The Liquid-Immersed Transformers Market is being driven by Expansion of T and D driving the demand for liquid-immersed transformers
The Liquid-Immersed Transformers Market is expected to grow at a CAGR of 6.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12450 million. Bio-based transformer oil, known for its incombustible and non-toxic properties, is gaining significant traction in the market due to its numerous advantages over traditional mineral oil. These advantages include superior insulating properties, biodegradability, high fire point, and extended transformer service life. With the increasing number of fire accidents in mineral oil-based transformers and the non-biodegradable nature of mineral oil, the demand for bio-based transformer oil is on the rise. Additionally, the biodegradable nature of bio-based oil offers a cost advantage through reduced oil spill remediation expenses. As a result, the consumption of bio-based transformer oil is projected to increase substantially in the upcoming years, particularly in regions like North America.
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The market is segmented based on segments_for_ai.nslist
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
Market growth 2024-2028 |
USD 12450 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.95 |
Key countries |
China, US, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The Liquid-Immersed Transformers (LIT) market is experiencing significant growth due to the integration of IoT technology for energy management in various sectors, including industry and service. Climate change and the shift towards renewable power sources like solar power necessitate the need for efficient transmission and distribution of electrical energy. LITs, which use oil for insulation, offer advantages in terms of longer life span and reduced transmission losses compared to dry transformers. Step-up and step-down transformers cater to different voltages, minimizing economic costs and electricity consumption at the user end. Transformers play a crucial role in managing electrical energy from diverse power generating sources, such as fossil fuels and greenhouse gas-emitting industrial processes. Regular maintenance, including the use of fans to cool the oil, ensures LITs' longevity and effectiveness in addressing transmission and distribution challenges.
The global heavy electrical equipment market, encompassing manufacturers of electrical components and equipment, as well as heavy electrical equipment, plays a pivotal role in catering to the energy sector and other industries, such as mining and oil & gas. According to Technavio, the market's size is determined by the collective revenue generated by these entities. Factors driving market growth include the increasing frequency of power outages due to natural disasters in regions like MEA, Europe, and APAC, which are prone to extreme weather conditions, such as floods, earthquakes, and annual droughts. Additionally, the shift towards renewable energy sources, such as solar, wind, hydro, and geothermal power, in pursuit of energy independence, resilience, and energy security, will further propel market expansion. Moreover, the finite nature of fossil fuels and the pressing need to mitigate greenhouse gas emissions necessitate the adoption of eco-friendly solutions, smart grid technologies, and transformer management systems. The aging infrastructure and operational stress in the power sector also necessitate the implementation of advanced transformer technologies, including pad-mounted and three-phase segments.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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