Market Research Report
Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End User (Transmission & Distribution, Power Generation, Railways & Metros), and Region - Global Forecast to 2030
|Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End User (Transmission & Distribution, Power Generation, Railways & Metros), and Region - Global Forecast to 2030|
Published: August 4, 2021
Content info: 213 Pages
Delivery time: 1-2 business days
The global transformer oil market is projected to reach USD 3.3 billion by 2030 from an estimated market size of USD 1.9 billion in 2021, at a CAGR of 6.5% during the forecast period. The factors driving the growth for transformer oil are the expansion of electric grids in developing countries along with the modernization of electric grids in the developed economies due to growing industrialization and urbanization.
"Mineral oil segment dominates the global market"
The mineral oil segment is expected to have the largest market share and is projected to grow at the highest rate during the forecast period. Mineral oil is further segmented into naphthenic and paraffinic oil, and a majority of the existing and new transformers manufactured use mineral oil as the insulation fluid. The demand for mineral oil is expected to grow during the forecast period because of its low cost index and easy availability compared to other transformer oils.
"Transmission & Distribution segment to lead the global transformer oil market "
The transmission & distribution segment is projected to be the most significant transformer oil market, by end-user, during the forecast period. It has the largest share of the transformer oil market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.
"APAC dominates the global transformer oil market in terms of annual growth rate"
APAC was the largest market, for transformer oil market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The region is also projected to have the highest CAGR during the forecast period. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3: <USD 500 million.
The transformer oil market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global transformer oil market include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), Apar Industries (India), Sinopec Lubricant (China). The major strategy adopted by the players include investments & expansions.
The report defines, describes, and forecasts the transformer oil market, by oil type, application, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the transformer oil market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for transformer oil, which would help transformer oil providers review the growth in demand.
2. The report helps service providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.