Oil Filled Transformer Market Size & Share, by Core (Berry, Closed, Shell); Product Type (Instrument Transformer, Distribution Transformer, Power Transformer); Mode of Cooling (Oil Natural Air Natural, Oil Natural Air Forced, Oil Natural Water Forced); Application (Residential, Commercial, Industrial, Utility); Installation (Outdoor, Indoor) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5201
  • Published Date: Aug 31, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Oil Filled Transformer Market size is projected to reach USD 75 billion by the end of 2035, growing at a CAGR of about 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of oil filled transformer was close to USD 40 billion. The major element to dominates the market revenue is the growing demand for electricity. Over the previous 50 years, the total amount of electrical power consumed globally has risen gradually, and in 2021, it was expected to reach over 25,299 terawatt-hours. The transformer enables energy to effectively travel through it without harming the wire; this power is generated either by an engine or a generator.

Moreover, long-distance transmission of electricity produced by oil-filled transformers is also possible; this enables the provision of energy reaching areas that are not served by wires or generators without the need for costly and time-consuming significant building projects. Hence, the adoption of oil-filled transformers is estimated to grow.

Oil Filled Transformer Market
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Oil Filled Transformer Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable Energy: Over the past two decades, the worldwide usage of renewable energy has extensively expanded. In 2022, consumption was expected to almost certainly hit about 44 exajoules. Hence, with this, the demand for oil filled transformers is also growing. Oil-filled transformers are projected to be critical in facilitating this shift to renewable energy sources. For instance, they are employed in wind turbines in order to boost the voltage of the electricity produced and enable long-distance transmission to the grid.
  • Rising Use of Natural Oil in Oil Filled Transformer: Usually, mineral oil is extensively used in oil filled transformer. However, owing to the growing prevalence of pollution the need for alternative oil is growing. Therefore, it has been observed that many organizations are making use of various vegetable oil which includes soybean oil, rapeseed, and sunflower. Since these oils are environmentally friendly they are also estimated to boost the preference for oil-filled transformers.
  • Surge in Construction of Tall Buildings: According to the Council on Tall Buildings and Urban Habitat, about 83% of the 200-meter-plus structures in the world were constructed in the past two decades. These tall buildings require a huge supply of electricity for the efficient functioning of elevators, HVAC systems, and more. Therefore, they mostly choose oil-filled transformers, hence further influencing oil filled transformer market expansion.


  • Availability of Alternative Technologies - In contrast to oil-filled transformers, which have their windings and core submerged in an insulating liquid, dry-type transformers have their windings and core put inside a sealed tank pressurized with air. Hence, the widespread use of oil-filled transformers is expected to be hindered by this rise in demand for dry-type transformers, which will put pressure on the market.
  • Rising Environmental Issues
  • Strict Government Regulations

Oil Filled Transformer Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 40 Billion

Forecast Year Market Size (2035)

~ USD 75 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Oil Filled Transformer Segmentation

Mode of Cooling (Oil Natural Air Natural, Oil Natural Air Forced, Oil Natural Water Forced)

The oil natural water forced segment is expected to hold the largest share of about 60% over the coming years in the oil filled transformer market. The transformer core and windings are inserted into the oil tank as a component of the oil natural water force cooling technique. A radiator is attached outside the tank. As the temperature rises and the oil heats up and rises, the heat is released naturally through convection. Oil is transported through the radiator, but water is pumped through a heat exchanger to cool the oil. Hence, this is an excellent method for large-scale projects.

Installation (Outdoor, Indoor)

The outdoor segment is expected to hold 70% share of the global oil filled transformer market by the end of 2035, due to its capacity to operate in high-voltage application ranges. Additionally, besides providing the best cooling strength, they additionally allay fire safety worries, which increases their demand and fuels the expansion of the sector as a whole over the forecast period.

Our in-depth analysis of the global oil filled transformer market includes the following segments:


  • Berry
  • Closed
  • Shell

          Product Type

  • Instrument Transformer
  • Distribution Transformer
  • Power Transformer

          Mode of Cooling

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


  • Residential
  • Commercial
  • Industrial
  • Utility



  • Outdoor
  • Indoor

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Oil Filled Transformer Industry- Regional Synopsis

North American Market Forecast

The North America oil filled transformer market is anticipated to hold the highest revenue share of about 40% over the forecast period. The growth of the market in this region could be attributed to growing government investment in smart grid network projects. The US Department of Energy (DOE) requested input regarding an approximately USD 9 billion plan for smart grids and other grid-strengthening improvements in late 2021.

APAC Market Analysis

The oil filled transformer market in Asia Pacific is also estimated to grow with a notable share. This growth could be owing to the rising need to provide electricity in rural areas. A significant part of Asia Pacific is covered with rural regions and their concern about electricity is also growing. Most rural parts in this region lack the supply of electricity. As a result, the adoption of oil-filled transformers is surging in this region owing to its ability to provide electricity over longer distances.

Research Nester
Oil Filled Transformer Market Size
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Companies Dominating the Oil Filled Transformer Market

    • ABB
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schneider Electric
    • General Electric
    • Crompton Greaves Consumer Electricals Limited
    • Bharti Heavy Electricals Limited
    • Jinan Co., Ltd.
    • Mettz Group
    • Celme s.r.l.
    • Kirloskar Electric Company
    • Kotsons Pvt. Ltd.


In The News

  • A long-term cooperation agreement on transformer recycling has been inked between ABB Power Grids and Stena Recycling, a Swedish company. The partnership is a crucial step towards a circular economy in a sustainable world and includes joint design development for efficient recycling of new transformers.
  • A number of recent victories for its low-maintenance, high-performing digital power transformers were announced by General Electric Renewable Energy's Grid Solutions division.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 5201
  • Published Date: Aug 31, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing demand for renewable energy, rising use of natural oil in oil filled transformer, and surge in construction of tall buildings.

The market size of oil filled transformer is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are ABB, Schneider Electric, General Electric, Crompton Greaves Consumer Electricals Limited, and others.

The oil natural water forced segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Oil Filled Transformer Market Report Scope

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