The global liquid filled transformer market is expected to be valued at US$ 16,364.7 Million in 2022, with a CAGR of 4.3% to US$ 24,967.3 Million from 2022 to 2032. The increasing use of transformers in various applications such as residential, commercial, and industrial processes is attributed to growth. The liquid filled transformer market grew at a 3.2% CAGR between 2016 and 2021.
Demand for liquid-filled transformers will recover steadily in the short term, with an optimistic growth outlook in the long run. Due to the low demand for industrial infrastructure during the pandemic, opportunities will be limited in 2020; however, sales of liquid-filled transformers in residential infrastructure and new energy grids will provide momentum.
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According to latest research by Future Market Insights, liquid filled transformer market is set to witness steady growth during 2021-2031with projected growth between 3% and 4% for the same period.
Economic costs and increasing use of transformers for residential, commercial as well as industrial applications continues to drive demand for liquid filled transformers. Installation of renewable and smart energy grids in various economies poses as a lucrative avenue for liquid filled transformer manufacturers.
These transformers are often utilized in situations where higher capacities are critical due to their higher efficiencies in the same conditions. Along with its additional insulation as well as cooling capacities make it an attractive product compared to dry transformers.
Global electricity consumption has been substantially rising faster than the world population, leading to an increase of average amount of electricity consumption, which is expected to account for a substantial growth for the market. Due to strict lockdown measures undertaken by various governments, people are forced to stay at their homes, thereby resulting in a higher consumption of electricity from residential areas hence increasing sales of the same.
As solar and wind energy power penetrations are reaching new levels, there has been an increase in transformers with an ability to handle higher capacities. Traditional transformers are unable to handle this high capacity which often result in higher thermal stresses. As heat insulation is a key focus area for electricity grids in general, liquid filled transformers are likely to witness sustained opportunities in the future.
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Market Outlook
Since the 1920s, the U.S. has been using pumped storage hydropower system, however now the demand for a cleaner and dynamic grid has led to a significant increase in higher capacities which will result in a higher growth of market. As extreme weather conditions in the U.S. has caused casualties in the country's infrastructure, the government has increased investments keeping in mind the importance of grid resilience.
The US proposed a US$ 100 Bn in spending to upgrade and building its aging and isolated electric transmission system. Several studies have also pointed out that the US will need to triple its electrical transmission capacity to fully decarbonize its economy by 2050.
FMI has projected U.S. to remain one of the most lucrative markets throughout the course of the forecast period.
Since the adoption of Third European Energy Liberization Package by the European Union, has increased a public awareness of smart grid technology amongst various countries such as France, Germany and Spain. The evolution of smart grid landscape in Europe will rise substantially in Europe due to rise in investments.
An increasing share of renewables and power generation centres is expected to substantially rise in attractive regions such as Southern and Northern Europe. Electricity markets across Europe have been witnessing the growth of renewables, overtaking fossil fuels in 2019. Although the pace of clean energy has been slower in the past decade, Europe has broken records each year with respect to proportion of electricity demands from renewable energy. Therefore, strong projections for Europe's clean and smart energy and infrastructure has presented itself as an opportunity for manufacturers and suppliers. Focus on the same will remain key to steady demand in the long run.
