type

• Instrument Transformer
• Distribution Transformer
• Power Transformer
• Others

By Modes of Cooling

• Oil Natural Air Natural
• Oil Natural Air Forced
• Oil Natural Water Forced

By Substation Connectivity

• Transmission
• Distribution

By Rating

• < 5 MVA
• > 5 MVA to < 10 MVA
• > 10 MVA

By Mounting

• Pad
• Pole
• Foundation
• Others