25th September 2019 – Global Transformer
Oil Market is anticipated to reach USD 4.05 billion by 2025.
Transformer oil is also known as “Insulating oil”. Transformer oil is a
superlative insulator for electricity, and it is stable at high temperature.
This transformer oil is mainly a derivative of mineral oils, but substitute
composition with better chemical and physical properties. Transformer oil has
several properties such as high resistivity, thermal conductivity, minimum
power loss, excellent di-electricity, chemical stability, and among others.
The factors that propel the growth of
the Transformer Oil industry include increasing electric demand in emerging
countries such as Brazil, South Africa, and India; which are anticipated to
develop their grid infrastructure to increase the availability of electricity
to the population.
On the other hand, there are factors
that may hamper the growth of the market including strict environmental laws
and shift towards organic oils, and the transition towards renewable sources of
energy. Transformer Oil Market is anticipated to grow at a significant CAGR of
11.5% in the upcoming period as the scope, product types, and its applications
are increasing across the globe.
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Transformer Oil may be explored by
product type, application, end users, and geography. Transformer Oil may be
explored by product type as Mineral-based Oils, (Paraffinic Base Oils,
Naphthenic Base Oils), Bio-based oils, and Silicone-based oils. The
“Mineral-based Transformer Oil” segment surpassed the Transformer Oil industry
in 2016 and is anticipated to maintain its dominance by 2025 owing to superior
operational advantages, and environmental benefits.
The key applications that could be
explored in the Transformer Oil Market include Utility Transformer Oils,
Large-scale Transformers, and Small-scale Transformers. The “Small- scale Transformer”
segment surpassed the Transformer Oil industry in 2016 and is anticipated to
maintain its dominance by 2025 owing to growing electrification and
urbanization of rural areas, several government initiatives to expand the power
infrastructure, particularly in emerging economies such as Latin America,
Africa, and Asia-Pacific. Transformer Oil may be explored by end users as
chemicals and automotive.
Asia-Pacific accounted for the major
share of the Transformer Oil Market Size in 2016 and will continue to lead in
the forecast period. The factors that could be attributed to the growth include
expansion of electric grids, increasing power requirements, and increasing
requirement to transform & upgrade existing electricity supply
organizations in emerging nations such as Vietnam, India, Indonesia and
Thailand.
Some of the key players that fuel the
growth of the Transformer Oil industry comprise ABB Ltd., General Electric
Company, Siemens AG, Mitsubishi Electric Corporation, Crompton Greaves Limited,
Hyundai Heavy Industries Co. Ltd., Toshiba Corporation, Hyosung Group, Bharat
Heavy Electricals Limited, Schneider Electric, and SPX Transformer Solutions,
Inc. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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