PUBLISHER: TechSci Research | PRODUCT CODE: 1348822
PUBLISHER: TechSci Research | PRODUCT CODE: 1348822
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Global Transformer Oil Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, owing to the development of electric grids in emerging nations and the expansion of the global power sector. Dielectric insulating fluid, which has a high resistance to electricity and keeps the transformer cool, is a component of every power and distribution transformer over the forecast period, which in-turn is driving the Global Transformer Oil Market.
Transformer oil is an insulating fluid that serves as a coolant in the electrical transformer. These oils are produced by fractional distilling crude oil, and have a number of desirable qualities, including outstanding Di electricity, high resistivity, thermal conductivity, minimal power loss, and chemical stability. It is crucial for supplying energy needs for homes, businesses, and industries, including the power supply transformer to run efficiently.
|Market Size 2022
|USD 3.8 Billion
|Market Size 2028
|USD 5.24 Billion
|Fastest Growing Segment
The biggest market share is projected for mineral oil over the forecasted period. Transformers, boilers, and switchgear are shielded and conditioned with mineral oil. In addition to being utilized for thermal transfer, it can also be employed to protect the transformer's internal field winding. Additionally, its low-cost indices and accessibility compared to other heat transfer fluids, make the mineral oil suitable as a dielectric fluid in the majority of new and existing transformers. During the anticipated period, the market for transformer oil is anticipated to rise at a faster rate, due to the increased usage of mineral oil.
Transformer oil market growth has been fueled by the power generation industry's rapid expansion to fulfil the expanding demand for electricity. One of the key factors driving an increase in transformer installation is the desire for more electricity, which is expected to drive up the demand for transformer oil globally and accelerating the growth rate of the transformer oil market over the course of the projected year. Additionally, growing grid network investments by developing economies will handle the anticipated rise in power demand as a result of the speedy industrialization and urbanization of their countries. Thus, the expansion of the grid network will lead to the installation of new transformers and switchgears, increasing the market demand for transformer oil.
The majority of the world's network of resources for energy generation, transmission, and distribution is ageing. Technology upgrades are increasingly necessary in order to dependably include new systems, changing market dynamics, and evolving consumer demands. While everyone tries to find methods to align present rules with a quickly changing energy market, technology advancements are outpacing both infrastructure capacity and policy development. The U.S. electric grid, which is regarded as the greatest prodigy, consists of more than 9,200 electric generating units with a combined generating capacity of more than 1 million megawatts, connected to more than 600,000 miles of transmission lines. In addition, the Office of Electricity (OE) is working with its public and corporate partners to change, reinforce, and improve the energy infrastructure to ensure access to dependable, secure, and clean sources of electricity. In addition, it is anticipated that the rising installation of new transformers and switchgears, as well as investments in the expansion of T&D systems and grid networks by emerging economies, will fuel the demand for transformer oil in order to meet the potential rise in power demand caused by the growing urbanization and industrialization.
The Global Transformer Oil Market is divided into Type, Function, End Use and Application. Based on Type, the market is divided into Naphthenic Oil, Paraffinic Oil, Silicone-based Oil, Bio-based Oil, and Others. Based on Function, the market is segmented into Insulator, Cooling Agent, Lubricant, and Chemical Stabilizer. Based on End Use, the market is segmented into Small Transformer, Large Transformer, Utility Transformers, Distribution Transformers, Power Transformers, and Others. Based on Application, the market is divided into Residential, Commercial, and Industrial.
Major market players in the Global Transformer Oil Market are 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
In this report, the Global Transformer Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Transformer Oil Market.
Global Transformer Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: