Transformer Oil Market is anticipated to reach a value of US$ 8.7 Bn by 2032-end at a CAGR of 7.3%
Transformer Oil Market Segmented By Mineral Oil, Silicone Oil, Bio-based Oil type in Transformers, Switchgear, Reactors
The global market for transformer oil is estimated at US$ 4 Bn in 2022 and the Transformer Oil Market is anticipated to reach a value of US$ 8.7 Bn. Transformer oil demand is anticipated to increase at 8% CAGR through 2032. Transformers and switchgear are the key application areas of transformer oil, accounting for 88% of overall consumption. Top countries driving the global transformer oil market are China, India, and the U.S.
The North American transformer oil market is forecasted to expand at 7.3% CAGR. Together, Germany & Russia account for 34.2% share of the European market for transformer oil.
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Transformer oil, also known as insulating oil, is a mineral-based oil that is used in transformers, switchgears, and other electrical equipment to insulate and cool the system.
The growth of the transformer oil market is driven by the increasing demand for electricity, the expansion of transmission and distribution networks, and the rising investments in renewable energy sources. The increasing use of transformer oil in the power generation, transmission, and distribution sectors, as well as in the industrial and commercial sectors, is also driving the market growth.
The growth can be attributed to increasing demand for electricity across the world, increasing investments in renewable energy projects due to the rising environmental awareness, along with technological advancements in transformer oil products that ensure high resistance to hot spots or fire hazards associated with transformers during operation.
Apar Industries Limited
Exxon Mobil Corporation
Gandhar Oil Refinery (India) Limited
China Petroleum & Chemical Corp (Sinopec Corporation)
Savita Oil Technologies Ltd.
PetroChina Company Limited
Petro-Canada Lubricants Inc.
M&I Materials Limited
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The market is segmented based on type, application, and region.
Based on type, the market is segmented into mineral oil, silicone oil, and bio-based oil. Mineral oil is the most widely used type and is expected to dominate the market during the forecast period.
Based on application, the market is segmented into power generation, transmission, distribution, industrial, and commercial. The power generation segment is expected to dominate the market during the forecast period due to the increasing demand for electricity.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific is expected to dominate the market during the forecast period due to the increasing demand for electricity in the region.
The growth of the market is driven by the increasing demand for electricity, the expansion of transmission and distribution networks, and the rising investments in renewable energy sources. The increasing use of transformer oil in the power generation, transmission, and distribution sectors, as well as in the industrial and commercial sectors, is also driving the market growth.
Key Takeaways from Market Study
Between 2022 and 2032, the global market for transformer oil is anticipated to expand rapidly at a CAGR of 8%.
Key market growth factors are increasing power consumption and major growth in power generation & distribution.
It is expected that China will continue to be a significant market for transformer oil in the world.
In terms of oil type, mineral oil is predicted to continue being one of the fastest-growing segment and account for 82.1% market share.
Transmission and distribution is likely to continue to be a major end-use industry and expand at 8.3% CAGR in terms of value.
Leading market players are concentrating on strategic growth tactics and acquisitions and are implementing advanced technology for bio-based transformer oil to sustain in the long run,says a Persistence Market Research analyst.
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