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 forecast 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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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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