According to the latest study by Global Market Insights, the global oil-filled transformer market is expected to exceed a revenue of $45 billion by 2024, growing at a CAGR of 6% at the forecast period.
A rising need for efficient transmission systems to ensure reliable power supply will boost the oil-filled power transformers market. The expansion of high voltage lines to meet the surging electricity demand across developed economies along with rapid installation of utility-based HVDC infrastructure will further propel the market, the report says.
Auto oil-filled transformer industry is projected to grow over 5.5% by 2024.
Utility oil-filled transformers market is predicted to expand over 5% by 2024, driven by increasing R&D investment in the refurbishment of grid infrastructure, and by massive fund allocation by regulatory authorities for the expansion of grid networks.
The U.S. market is expected to reach over $6 billion by 2024, expanding over 4% by 2024. In 2017, the U.S. Government spent $10 billion for the development of new grid networks, according to the report.
Key market players profiled in the report include General Electric, Siemens, ABB, Eaton Corporation, Ormazabal, Toshiba Corporation and LSIS Co., amongs others.
Source: Global Market Insights