Transformer Oil: Expansion of Electric Grid! Market to Reach USD 3.05 Billion in 2028
Expansion of Electric Grid and Continuous Transition Towards Renewable Energy Sources!
The transformer oil is useful for suppression of arcing and dissipation of heat generated in the transformer. These abilities of transformer oils are the major factors increasing the adoption, in turn propelling the transformer oils market growth. Also, the ability of resistance of transformer oil to oxidation is also one of the factors swelling the demand for transformers and further propelling the market growth.
Moreover, the expansion of power grids and electrification of rural areas is also major aspects driving the transformer oil market. To cater to the increasing demand for electric grids, the government and several major players are investing their money heavily to improve the technology. Thus, increasing investment in the power sector is further bolstering the transformer oils market growth. However, fluctuations in raw materials prices are expected to hamper market growth. Also, the adoption of dry transformers may also act as a restraining factor for the market growth.
In the past few decades, the demand for transformers has been growing considerably across the globe. The demand for mineral oil-based transformers is surging at its extraordinary level. Thus, the mineral oil segment of the transformer oils market is projected to hold the largest market share over the forecast period. The rapid pace of urbanization and industrialization across the globe is estimated to expand the mineral oil demand, in turn further propelling the market growth.
What Will Be The Market By 2028?
Our report on the transformer oil market has covered the study of the latest development and investment in the market. In addition to this, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, market attractiveness analysis, and Porter’s five forces analysis.
Moreover, the report covers the value chain analysis, regulatory analysis, historical & descriptive analysis from the year, and forecasts & predictive analysis for the transformer oil market. The global transformer oil market is valued at USD 1.8 billion in 2020 and is expected to reach USD 3.05 billion in 2028 and grow at a CAGR of 6.5% over the forecast period.
Some of the key players in the transformer oil market include Sasol (South Africa), Exxon Mobil Corporation (US), Repsol (Spain), Ergon, Inc. (US), Royal Dutch Shell (Netherlands), Phillips 66 Company (US), Nynas AB (Sweden), Valvoline Cummins (India), APAR Industries (India), Lubrita (Netherlands), and Sinopec Lubricant Company (China) and Dow (US).
Moreover, some of the other major players in the transformer oil market are Chevron Corporation (US), M&I Materials Limited (UK), Gandhar Oil (India), Gulf Oil International (UK), Savita Oil Technologies Limited (India), PetroChina Company Limited (China), Cargill, Incorporated. (US), Hydrodec Group plc (UK), Petro-Canada (Canada), Calumet Specialty Products Partners, L.P. (US), Hyrax Oil Sdn Bhd. (Malaysia), San Joaquin Refining Co, (US), and Engen Petroleum Limited (South Africa), among others.
The Asia Pacific is projected to dominate the transformer oil market owing to the presence of emerging economies such as India and China. Also, there is a rapid increase in the demand for electricity and an increase in the power generation capacity in countries such as India and China. Moreover, there is an upsurge in the growth of industrial and commercial sectors in the APAC region. Thus, further anticipated to drive the transformer oil market in the region over the forecast period.
The Transformer Oil Market is segmented as follows:
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Pages and in-depth TOC on "Transformer Oil Market by Oil Type (Mineral, Silicone, Bio-based), by Application (Transformer, Switchgear, Reactor), by End User (Transmission & Distribution, Power Generation, Railways & Metros, Others), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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