As per Intent Market Research, the Oil Immersed Power Transformer Market was valued at USD 11.6 Billion in 2024-e and will surpass USD 17.1 Billion by 2030; growing at a CAGR of 6.8% during 2025 - 2030.
The oil-immersed power transformer market is a critical segment of the power industry, designed to facilitate the transmission and distribution of electrical energy across various voltage levels. These transformers are integral to power grids, ensuring that electricity is efficiently stepped up or stepped down to meet specific operational requirements. Oil-immersed transformers, which use mineral oil for insulation and cooling, are preferred for their robust performance, reliability, and ability to handle large power capacities in challenging environments. The market for oil-immersed transformers is expanding due to the growing demand for electricity, grid expansion, and modernization of power infrastructure, particularly in developing economies. As the transition to renewable energy accelerates, oil-immersed transformers are being increasingly employed in power generation and distribution systems, ensuring the stable flow of energy across vast networks.
Three-Phase Transformer Segment Is Largest Owing To Power Transmission Efficiency
The three-phase transformer segment holds the largest share in the oil-immersed power transformer market. Three-phase transformers are widely utilized in power transmission systems due to their efficiency and ability to handle large amounts of electrical energy. These transformers are ideal for applications requiring high power capacity and are commonly used in both transmission and distribution networks. The growing demand for efficient power systems, especially in industrial applications, has bolstered the popularity of three-phase oil-immersed transformers. These transformers ensure the balanced distribution of electrical loads, minimizing the risks of voltage instability. With power grids continuing to expand globally, especially in emerging economies, the three-phase transformer segment is expected to maintain its dominance in the oil-immersed transformer market.
Medium Voltage Segment Is Fastest Growing Due To Industrialization
The medium voltage segment is the fastest growing within the oil-immersed power transformer market. As industrialization accelerates across regions such as Asia-Pacific, the demand for medium voltage transformers, which are essential for local power distribution and industrial operations, is increasing. Medium voltage transformers play a crucial role in stabilizing electricity supply in areas with moderate energy demands, such as factories and commercial facilities. These transformers are particularly crucial in emerging economies, where urbanization and industrial growth are spurring the need for enhanced power infrastructure. The ability to effectively handle varying power loads in medium voltage ranges makes oil-immersed transformers in this category essential for ensuring energy efficiency and grid stability.
Transmission Systems Application Is Largest Due to Grid Expansion
The transmission systems application segment is the largest in the oil-immersed power transformer market, driven by the ongoing expansion of electricity transmission grids worldwide. Oil-immersed transformers are key components in power transmission, facilitating the safe and efficient transport of electrical energy over long distances. These transformers are used to step up voltage levels at power generation points for long-distance transmission, and step down the voltage at substations for distribution to consumers. With increasing demand for electricity, especially in emerging economies and densely populated regions, the requirement for enhanced transmission infrastructure is growing. Consequently, the transmission systems application is expected to remain the largest segment as global power grids continue to evolve to meet rising energy needs.
Industrial Sector End-User Segment Is Largest Due To Expanding Industrial Needs
The industrial sector end-user segment is the largest in the oil-immersed power transformer market, owing to the crucial role these transformers play in industrial applications. Industries require reliable and efficient transformers for their energy-intensive operations, ranging from manufacturing to processing plants. Oil-immersed power transformers are used extensively to step up or step down voltage levels to suit the energy needs of various industrial machinery and equipment. As industries continue to grow and expand, especially in emerging markets where industrialization is accelerating, the demand for reliable power infrastructure increases. The industrial sector’s need for consistent and efficient power is expected to drive the continued dominance of this segment in the oil-immersed transformer market.
Core Type Oil Immersed Transformer Segment Is Largest Due To Structural Benefits
The core-type oil-immersed transformer segment is the largest in the oil-immersed power transformer market. Core-type transformers feature a core made from laminated sheets of steel, which ensures minimal energy loss during the electrical transformation process. These transformers are preferred for high-power applications due to their efficient design, offering excellent performance and higher capacity, especially in medium and high-voltage systems. The core-type design is often used in power generation and large-scale transmission systems where performance, durability, and energy efficiency are key. With ongoing advancements in transformer technology, core-type oil-immersed transformers continue to dominate the market due to their versatility and reliability.
Asia Pacific Region Is Fastest Growing Due To Rapid Industrialization and Urbanization
The Asia Pacific region is the fastest-growing market for oil-immersed power transformers, driven by rapid industrialization, urbanization, and infrastructure development. Countries like China, India, and other Southeast Asian nations are making substantial investments in expanding their power generation, transmission, and distribution systems to support their growing populations and industrial sectors. This surge in demand for reliable electricity, coupled with government initiatives to improve energy access, is fueling the demand for oil-immersed transformers. As renewable energy sources gain traction in the region, these transformers are essential for stabilizing energy supply and ensuring grid reliability. The robust economic growth and the need for modernized power infrastructure will continue to drive the growth of the oil-immersed power transformer market in Asia Pacific.
