July 21, 2021
As cited by the research report titled ‘North America Oil Filled Transformer Market Size By Core (Closed, Shell, Berry), By Product, By Phase (Three, Single), By Mounting, By Rating (< 5 MVA, 5 MVA to 10 MVA, > 10 MVA), By Substation Connectivity (Distribution, Transmission), By Application (Residential & Commercial, Utility, Industrial), Industry Analysis Report, Country Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Size & Forecast, 2021 – 2027’, available with Market Study Report LLC, North America oil filled transformer market is anticipated to expand significantly over 2021-2027.
Rising focus on improving energy efficiency and remodeling the current grid networks is a major factor driving the North America oil filled transformer market growth. Additionally, increasing dependence on renewable energy for power generation is positively impacting the business dynamics in this region.
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For the record, oil filled transformer or oil immersed transformer is a type of voltage transformation device that utilizes an oil cooling method to reduce the transformer temperature.
Considering the product type, the power transformer segment is likely to witness significant growth over the forecast duration owing to growing requirement for an efficient transmission system to ensure an uninterrupted power supply.
In terms of mode of cooling, ONWF segment was worth USD 600 million and is poised to show lucrative growth trends over the analysis period on account of its advantages like cost efficiency and improved thermal conduction.
On the basis of mounting, North America oil transformer industry from foundation segment is anticipated to witness remunerative growth through 2027 due to rising infrastructural investments in electricity markets along with increasing expansion of utility aided distribution networks.
Speaking of the ratings, 5 MVA - 10 MVA segment is expected to amass around USD 1.6 billion by 2027. While the >10 MVA segment is likely to garner significant revenues over 2021-2027 due to rising demand for compact & energy efficient transformer designs across primary and secondary distribution networks.
Under the substation connectivity segmentation, transmission segment is estimated to expand at 3% CAGR over the assessment duration on account increasing adoption of renewable energy sources like hydro & wind into the power mix as they are highly cost efficient and accessible.
Moving on to the application range, the utility segment is estimated to amass notable returns by 2027, creditable to growing R&D expenditure for refurbishing grid infrastructure coupled with allocation of huge funds by regulatory authorities for expanding grid networks.
Prominent players influencing the North America oil filled transformer industry trends are Eaton Corporation plc, Schneider Electric SE, Hyosung Heavy Industries Corp., Ermco Inc., Toshiba Corporation, SPX Transformer Solutions Inc., Siemens AG, Weg Industries, General Electric Company, Hitachi ABB Power Grids Ltd., DOS Canada Inc., L/C Magnetics Inc., Northern Transformer Corporation, and Atlas Transformer Ltd.