Transformer Oil Market is Expected to Grow at high CAGR through 2028
High usage of transformer oil in
power generation sector and growing demand for bio based transformer oil are
two factors expected to drive the demand of Global Transformer Oil Market.
According to TechSci Research
report, “Global
Transformer Oil Market- By Region, Competition, Forecast & Opportunities,
2028F”, Global Transformer Oil market increase
in forecat period, this sector's primary market driver is the growing demand
for power in both urban and rural areas. Transformer installations have
increased as a result of the rise in power consumption across numerous
industries. The market will also be driven by rising power sector investment,
industrialization, and shifting energy patterns toward renewable sources.
Based on type segment, the
Naphthenic Oil segment hold the largest market share, because electric
utilities like transmission lines, power plants, and other industrial uses are
increasing their demand for transformer oil. In the upcoming years, it is
projected that benefits related to mineral oil, such as high thermal
conductivity, oxidation resistance, cost-effectiveness, and ease of
availability, would further propel the expansion of the global transformer oil
market.
Based on Function segment, the
insulation segment dominated the global market, due to the increase in the need
for transformer oil to protect high-voltage electrical infrastructures used in
electric utilities, including transformers, capacitors, switches, and circuit
breakers. Due to its strong dielectric strength, sufficient viscosity,
temperature adaptability, and other benefits, it is mostly employed as an insulation
between transformer windings and other parts.
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Based on End Use segment, the
small transformer segment garnered the highest market share. This is explained
by the widespread deployment of these systems to provide rural areas' growing
need for power. Rising power needs will result in more transformer
installations, which will drive up the demand for transformer oil.
Based on Application segment,
the industrial segment exhibited the highest market share. Due to the
fluctuating loads and increasing power demands in industrial applications,
there has been an increase in the installation of standalone power production
systems. The rapid expansion of industries including building and construction,
chemicals, oil and gas, and railways has increased the demand for transformers,
which is anticipated to fuel market expansion throughout the course of the
forecast years.
In terms of regional
analysis, the Global Transformer Oil Market is segmented into North America,
Asia-Pacific, Europe, South America, and Middle East. The Asia-Pacific will experience rapid expansion, in
terms of revenue, and is expected to keep leading during the predicted period.
The presence of a sizable consumer base, the quick growth of the renewable
energy industry, the expansion of high-voltage direct current (HVDC) system
networks, and the presence of important businesses in the area are all credited
for this. Additionally, the existence of high-power consuming nations like
China, Japan, and India is expected to aid in the expansion of the market in
the area.
The market will also grow in
North America as a result of the region's increasing industrialisation and rise
in the manufacture of electrical equipment and devices in nations like the US. The
biggest consumers of transformer oil in Europe are Germany and Russia. It is
anticipated that rising energy consumption and the construction of new power
plants would offer the European market with good growth prospects. Transformer
oil adoption will be influenced by the region's growing demand for energy and
the construction of the necessary infrastructure in Latin America and the
Middle-East Africa.
Key market
players in the Global Transformer Oil Market include:
- Royal Dutch Shell
- Exxon Mobil Corporation
- Repsol S.A.
- Nynas AB
- Sinopec Lubricant Company
- APAR Industries
- PetroChina Company Limited
- Savita Oil Technologies Limited
- Chevron Corporation
- M&I Materials Limited
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Market
Development
Chevron
Lubricants announced a deal with Petrol Ofisi in December 2020. Due to this
development, Petrol Ofisi will produce and market Chevron Lubricants goods in
Turkey under the Texaco name. The industrial and automotive lubricants from
Chevron Lubricants are included in the offering.
Ergon
International, Inc. increased the storage capacity of the Antwerp terminal in
Belgium on October 2020. After the expansion, the capacity will be 39,000 m3.
The goal of this expansion was to guarantee that the customers of the business
would always have access to specialty oils.
“The Global
Transformer Oil market is expected to expand during the projected period. The
development of electric grids in emerging nations and the expansion of the
global power sector are credited for this. Dielectric insulating fluid, which
has a high resistance to electricity and keeps the transformer cool, is a
component of every power and distribution transformer. Since bio-based products
are more fire resistant than other product categories, they are anticipated to
grow at the fastest rate during the projected period and many more factors will
drive the market,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“Global Transformer
Oil Market –Segmented By Type (Naphthenic Oil,
Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others), By Function
(Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer), By End Use
(Small Transformer, Large Transformer, Utility Transformers, Distribution
Transformers, Power Transformers, and Others), By Application (Residential,
Commercial, and Industrial), By Region, Competition, Forecast &
Opportunities, 2028F”, has
evaluated the future growth potential of Global Transformer Oil Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global
Transformer Oil Market.
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