Leading Companies and Competitive Landscape
The oil-immersed power transformer market is highly competitive, with several leading players focusing on innovation and technological advancements to strengthen their market positions. Prominent companies in the market include Siemens AG, ABB Ltd., Schneider Electric, General Electric, and Eaton Corporation. These companies are leveraging research and development to create more energy-efficient and durable transformers that meet the evolving needs of power generation, transmission, and industrial applications. Strategic partnerships, mergers, and acquisitions are also common in this sector as companies seek to expand their global footprint and enhance their product portfolios. The competitive landscape remains dynamic, with established players vying for market share and newer entrants challenging the status quo with innovative solutions tailored to meet the specific needs of different regions and industries. The market is expected to witness continued competition, with a focus on sustainability, cost-efficiency, and adaptability to meet the increasing global energy demands.
Recent Developments:
- Siemens Energy introduced a new range of oil-immersed power transformers designed for use in renewable energy power plants, in December 2024.
- ABB Ltd. secured a major contract to supply high-efficiency oil-immersed power transformers for a large-scale transmission project in Europe, in November 2024.
- General Electric announced the expansion of its oil-immersed power transformer portfolio with advanced models tailored for the industrial sector, in October 2024.
- Mitsubishi Electric Corporation completed a significant upgrade to its manufacturing facilities to increase the production capacity of oil-immersed power transformers, in September 2024.
- Eaton Corporation was awarded a contract to provide oil-immersed transformers for a high-voltage transmission system in South America, in August 2024.
List of Leading Companies:
- Siemens Energy
- ABB Ltd.
- General Electric
- Schneider Electric
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Hyundai Heavy Industries
- Eaton Corporation
- Hitachi Energy
- Bharat Heavy Electricals Limited (BHEL)
- Crompton Greaves Power and Industrial Solutions Ltd.
- Alstom
- Fuji Electric Co., Ltd.
- Jiangsu Shangshang Cable Group Co., Ltd.
- TBEA Co., Ltd.
Report Scope:
Report Features |
Description |
Market Size (2024-e) |
USD 11.6 Billion |
Forecasted Value (2030) |
USD 17.1 Billion |
CAGR (2025 – 2030) |
6.8% |
Base Year for Estimation |
2024-e |
Historic Year |
2023 |
Forecast Period |
2025 – 2030 |
Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
Segments Covered |
Oil Immersed Power Transformer Market by Type (Single-Phase Transformer, Three-Phase Transformer), by Voltage Rating (High Voltage, Medium Voltage, Low Voltage), by Application (Power Generation, Transmission Systems, Distribution Networks, Industrial Applications), by End-User (Utilities, Industrial Sector, Commercial Installations, Government Entities), by Core Type (Core Type Oil Immersed Transformer, Shell Type Oil Immersed Transformer) |
Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
Major Companies |
Siemens Energy, ABB Ltd., General Electric, Schneider Electric, Mitsubishi Electric Corporation, Toshiba Corporation, Eaton Corporation, Hitachi Energy, Bharat Heavy Electricals Limited (BHEL), Crompton Greaves Power and Industrial Solutions Ltd., Alstom, Fuji Electric Co., Ltd., TBEA Co., Ltd. |
Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements |
1. Introduction |
1.1. Market Definition |
1.2. Scope of the Study |
1.3. Research Assumptions |
1.4. Study Limitations |
2. Research Methodology |
2.1. Research Approach |
2.1.1. Top-Down Method |
2.1.2. Bottom-Up Method |
2.1.3. Factor Impact Analysis |
2.2. Insights & Data Collection Process |
2.2.1. Secondary Research |
2.2.2. Primary Research |
2.3. Data Mining Process |
2.3.1. Data Analysis |
2.3.2. Data Validation and Revalidation |
2.3.3. Data Triangulation |
3. Executive Summary |
3.1. Major Markets & Segments |
3.2. Highest Growing Regions and Respective Countries |
3.3. Impact of Growth Drivers & Inhibitors |
3.4. Regulatory Overview by Country |
4. Oil Immersed Power Transformer Market, by Type (Market Size & Forecast: USD Million, 2023 – 2030) |
4.1. Single-Phase Transformer |
4.2. Three-Phase Transformer |
4.3. Others |
5. Oil Immersed Power Transformer Market, by Voltage Rating (Market Size & Forecast: USD Million, 2023 – 2030) |
5.1. High Voltage |
5.2. Medium Voltage |
5.3. Low Voltage |
5.4. Others |
