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2019 Oil Filled Transformer Market Insights, Outlook And Forecast Up To 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-17 

Global Market Insights recently introduced report on global Oil Filled Transformer Market report is an in-depth study providing complete analysis of the industry for the period 2018 to 2024. It provides complete overview of the industry considering all the major industry trends, market dynamics and competitive scenario.

The shifting focus toward the necessity of modern electric infrastructure has significantly elevated the oil filled transformer market dynamics in the recent years. In line with this, the supportive regulatory practices toward the refurbishment of existing grid networks have also been fueling the demand for oil filled transformers across the globe. An instance bearing testimony to the aforesaid is of the statistics provided by the Federal Energy Regulatory Commission (FERC) that estimated the transmission expenditures to have been increased by three folds in 2015 with a valuation of USD 15 billion in comparison to the investment in that of 2006.

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It is quite coherent that these increases in transmission expenses have heightened the demand for oil filled transformers across various regions. According to reliable reports the global oil filled transformer market collected a significant remuneration of over USD 33 billion in 2017, and is further expected to expand across major geographies given the rapid urbanization and commercialization trends.

Elaborating along the lines of regional landscape, U.S., with a tremendous amount of ongoing technologically reliable grid support system projects has emerged as a lucrative investment hub for potential stakeholders. Coupled with this, the massive government support in the form of funding and deployment schemes to establish cross border transmission networks have also led to a ride in the demand for oil filled transformers in the region. Recently for instance, the World Bank, under its initiative ‘Sustainable Energy for All’ aimed at achieving access to electricity universally by 2030, is investing USD 37 billion per annum for the extension of conventional electric grid infrastructures.

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Apart from such programs, the region is also witnessing increasing grid refurbishment projects to meet the new energy consumption standards. This in turn has accelerated the demand for transformers to reduce transmission losses by effectively blocking the flow of current in the electricity grids. The U.S. Department of Energy, under its Grid Modernization Initiative in 2016, invested around USD 220 million in reviving the electric grids to make them more sustainable, efficient, and resilient, thereby fueling the demand for oil filled transformers.

Moreover, the U.S. government in 2017, for the record, incurred an expense of around USD 10 billion in new grid networks to cut the rates of the Western transmission network. Analyzing these investment trends, it is quite overt that these programs have in turn favored the growth of the U.S. oil filled transformer market, which is further predicted to surpass USD 6 billion by 2024 – with a healthy expansion rate of 4% over 2017-2024.

Similar investment trends coming in the wake of sustainability and clean energy initiatives across the globe have rather swayed the oil filled transformer industry participants to go the whole hog in catering to the modern-day power grid demands. In a bid to strengthen their footprint, these industry players are seen coming up with innovative and technologically advanced products. Recently for instance, ABB, a prominent name in the global oil filled transformer industry made it to the headlines for developing a new robot inspection system to be able to work in oil filled transformers environment. Dubbed as the TXplore, the new robot technology is gaining immense traction across the global oil filled transformer industry. Not only this, but the company was also seen expanding its Poland-based transformer production facility both in terms of scope and capacity in 2016.

As the demand for efficient oil filled transformers continues to flourish in the coming years, several other renowned industry players including General Electric, Ormazabal, Eaton Corporation, Toshiba Corporation Siemens, are also likely to following similar investment trends, which in turn are expected to strengthen oil filled transformer industry trends in the coming years. With these aforementioned regional and competitive trends analyzed to be more enduring in ensuing years, it won’t be wrong to quote that oil filled transformer market is certain to emerge as one of the most significant verticals of the energy domain. A report by Global Market Insights, Inc., further throws light on the growth prospects of oil filled transformer market, which is forecast to witness annual installations of around 600 thousand units and cross USD 45 billion in terms of revenue by 2024.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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