Oil Immersed Power Transformer Market $35.81 Bn By 2032,CAGR 6.3%

Oil Immersed Power Transformer Market Size Worth USD 35.81 Billion By 2032 | CAGR: 6.3%

The global oil immersed power transformer market size is expected to reach USD 35.81 Billion by 2032, according to a new study by Polaris Market Research. The report “Oil Immersed Power Transformer Market Share, Size, Trends, Industry Analysis Report, By Installation (Pad-Mounted, Pole-Mounted, Substation Installation); By Phase; By Voltage; By End User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The oil immersed power transformer market is expected to witness significant growth in the coming years due to the increased demand for efficient and reliable power transmission infrastructure. The rise in energy consumption, driven by urbanization and industrialization, is a key factor contributing to this growth. Moreover, the increasing focus on renewable energy sources such as wind and solar power, which require HVDC transmission systems, is also fueling the demand for oil immersed power transformers.

While there is a shift in the market trend towards environmentally friendly dry-type transformers, oil immersed transformers still hold advantages such as low cost, high efficiency, and proven technology, which are expected to sustain their growth trend. The increasing incorporation of renewable energy sources into the electricity grid has heightened the need for oil-immersed power transformers. These transformers are well-suited for handling high voltage fluctuations and providing a stable output, which is essential for matching the grid's parameters.

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The rise of renewable energy sources has led to a high demand for oil immersed power transformers in the power grid. Wind and solar power generate electricity at varying frequencies and voltages that need to be transformed to match the grid's parameters. Oil immersed power transformers are an ideal solution for this task because of their ability to handle high voltage fluctuations and provide consistent output. The market for these transformers is dominated by economically stable companies with ample experience in assembling power transformers and related components. These companies offer a wide range of products that incorporate cutting-edge technologies and have established vast international sales and marketing networks.

Oil Immersed Power Transformer Market Report Highlights

  • The oil immersed power transformer market is expected to witness substantial growth in the pad-mounted segment between 2024 and 2032. This growth can be attributed to the compactness of pad-mounted transformers and their ease of installation and maintenance.
  • In 2023, the global market for oil immersed power transformers was mainly dominated by the three-phase segment. This was due to its extensive usage in various industries, including power generation, transmission and distribution, industrial processes, and railways.
  • The industrial segment has been the largest contributor to the total market size of the oil immersed power transformer market since oil immersed power transformers are commonly used in industrial applications, particularly in mining, manufacturing, and construction industries, where the efficient functioning of heavy machinery and equipment is crucial.
  • In 2023, the Asia Pacific region dominated the global oil immersed power transformer market. This was primarily due to the region's rapid industrialization and urbanization, which led to a surge in demand for electricity. As a result, there was a significant increase in demand for power transmission, which drove the demand for oil immersed power transformers.
  • The global key market players include ABB, Alfanar Group, CG Power and Industrial Solutions, Chint Group, Daelim Transformers, Daihen Corporation, Eaton Corporation, Elsewedy Electric, Fuji Electric, General Electric, Hitachi Energy, Hyundai Electric, Jiangshan Scotech Electric Co., Ltd., MGM Transformer Company, Mitsubishi Electric, Nissin Electric, Schneider Electric, Siemens, Toshiba corporation, Voltamp, Yuebian Electric Co., Ltd., and among others.

Polaris Market Research has segmented the Oil Immersed Power Transformer market report based on installation, phase, voltage, end user, and region:

Oil Immersed Power Transformer, Installation Outlook (Revenue - USD Billion, 2019 - 2032)

  • Pad-mounted
  • Pole-mounted
  • Substation Installation

Oil Immersed Power Transformer, Phase Outlook (Revenue - USD Billion, 2019 - 2032)

  • Single-phase
  • Three-phase

Oil Immersed Power Transformer, Voltage Outlook (Revenue - USD Billion, 2019 - 2032)

  • Low Voltage
  • Medium Voltage
  • High Voltage

Oil Immersed Power Transformer, End User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Industrial
  • Residential & Commercial
  • Utilities

Oil Immersed Power Transformer, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA

Oil Immersed Power Transformer Market Report Scope

Report Attributes


Market size value in 2024

USD 21.88 billion

Revenue Forecast in 2032

USD 35.81 billion


6.3% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Installation, By Phase, By Voltage, By End User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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