6. Oil Immersed Power Transformer Market, by Application (Market Size & Forecast: USD Million, 2023 – 2030) |
6.1. Power Generation |
6.2. Transmission Systems |
6.3. Distribution Networks |
6.4. Industrial Applications |
6.5. Others |
7. Oil Immersed Power Transformer Market, by End-User (Market Size & Forecast: USD Million, 2023 – 2030) |
7.1. Utilities |
7.2. Industrial Sector |
7.3. Commercial Installations |
7.4. Government Entities |
7.5. Others |
8. Oil Immersed Power Transformer Market, by Core Type (Market Size & Forecast: USD Million, 2023 – 2030) |
8.1. Core Type Oil Immersed Transformer |
8.2. Shell Type Oil Immersed Transformer |
8.3. Others |
9. Regional Analysis (Market Size & Forecast: USD Million, 2023 – 2030) |
9.1. Regional Overview |
9.2. North America |
9.2.1. Regional Trends & Growth Drivers |
9.2.2. Barriers & Challenges |
9.2.3. Opportunities |
9.2.4. Factor Impact Analysis |
9.2.5. Technology Trends |
9.2.6. North America Oil Immersed Power Transformer Market, by Type |
9.2.7. North America Oil Immersed Power Transformer Market, by Voltage Rating |
9.2.8. North America Oil Immersed Power Transformer Market, by Application |
9.2.9. North America Oil Immersed Power Transformer Market, by End-User |
9.2.10. North America Oil Immersed Power Transformer Market, by Core Type |
9.2.11. By Country |
9.2.11.1. US |
9.2.11.1.1. US Oil Immersed Power Transformer Market, by Type |
9.2.11.1.2. US Oil Immersed Power Transformer Market, by Voltage Rating |
9.2.11.1.3. US Oil Immersed Power Transformer Market, by Application |
9.2.11.1.4. US Oil Immersed Power Transformer Market, by End-User |
9.2.11.1.5. US Oil Immersed Power Transformer Market, by Core Type |
9.2.11.2. Canada |
9.2.11.3. Mexico |
*Similar segmentation will be provided for each region and country |
9.3. Europe |
9.4. Asia-Pacific |
9.5. Latin America |
9.6. Middle East & Africa |
10. Competitive Landscape |
10.1. Overview of the Key Players |
10.2. Competitive Ecosystem |
10.2.1. Level of Fragmentation |
10.2.2. Market Consolidation |
10.2.3. Product Innovation |
10.3. Company Share Analysis |
10.4. Company Benchmarking Matrix |
10.4.1. Strategic Overview |
10.4.2. Product Innovations |
10.5. Start-up Ecosystem |
10.6. Strategic Competitive Insights/ Customer Imperatives |
10.7. ESG Matrix/ Sustainability Matrix |
10.8. Manufacturing Network |
10.8.1. Locations |
10.8.2. Supply Chain and Logistics |
10.8.3. Product Flexibility/Customization |
10.8.4. Digital Transformation and Connectivity |
10.8.5. Environmental and Regulatory Compliance |
10.9. Technology Readiness Level Matrix |
10.10. Technology Maturity Curve |
10.11. Buying Criteria |
11. Company Profiles |
11.1. Siemens Energy |
11.1.1. Company Overview |
11.1.2. Company Financials |
11.1.3. Product/Service Portfolio |
11.1.4. Recent Developments |
11.1.5. IMR Analysis |
*Similar information will be provided for other companies |
11.2. ABB Ltd. |
11.3. General Electric |
11.4. Schneider Electric |
11.5. Mitsubishi Electric Corporation |
11.6. Toshiba Corporation |
11.7. Hyundai Heavy Industries |
11.8. Eaton Corporation |
11.9. Hitachi Energy |
11.10. Bharat Heavy Electricals Limited (BHEL) |
11.11. Crompton Greaves Power and Industrial Solutions Ltd. |
11.12. Alstom |
11.13. Fuji Electric Co., Ltd. |
11.14. Jiangsu Shangshang Cable Group Co., Ltd. |
11.15. TBEA Co., Ltd. |
12. Appendix |
A comprehensive market research approach was employed to gather and analyze data on the Oil Immersed Power Transformer Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Oil Immersed Power Transformer Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
Secondary Research
Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.
Primary Research
Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the E-Waste Management ecosystem. The primary research objectives included:
- Validating findings and assumptions derived from secondary research
- Gathering qualitative and quantitative data on market trends, drivers, and challenges
- Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
- Assessing the supply-side landscape, including technological advancements and recent developments
Market Size Assessment
A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Oil Immersed Power Transformer Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:
- Identification of key industry players and relevant revenues through extensive secondary research
- Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
- Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources
Data Triangulation
To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.
NA